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Advice for – Friday, January 16, 2009

Yesterday: Indian stock market opened with a gap down due to worse global cues as we predicted in the morning. Yesterday market managed to hold on to the psychological support of 9000 levels for sensex.

Today: Indian stock market may be range bound. The clear trend would emerge out today for future references. But according to technical analysis, it is been predicted that no big movement may be seen for 3 months, i.e. market would remain range bound between 8000-10000 levels for sensex.

BSE Sensex: (9047)The target for the Sensex is 8945 and the resistance to the up move is at 9300-9557-9731

 

NSE Nifty: (2737) the target for the Nifty is at 2686 and the resistance to the up move is at 2882-2931

 

Stocks that can be traded on: GVKPIL (GVK Power ltd), Reliance Industries (RIL)

Data to watch: Global market, Quarterly results. These data can retreat market direction.

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