Decrease in food inflation, news about Government's plan to reduce fiscal deficit and short covering triggered a rally in the second half of trading session yesterday and helped to close the market in green. Sensex was at 15813.36 (+128.15), Nifty was at 4733.85 (+40.70) and Nifty fut was at 4753 (+41.50) on close. Market was in red for the first half of the trade, but smartly rebound and respod to the positive news.
US jobless data is out yesterday evening and it is 3-1/2 year low, which may trigger another positive sentiments in the market.
The US and All most all European markets closed green yesterday and Asian Markets opened as positive today.
Nifty watch for 23.12.11
Today Market is expected to open gap up around 4780. Nifty may face stiff resistance at 4820 and Strong support at 4640
Other supports for Nifty are 4680/4662
Nifty may try to hit 4785/4820/4834/4863 today. A close above 4863 may lead to 4950 and 5050
Where as on downside below 4640 Nifty may go upto 4603/4590/4564 today. A close below 4590 may lead Nifty to a panci situation and may go down up to 4500 and 4450
But as usually December is a bullish month, this year also expected to be positive.
Past Performance
Day's (22.12.11) Performance
1. Buy Nifty Fut 4675 Sl 4658 TGT 4689/4707/4724 - SL hit - Loss of Rs. 850/-
2. Titan Fut Buy at 165.60 SL 161 TGT 169/172/175 - call not execueted
3. Jindal Poly Buy at 163.60 SL 157 TGT 167/171/173/176 - Book part profit at 171 - revise SL at 165 - Profit Rs. 7.40 per share
4. Buy Reliance 760 CE at 8 SL 4.50 TGT 12/15/17 - call was given on 21.12.11 - All targets achieved - Profit of Rs. 2250/-
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