MARKET SUGGESTION FOR JAN-29

                                       Market eagerly waiting for RBI Credit policy. Please be ready for any side movement. We are expecting rbi may cut repo rates by 25bps, But we thought it already factor in this rally. If RBI cuts 50bps then market turns into highly bullish. Otherwise market would be flat or may be profit booking. Where ever market may move but closing will be very important. Close anywhere above 6126 is bullish or close anywhere below 6000 will be very danger.
                 If we consider technical indicator of BANKNIFTY shows now bullish only. But heavy weight stocks are holding the market now. If any disappoint in RBI policy then all heavy weight bank stocks will see more profit booking, this effect may bring the nifty below 6000. so be careful, try to take some hedging options equal to your holdings.

Nifty resistance-6112-6126, 6160-6180 (major)
Nifty support   - 6046-6040, 6007-5996 (major)  
  
 BANKNIFTY   :buy above 12850 sl of 12800 target
                      will be 12912,12980
                                       or
                      Sell below 12700 sl of 12750 target
                       will be 12630,12500

PORTFOLIO ALERT

              please hold 6000 put which we bought @30.

THANKS & REGARDS
      NSEBSENOW