INTRADAY TIPS FOR 9 JULY 2012

The call given of ICICI BANK made a high of 20.60(TG 21) and TATAMOTORS made a high of 241.45(TG 242) ,both  continue… to hold
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BUY LT 1500 CALL @10 TG 17, 25 SL 6

BUY NIFTY 5200 PUT @30 TG 60, 74

NIFTY again traded in a tight range bound session for the fifth consecutive day over the weaker global cues. The    S&P CNX Nifty was down 10.3points or 0.19% to 5,316.95, its lowest closing level since 4 July 2012. The index hit a high of 5,327.20 and a low of 5,287.75 in intraday trade.......

.Even a rate cut of 25 basis points from European Central Bank could not cheer up the market and took it to end almost flat. Investors are waiting for some policy action or to establish new reforms from newly appointed finance minister Manmohan Singh to gear up the rally. Indian rupee depreciated by 54 paise or 1 percent on the second consecutive session against the DOLLAR at 55.48NIFTY will  test the first major supply zone above the 5330-mark for the—it will be  a test for the bulls to clear the supply range between 5350and 5375;  Even if we see the index falling below 5325, the critical levels to judge the strength of the bulls to hold the market lie between 5305 and 5278—this range of 27 points would determine the strength of the short term uptrend in the market. If this were to be taken out on the downside then only we should be expecting further fall, not otherwise. Don’t preempt and start selling large scale for that could prove to be counterproductive. In any case, so long as the Nifty does not break down below 5254 – 5247 range, we don’t see any sustained corrective swing either.

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Resistance 1	5330	Support 1	5300
Resistance 2	5350	Support 2	5280
Resistance 3	5380	Support 3	5260