Market wide open interest is seen at Rs. 76958 cr. Nifty futures trade at
a premium of 14 points with open interest on the lower side as compared
to previous expiries.
n Nifty Dec series ended on a strong note. Resistance at 5200 levels was on
account of significant call writing seen at the same strike. Medium term
trend for the index remains positive above 4950 levels for a minimum
target of 5350. Jan turnaround is seen at 5145 above which the sentiment
remains strong and long positions can be held..
n Unitech remains positive above 78 levels for a minimum target of 91 on
the higher side. HDIL also remains positive at current levels. Banking majors
are expected to trade with a positive bias. SBIN is expected to test
2300-2325 levels in the near term. ICICI Bank.
n Metal majors remain positive at current levels. Tata Steel expected to
test 600-610 on the downside; buying is advised at lower levels for 675/
725 on the higher side. Sterlite remains positive for the medium term;
investors can accumulate the same.
n Nifty options concentration is seen at 5300 call and 5000 put options. Call
writing is seen at 5350-5400 levels indicating possibility of the index testing
the same in the near term. Profit booking expected at the mentioned
levels.
