WEEKLY MARKET UPDATE AS ON MONDAY 07 th JANUARY 2013

WEEKLY MARKET UPDATE AS ON MONDAY 07 th JANUARY 2013

NIFTY SPOT - (6016)

In our last weekly report we had mentioned 5955 as an important level. Below 5955 we were expecting 5815 and above 5955 were expecting 6030. NIFTY broke above 5955 on wednesday and stayed above it and hit a weekly  high of 6021 and closed the week on a strong note @ 6016. During the current week the NIFTY has support @ 5961 - 5948 - 5931 and resistance @ 6061 - 6092 - 6169. In the current week if the NIFTY should trade in a range of 6060 - 5960 with a bullish bias. Even though the NIFTY can trade in a sideways range, the undercurrent in the market will be bullish and buy on declines will be the preferred strategy. Once the NIFTY breaks out of the trading range and moves decisively above 6061, it can move to 6169 - 6200, where strong profit booking is likely to emerge.

POSTIONAL TRADING CALL

1. Buy United Phosphorous @ 133-135, or above 137.25, tgt 148 - 159. STOP LOSS 130. 2. Buy Ashok Leyland @ 26. Stop Loss 25. Tgt 32-36.