Share Market Research Report

From Our Technical Desk

5960 - 6100: Range for the coming session

For followers of technical analysis, Nifty has made a "Doji" on monthly charts, which is usually a sign of weakness, but we believe that the major part of the weakness has ended in October itself and hence the probability of Nifty falling back upto 5830 has drastically reduced, if not negated. Moreover, Nifty did not close below 5960 mark, after a little bit of whipsawing in today's session and hence there is a possibility that something could have ended in today's session itself. However, until Nifty goes pass 6100, prices will trade within the band of 5960-6100.

BSE Metal

BSE metal index has taken support at the internal trendline drawn along the highs of June and August 2010, which indicates that the current trend will again resume and one can look for targets in range of 17,500 to 18,000.

From The Dealing Desk

Trading Ideas

• Remain stock specific from current levels.
• Trading ideas which we like are IDBI (Target Rs198), Jindal Saw (Target Rs248), Naga Fert (Target Rs40) and Spice Jet (Target Rs98). Traders maintain stop loss accordingly.

Investment Ideas

• Allahabad Bank: CMP @ Rs247 (Target Rs300)

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