Friday : Mkt optimism if positive global cues, avoid fresh short now.

Have you read these posts?

1. Join us to build a world class organization for next generation!!!
2. Special Report: HBJ Capital Says, “You have just 3-4 months to buy multibagger stocks (10in3) at throwaway prices; Bull Run will resume by May’09”
3. Want to make money: Just SHORT IT Stocks. HBJ Cap Says, "We are warning you for a probable imminent dollar breakdown soon".
4. Notice: "10in3" Research Report for the month of Dec'08 will be sent to all the paid subscribers before Dec 26th. Flash back to all past reco include.

Market-Wrap:-

• The markets opened on a weak note and ended with strong gains as the Nifty managed to surge past the 2990 which was the bearish pivot advocated for Thursday.
• The benchmark indices gained over 3.5 per cent at close. The traded volumes were higher as compared to the previous session, which is a positive indicator on an uptick session.
• Fall in inflation figures steeper than the market expectations, reports about the Government considering a second stimulus package and speculation about another rate cut by RBI, boosted sentiments in the stock market on Thursday.

HBJ Capital's Views:-

• The coming session is likely to witness a range of 3150 on advances and 2950 on declines.
• Traders may note the rising daily range, which is a positive sign in the absolute near term. The coming session is a weekend one and will need strong triggers to witness aggressive fresh buying.
• Looking at the movement during last couple of days, it seems there is some fresh buying going on in the market, are you buying now? I am not:-) Are FII buying? They already have enough problems back home. So, who is buying now? In bear market rallies whoever is buying they will be doing so to help some strong hand get exit at higher level or such buying are for very short term. Hence, expect fall but when? Is a question now?

Note: The National Stock Exchange may soon open trading in futures and options at 8 am.The NSE has already applied to Sebi to be allowed to open the F&O trade at 8 am. The move is aimed to counter SGX Nifty that opens at 8 am. The market regulator is concerned over export of domestic futures market overseas via SGX Nifty. SGX Nifty has 40%–45% OI volumes of the domestic Nifty futures trades — it had reached almost 80% at the peak, it subsided after participatory notes were banned.
- Sandeep Jain, Associate, HBJ Capital