Today concentrate

Bank Nifty and PSU Bank's stocks

Excellent selling opportunity

at higher level.

BSE Below 12558

(2348 points down 10.10.2008)

Nifty Below 3799

(783 points down 10.10.2008)

CNX Mid Cap below 4800

Another round of Bear  Market.

Bear Market final Target  

BSE 8788

At that level bear market likely hault and strong buying force will emerge in the Indian market.

NIFTY FUTURE

Today break 3324, further weakness and target 3301, 3282, 3225 Higher level resistance 3390-3400

: FO INDICATORS :

INCREASE IN OI WITH THE PRICE RISE IN ALL FUTURES:

Cummins India price wise increase by 0.04% and OI wise increased by 29.82%, Hero Honda price wise increase by 0.52% & OI up by 23.87%, India Infoline. price wise up by 2.96% while OI wise up by 18.79%, Sunpharma price wise increase by 0.29% and OI wise increase by 8.98%,
GAIL price wise increase by 0.23% and OI wise increase by 4.56%.

INCREASE IN OI WITH THE PRICE RISE IN ALL OPTION STOCK:

LNT 900 put OI increase by 10468% and price wise increased by 106.84%, LNT 960 put OI wise increase by 2550% and price wise increase by 91.84%, Rpower 110 put OI increase by 1500% and price wise increase by 100%, Reliance 1440 put OI wise increase by 450% and price wise increase by 82.90% .

INCREASE IN OI WITH THE PRICE RISE IN ALL OPTION INDEX:

Nifty 3250 put price wise increase by 1.6.84% and OI wise increase by 93.41% ,Nifty 3350 put price wise increase by 96.29% and OI wise increase by 78.35%, Nifty 3100 put price wise increase by 103.05% and OI wise increase by 67.97%. Nifty 3150 put increased by 97.53% & OI wise up by 18.21%. Nifty 3300 put up by 97.66% and OI wise up by 6.04%.

TOP OI LOOSERS:

Skumarsynf down by the 30.3% and price wise down by 1.88%, HDIL down by 26% and price wise down by 13.08%, HCL-INSYS down by 26.32% and price wise down by 8.16%, IBR OI wise down by 22.76% and price wise 6.77%, and Maruti down by 22% price wise down by 5.16%.

FII ACTIVITY:

The most active contracts in FII counter are TATA Steel 410 call up by 493%, BHEL 1440 put up by 422% RCOM 225 put up by 366%, Petronet 40 put up by 316% ,Parsvnath 110 call up by 241.67% . Total NET BUY / SELL VALUE in the FII's counter is following - In Index future it is 1742CR, In Index Option it is -145CR, in Stock future it is 785CR, & lastly in Stock option is -0.05CR.

NIFTY PCR STRATEGY:

PCR-OI has increased from 0.74 levels to 0.76 levels while Nifty 3200 strike call shows a significant call writing as market corrected from higher level. Higher Call writing was seen in Reliance 1530 call, Rpower 120 call, JP Associate 75 call, Reliance 1500 call and ONGC 880 call. While in Option Index higher call writing was seen in Nifty 3100 call, Nifty 3450 call, Nifty 3350 call, Mininifty 3400 call and lastly Bank Nifty 5500 call.

Higher put call ratio was seen in Bank Nifty at 2.21 levels, UTV Soft at 1.83 levels, and Reliance Infra at 0.99 levels, Axis Bank at 0.95 levels and SBIN at 0.57 levels. Now those stocks shows the lowest put call ratio are Escorts at 0.30 level, ICICI Bank at 0.30 level, BPCL at 0.34 level and Chembal Fert at 0.34 level.

CONCLUSION:

Heavy call writing at higher level suggests that market may not sustain at upper level. We have seen the remarkable recovery during the last 2 or 3 days and fantastic bounce back it was just a form of short covering. Any strong buildup was not seen at higher level. Today heavy selling seen in Corporation Bank, Essar Oil, Jet Airways, United spirit, Crompton greaves and EDUCOMP. As we seen in Option Index rises that mostly puts were active rather then calls. From above data we can say that still the sentiments are more yields towards the negative trend then making a long position.

: BANK NIFTY :

Looks good and likely sharp up move on the card. Early trade close eye please.

NIFTY : 
Monthly trend decider  4065.Weekly Resistance 3404, down side support 3078, 2877. Today resistance 3374, 3400, down side support 3300, below down side target 3200 immediately.

BSE :     Down side first target 11773.    Monthly trend decider  13373.  Today resistance 10942, crossover target 11439, down side support exit 10760, break with volume free fall up to 10100 + immediately

CNX IT :    Higher level major resistance 2800.

BANK NIFTY :
   Crossover 5450, over all buying and short term target 5650 or above. Down side support exit 5348.

LT : Weekly resistance 965, down side target 790.690 .Below 950 super hot sell..........FIIS are in a selling mode

ONGC :   Two close  below 1000, short term weakness only.     . Monthly trend decider 1030   Looks very bearish, every rise selling opportunity. Last and final support exit 800, thereafter real panic will start. (Last five days smart FIIs are in a selling mode).

JP ASSOCIATES:      Monthly trend decider 130 . Weekly resistance 87, down sidetarget 59, 44. Decisively break 71 more panic and sell this stock.

SBI:    Monthly trend decider 1481 Weekly resistance 1364, down side target 1222, 1097. Today support 1411, crossover 1511, sharp up move and likely it will touch 1590-1600 . Higher level major resistance zone 1680-1700 which is a reversal area.

ICICI BANK  :    Monthly trend decider 590 Weekly resistance 406, down side target 291, 212. Higher level resistance 448, down side once it will break 405 with volume real panic will start. If not break 405, remain long in this counter

HDFC BANK LTD : Looks good and likely it will touch 1200-1225 on today but be cautious at higher level, it will slide again, ultimate target 800 mark in coming days. Crossover 1155 real move will start. Excellent result on the card.

CORPORATION BANK : Looks very bearish. Below 232 hot sell.

EDUCOMP : Keep a stop loss 2510 on closing basis and sell this stock, likely target 2000 mark.

ESSAR OIL      Monthly trend decider 156 Weekly resistance 119, down side target 92, 77. Ultimate target 50 mark
in coming days......