"TRADING IDEA FOR FRIDAY(27.08.2010)"

Nifty moved in a very narrow band of 5455 and 5490 throughout yesterday, the expiry day (August Series). After opening at 5462, first Nifty rose to make a high of 5486 and then it fell to make a low of 5455. At the end of day it closed at 5477.90. It had a net gain of 15.55 points or 0.28% over the previous day’s close. On the sectoral front, FMCG, Power and Capital goods have shown some strength. However, Oil & Gas, Realty and Metal pack traded marginally lower.
After making 30 months’ high of 5549.80 on last Monday, Nifty has been consolidating between the range of 5450 and 5550 for last four successive trading sessions. We expect this range bound movement of Nifty will continue for another few trading sessions. If Nifty breaks 5450, it may further go down to 5400 and then 5350. However, if Nifty is able to maintained above 5550, the level of 5663- 5680 would become the next target.
FOR TODAY'S MARKET OUTLOOK:
FOR DERIVATIVE ANALYSIS AND TODAY'S STRATEGY:
FOR TODAY: After expiry on yesterday, market closed on flat to positive bias. European markets ended in Green whereas US markets ended with RED. SGX Nifty is trading 9 points down at 5463. Our market may open flat to negative and then ??
On an intra-day basis Nifty has a support at 5450 and is likely to face a stiff resistance near 5490. If it breaks 5450, it may further go down to 5420 and then 5400. However, if Nifty is able to sustain above 5490, it may go up to level of 5530 and then 5550.
VARIOUS CALLS FROM DIFFERENT BROKERS:
KOTAK SECURITIES recommends 'Buy' on ORACLE FINANCIAL SECURITIES LTD.(OFSL) with target of Rs 2,457 as against CMP of Rs 2,043.
JRG SECURITIES recommends 'Accumulate' on ERA INFRA with target of Rs 272 as against CMP of Rs 218.
"Confused what to Buy or what to Sell ? Check here for INTRADAY CALL"