BUY CNXI BETWEEN 2000 TGT 2150++

CNXIT the IT index is in process of forming a short term bottomwhich is evident from the chart attached.Fundamentally IT may be least favorable as in recession everyone thinks aboutcost cutting but for traders it gives a nice trading opportunity.Chart shows a abc followed by a 5 down which is in process.The current selling pressure should loose out strength near 2000 whichshould hold to strengthen the up move from there.
If we check the individual biggies of IT sector to reach to a conclusionINFOSYS is retracing after initial surge to 1300 from sub 1200 levelsAnalysis of which was posted INFOSYS ANALASYS1300 being resistancea retrace was expected from there.TCS is consolidating near a supportWipro too resting near a support.Which suggests a rise may be in offing.Trade idea should be like this buy near 2020-2000 sl 1950Target will vary according to market condition though 2150-2200 looksquite achievable .

RELIANCE RESULT OUR DEL TGT 1400 +

Reliance announces result Rs. 3501 crs profit for the 3rd quarter which is above market estimate with GRM (Gross refinery Margin) $10 highest in the industry.
· Cash & cash equivalent in hand Rs.28, 500crs ($5.9Billion), over 95% in bank.
· Jamnagar refinery 98% capacity utilization
Reliance continues to be amongst top 30 fastest climbers in the 2008 list of Global Fortune 500 companies, it is truly a rare feat in such recessionary times.
There were many rumors about hedging losses and Forex losses, but there is no such thing in the results going by the announcement. The company performance has been good and above market expectations.
Reliance Industries Ltd has informed BSE regarding a Media Release dated January 22, 2009 titled "Revenue and Earnings Growth in Challenging Times; RPL Refinery started on Schedule; KG D6 Oil Production Commenced in September 2008; KG D6 Gas Production Scheduled in This Quarter".

Today's Market View read:-
Reliance results will be out today and many reports talk about $1 bn loss on hedging of crude contracts. Given Reliance's track record, in any ten-year history they have grown by 20%. Acquisitions, stake sales have helped them grow in bad times too. Nobody knows what Reliance can deliver today; can there be some positive surprise? We will know only when results are out.
Reliance: During the quarter ended December 2007, the company had reported a net profit of Rs 8,079 crore, which included Rs 4,733 crore of extraordinary profit on sale of stake in Reliance Petroleum.

Reliance has delivered more than the street expected, the stock is near support of 1080 and as long as it is above that we can easily see 1400 and above levels being tested. Our Turn Date given is 23 Jan 2009 (+/- 1 or 2 days error), with Reliance surprising positively, will we turn up from here?

BUY ESAR OIL FOR DELIVERY TGT 100+

buy Essar Oil @76 Buy for a target of 105 with a stop loss of 72.The stock faces resistance at 81 and 92.Time Tenor: 2 MonthsPotential Profit 36% Likely Loss 7%

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NEXT WEEK MKT TREND

NSE MAJOR RESISTANCE LEVEL 2900-2950 BELOW 2700 BEARISH INDICATION
WE ARE BULLISH ON SUGAR STOCKS, FERTILISERS,POWER , OIL &GAS Sector FROM PAST 2DAYS (THURSDAY 15th Jan)
RELIANCE ANOVE 1206 BULLISH TGT 1255/1275
BUY IFCI @ 20.50 TGT 10% UPSIDE
HINDPETRO ABOVE 282 BULLISHNESS TGT 20-40-60 UPSIDE ,BPCL BULLISH BREAKOUT
BUY NOIDA TOLL @23.30 TGT 25/27
ASIAN PAINTS , GLAXO BULLISH COUNTERS
DELIVERY BUY CALL AFT LTD @32
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FERTILISERS CHAMBAL, NFCL
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SENSEX ANALASYS

After a panic bottom on 27th Oct’08, Sensex moved-up sharply within 7 trading sessions. That was wave-A.

Wave-A peaked-out at the beginning of Nov’08 & market entered into a sideways, trading range pattern, called as wave-B.

This wave-B is either completed in this week or going to complete in first half of next week.

Thus wave-C is already started or going to start in second half of next week. Wave-C is invariably upward, fast & all inclusive.

13-days Stochastic is also on the verge of a bottom-out. Thus Sensex is expected to see higher-highs on a closing basis, from next week.

200 days simple moving average (DSMA), is passing through 13,000. As Sensex moves upward, it will get lowered.

Bears failed to bring down market substantially. GM issue will not crop-up again until Mar’09 while Citi’s vertical divide, seems more orderly than disruptive. 8-year long ‘unregulated’ Republican tenure, is going to finish early next week & more orderly, disciplined, constructive Democrats are coming back in US.

There are no negative developments, lurking somewhere at least up to Mar’09, except an act-of-god.

Global equity markets are already bottomed-out & ready for a swift up move.

Sensex is expected to test its 200 DSMA up to Mid-Mar’09.

At the beginning of 2009, large section of market experts, expressed possibility of a range-bound market in H1 of 2009 & then a recovery in H2 of 2009. But market is a place of surprises.

BHARTI AIRTERL TGT 700 +

Bharti airtel leader in GSM services in INDIA .This is one blue chip which is darling of Fii's and institutional investorsalso this is one index stock which is least affected in on goingcorrection.Technically stock looks ripe for a corrective bounce,Its in a falling channel since October 2007 which was violated briefly in October 2008before recovering smartly and bouncing back into the channel 580 remains a goodsupport and 700+ levels remain resistance a good trading opportunity fortraders.

INFOSYS OUR TGT 1250/1300

INFOSYS The icon of IT sector.After 7th January Satyam saga There's a sudden interest of Traders in IT sector.Volumes have increased in IT sector scripts considerably.Of course what happened on 7th January will be remembered as black day inIndian IT history.Whats bad for Satyam could turnout to be good for its competitorsExisting clients of satyam may be eager to shift to other IT majors.Let try to analyze Infosys the chart attached is self explanatoryA nice 5 down of 3rd wave expect a nice corrective rally in it if 1000 holds.1300 could be a conservative target.A falling wedge kind off pattern is emergingon last down of 3rd wave,Which sugggests a nice pull up if 1000 is heldMy views are for active traders,So lets see how Infosys reacts in coming days.