NIFTY WEEKLY & DAILY OUTLOOK JAN 03, 2011

For the week we advice to book partial profit in long position taken above the level of 5970 however further long position was added above the level of 6065. Book partial profit near the level of 6180 and hold remaining long position with stop loss of 6060 closing basis on nifty spot for target 6280 and 6390. Our views remain positive on market, which may change if market close & remain below the level of 6060. Further update would be given during the week.

For the day, the level of 6095 and 6070 may act as a major support for the market and the level of 6155 and 6180 may act as a major hurdle. Market may attract buying but will remain volatile.

Short term trend will turn negative below the level of 6060.

"Spot Levels" Day trader can go long on nifty above 6155 with stop loss 6125 for target 6180 / 6210 and can go short below 6095 with stop loss 6125 for target 6070 / 6040.

Index Range

Nifty: 6134.50

Range: 6070-6180
Resistance: 6155-6180-6210
Support: 6095-6070-6040

Bank Nifty: 11791.50

Range: 11945-11610
Resistance: 11840-11895-11950
Support: 11725-11670-11610

Short term: Up (6060)

Medium term: Up (5970)
Long term: Up (5350)

Cash Market Trading Activity (Prov. Figure in Rs. Crores)

Cat: Buy Val - Sell Val=   Net Val

FII:  1894.47-1363.14= +531.33
DII:  1274.97-1396.74= -121.77

All Above Spot Levels

OM SHRI GANESHAYA NAMAH