Market may remain in positive side with huge Volatility
Sensex rose 749.89 points or 8.46% to 9424.24 and Nifty rose 196.25 points or 7.33% to 2874.80 in the week ended 30/1/2009. With Q3 December 2008 results season almost coming to an end. Aggregate results of 1528 companies showed 22% fall in net profit on 14.30% increase in sales in Q3 December 2008 over Q3 December 2007. The street was already anticipating poor Q3 December 2008 earnings from Indian Inc on high input costs, the credit crunch and high interest rates coupled with the burden of piled-up inventories.
Derivative contracts for January 2009 series expired on 29-1-2009. Rollover of positions was more or less in line with that in the previous series. As per reports, rollover of Nifty positions from January 2009 series to February 2009 series was 66%, from 66.50% during previous series. Market-wide rollover of positions was 75%, from 76% earlier.
The Government on Wed., 28 Jan 2009, midnight slashed petrol prices by Rs 5 per litre, diesel by Rs 2 per litre, and LPG by Rs 25 per cylinder, in an attempt to pass on the benefit of weakening international oil prices to consumers. Lok Sabha polls are likely to be held between 8 April and 15 May 2009. However no specific date was finalised yet. More populist measures from the ruling government may lift sentiment.
The wholesale price index, the most widely watched inflation measure, rose 5.64% in the 12 months to 17 January 2009, slightly higher than the previous week’s 5.60% rise.
Use Stop loss strictly in your every trade, because market is heavily volatile with narrow trading range.
| INDEX (WEEKLY) | THIS WEEK CLOSE | PREVIOUS WEEK CLOSE 23-1-09 | PERCENTAGE CHANGE (%) |
| SENSEX | 9424.24 | 8674.35 | +8.46 |
| NIFTY | 2874.80 | 2678.55 | +7.33 |
NIFTY FUT. ( 2868 )
Nifty had made bullish engulfing on weekly chart and closed on exactly on resistance of 2868. Buy nifty if close above 2896 for target of 2957-3032. Also sell nifty if close below 2820 for target of 2756-2693-2636.
ABAN (484.40)
Buy above 493 for target of 514-539 and keep stop loss of 450.
DLF(177.65)
Buy this stock above 182 for target of 188-195 and keep stop loss of 170.
JPASSOCIATE(76.25)
Buy this stock above 77 for target of 82-87-94 and keep stop loss of 69.
AURBINDOPH(160.35)
Sell this stock below 158 for target of 152-147 and keep stop loss of 166.
Regards,
Rupesh Yatesh Dalal
MARKETCALLS
