Nifty Futures View for New Year 2011

Nifty future saw healthy recovery and closed near to its  resistance  levels. As we previously mentioned that if it sustains above 6100 level it can take more up move. We can see some more up moves till 6250 level, one should adopt the strategy of buy on dips. Resistance for Nifty future is at 6215/6320 and support is at 6100/6062 levels.

                  

RESISTANCE: It has first resistance close to the level of 6215 & above this level the next resistance is seen near the 6320 mark. 

            

SUPPORT: It has first support close to the level of 6100 & below this level the next support is seen near 6062 mark.  

            

Bank nifty broke its long consolidation phase, it is good sign of recovery.  And closed near to its day's high  of 11875. If it sustain above 11875 level  we can see some more up move  till 12050 levels. One should adopt the strategy of buy on dip.  Resistance for bank nifty is at 11927/12050 and support is at 11680/11575.

                  

RESISTANCE: It has first resistance close to the level of 11927 & above this level the next resistance is seen near the 12050 mark. 

            

SUPPORT: It has first support close to the level of 11680 & below this level the next support is seen near 11575 mark. 

Stock Market Updates

Indian Market:

The Nifty settled above 6050 level for first time since November 15, 2010 and the Sensex added more than 200 points on Wednesday after a big period consolidation.

The FMCG index was at 3,651.12, up by 76.70 points or by 2.15%,Consumer Durables index was at 6,233.17, up by 113.75 points or by 1.86%. The Metal index was at 17,348.57, up by 288.69 points or by 1.69%.and Oil & Gas index was at 10,559.45, down by 48.43 points or by 0.46%.

Citi India is investigating a fraud by one of its Gurgaon branch employee who has allegedly siphoned off around Rs 350 crore from various HNI clients.

Global Cues:

Asian stock markets drifted in a narrow range Wednesday, 29 December 2010 and their gains were limited on disappointing U.S. economic data. The key benchmark indices in Hong Kong, Indonesia, Japan, Singapore and South Korea rose by between 0.17% to 0.57%. But the key benchmark indices in Taiwan and China fell by between 0.09% to 0.19%.

US markets rose in light trading on Tuesday, 2 December 2010 extending December's rally, as cold weather in the Northeast lifted oil prices and energy shares.

U.S. consumer confidence unexpectedly deteriorated in December, while prices of single-family homes fell almost double the expected pace in October.

Nifty Prediction for Tomorrow (30th Dec. Thu.)

Nifty future saw healthy recovery after a long consolidation phase and closed on near to its major  resistance level. If it break 6095 level we can see more up move from here. One should take position after proper break out. Resistance for nifty future is at 6150/6180 and support is at 6000/5966.

           

RESISTANCE: It has first resistance close to the level of 6150 and the next resistance is seen near the 6180 mark. 

SUPPORT: It has first support close to the level of 600 and next support level is seen near 5966 mark.  

Bank nifty future saw smart pull back in last trading session but still manages its long consolidation phase. One should take position after proper break out on either side. Resistance for nifty future is at 11735/11865 and support is at 11400 and 11180levels.

RESISTANCE: It has first resistance close to the level of 11735 and the next resistance is seen close to the level of 11865.

SUPPORT: It has immediate support at 11400 marks and next support is seen close to the level of 11180. 

Stock Report

Indian Market:

It was another quiet session for Indian equity benchmarks amid thin volume trade as traders' participation was low due to Christmas Holiday; the Nifty was hovered around 6000 level throughout the day.

30-share BSE Sensex closed at 20025, down 3.5 points and the 50-share NSE Nifty fell just 2 points to settle at 5,996. Even broader indices were lacklustre in trade.

Sugar futures took off at their relaunch on National Commodity and Derivatives Exchange (NCDEX) on Monday, with interest from end-users and institutions pushing volumes near levels seen in 2009 when they last traded.

Global Cues:

Asian stock markets were mixed on Tuesday, 28 December 2010 as investors looked past China's rate hikes and stayed on the sidelines ahead of the release of key U.S. home price data later in the day. The key benchmark indices in China, Hong Kong, Japan and Taiwan fell by between 0.12% to 0.8%. The key benchmark indices in Indonesia, South Korea and Singapore rose by between 0.16% to 0.82%.

US stocks were little changed on Monday, 27 December 2010 as investors shrugged off China's interest rate increases over the weekend. Beijing aims to tame inflation.

Japanese factory output rose for the first time in six months in November and manufacturers expect to boost production in coming months.

Nifty Futures Technical View and Levels for 29th Dec. Wed.

Nifty future moved under a tight range in last trading session and ended with flat and negative bias. Nifty future could not manages to sustain at higher level .if Nifty future break 5950 levels it may seen more correction in it .Support for nifty future is at 5948/5900 and resistance is at 6062/6148 levels. One should adopted a strategy of sell at higher level .

RESISTANCE: It has first resistance close to the level of 6062 & above this level the next resistance is seen near the 6148 mark. 

SUPPORT: It has first support close to the level of 5948 & below this level the next support is seen near 5900 mark.  

Also see: Technical View on Telecom Sector Stocks and other Intraday Tips for 29th Dec. Wed.

Bank nifty future moved in tight range from few trading session. If bank nifty future breaks 11400 levels we can see some correction in it till 11200 levels. One could adopt strategy of selling at higher level. Support for bank nifty is at 11400/11250 and resistance is at 11570/11735.

       

RESISTANCE: It has first resistance close to the level of 11570 & above this mark the next resistance is seen close to the level of 11735

SUPPORT: It has immediate support at 11400 marks & below this level the next support is seen close to the level of 11250.