Market view for 17/12/12

Market has been in highly consolidating mode and it is better to avoid
trading for some time till the range is broken since the volatility is
very high and stop losses are hitting.

5838 is now acting as immediate support and 5965 is our immediate
resistance. Tomorrow is the weekly closing and this would indicate
how market wants to move.

There is lot of speculative trades happening and we may get into trap
either way. So it would be better to be cautious.

Bank Nifty is looking stronger and Nifty is looking weak. Though
weakness is clearly visible, index management and multiple supports are
preventing it to come down. Market may either correct upto 5800 or 5730
or it may even break 5965 resistance and make new highs.

The direction of the market, though is up it is not getting enough momentum
and hence wait and watch. Be cautious and keep positions low.

Our NMDC call has hit stop loss and come to BUY mode. You can BUY
NMDC with Stop loss below 150 (closing basis), for target of 164, 170,
176, 195.

You can also BUY Bharti Airtel @ 310 - 314
Stop Loss - 307 (closing basis)
Target - 317, 324, 328, 340
Duration - 1 month