Today was a classical case of a technical bounce back or so called dead cat bounce which generally occurs once the market has crashed for some time and market is able to establish the support which in this case has been established at 5600 levels. However remember that if Nifty 5600 level goes, than be ready to see market crashing to 5500-5300-5100 levels. Each level will act as a support for it to bounce back. Now Nifty 5750 holds importance and if conquered again market will start its up move journey. Nifty 200 DMA at 5606 has saved the day and just keep the fingers crossed and avoid any aggressive buying and trade only in specific opportunities to avoid being caught on the wrong side of the market.
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Indian IPO market News: Omkar Speciality Chemicals Ltd is entering in the capital markets with an initial public offering, IPO of 81,00,000 Equity Shares of Rs. 10 each. The price band for the issue has been fixed at Rs 95/- at lower level and Rs 98/- at upper level.the said company is engaged in the manufacture and sale of speciality chemicals viz. selenium, compounds, iodine compounds, molybdenum compounds etc. and pharma intermediates viz. Potassium Iodate, Bismuth Ammonium Citrate, Bromoform etc and issue opens on Jan 24, 2011 and closes for subscription on Jan 27, 2011. The equity shares of the issue are proposed to be listed on the Bombay Stock Exchange (BSE) and National Stock Exchange (NSE).
Derivative Segment future Prediction: Analysis of derivative data suggests that 9.04 lakh shares were reduced in open interest with a significant increase in the cost of carry, indicating that today’s rally was due to short covering. On the options front, implied volatility reduced by 200-300 basis points, indicating that we may see some buying emerging at lower levels and 5500 may act as a strong support going forward.
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Support and Resistances for the Day
| Indices | Support | Resistance |
| Nifty | 5670 | 5733-5800-5836 |
| Sensex | 19000 | 19350-19500 |
| Stock | Profit (Rs) |
| Tip | 1645 (Rs 50,000 Trading) |
| Share | Gains (Rs) |
| Tips | 38750 |
| NSE Nifty 50 Stocks | Made Money (Rs) |
| Tipz | 54730 |
Jindal Saw, Ispat Ind, Hexaware, HCL Tech, TCS, Praj Industries, Orchid Chemicals, Petronet LNG, Polaris & Mphasis.
Weak future stocks at NSE
Zeel, Pantaloon, Orbit Corp, IVRCL Infrastructures, Patel Engineering, Reliance Infrastructure, Reliance Media, HDIL, LIC Housing & Bajaj Hindustan.
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