"WEEKLY VIEWS FOR THE WEEK 15.03.2010 TO 19.03.2010" (last update 17.03.2010 10 p.m.)

Nifty has posted positive weekly close for the last five consecutive week, though it traded in a very tight trading range last week. It is trading aabove 5 DMA and also 20 DMA. It seems that both bull and bears are not ready to give up. However, tired bull may give up due to rounding off in the price action, timing symmetry and fund flows in IPOs through FII/QIB participation. In the last 5 trading sessions, Nifty futures made lower closing than the day’s open in three days. NIFTY is forming resistance at 5140-5080 region. The Revised upper level is now 5170-75, instead of 5181, as per the price action last week. A breach of which, can take NIFTY to 5227 & 5275. Any close below 5000 level will end the short term upmove in Nifty Futures. The most critical level for next week is at 4992, beyond which it can reach up to 4750.

For Thursday (18.03.2010): As indicated on my weekly view, today i.e., on 17th, nifty future  touched a high of 5271.90(my level was 5275). Tomorrow or day after tomorrow, there is every possibility for nifty future @ 5306 though there is a minor resistance around 5276 and 5311 level. Both target for Reliance call option has achieved within two days. Today's high for Reliance Industries 1082.50 against my target 1094. Though above 1055-1056, one need not to be worried, but profit booking is advisable around 1096-1099 level. Educomp day high is 790.70 against my 2nd target 800 (my first target was 759).
NOW GO LONG FOR GMR INFRA (ABOVE 58, TGT 60-65-70, SL 56) , GTL INFRA (ABOVE 41.80-42, TGT 44-48, SL 40.35) AND JP ASSOCIATES (ABOVE 148, TGT 150-152-160, LONG TERM TGT 180-225).
NOTE: Traders are advised to opt cash segment/call option/future as per their risk appetite.
Future (25-MAR-2010): NIFTY

Price : 5239.60 Premium Rs.34.95 (0.67%)
Turnover : 1201096.32 (12.6% ) Lakh
Open Interest : 22358300 Sheds -1272850 (-5.69%) Shares
For Monday (15.03.2010): If Nifty (spot) trade above 5170 then expect some more uptrend in the market upto 5200 – 5225 , and if Nifty (spot) trade below 5126, then some profit booking in the market may come upto 5100 – 5070.

OPTIONS TRACKER:
CE : 5100.00 (25-Mar-2010)   
Price : 86.80
Turnover : 792538.50 Lakh     
Open Interest : 7435850           
Adds (1057600.00) Shares       
PE : 5100.00 (25-Mar-2010)
Price : 45.30
Turnover : 599419.56 Lakh
Open Interest : 6615950
Adds (84350.00) Shares

CE : 5200.00 (25-Mar-2010)     PE : 5200.00 (25-Mar-2010)
Price : 35.95                               Price : 90.45
Turnover : 586986.86 Lakh       Turnover : 240100.89 Lakh
Open Interest : 6142750            Open Interest : 2442700
Adds (1234950.00) Shares         Adds (127800.00) Shares
STOCKS FOR THE WEEK:

(1) BUY RELIANCE INDUSTRIES ABOVE 1048-1050 FOR TGT. 1094
(2) BUY EDUCOMP ABOVE 739 FOR TARGET 759 AND 800
OPTIONS FOR THE WEEK:
(1) BUY RELIANCE INDUSTRIES 1080 CA @ 3.10-3.20 WITH A STOPLOSS OF 1.10-1.20 FOR A TARGET 8.00-12.00