If market satisfying measures taken then automatically market will move up. Like Petro Price Cut and Rate Cuts. Govt need not direct MF's to buy.
FII DATA
FII
16/10: -1160.63 Cr. (Prov)
DII
16/10: 737.77 Cr. (Prov)
Strong & Weak futures
This is list of 10 Strong Futures:
Ubi, Bob, Sbi, Bob, Gtl, Pnb, Obc, India overseas, Hind petrol & Bharat petro.

And this is the list of 10 Weak Futures:
Niit, Welspun guj. st., Suzlon energy, IVR prime, Ivrcl, Bajaj hind, Jsw steel, Ndtv & Nagarjuna constr.

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NIFTY FUT: If uptrend continues then it will zoom up to 3338.60-3340.60 zone. Corrections up to 3236.05 can be used to buy. SL at 3074.95-3076.95 zone.

Will it be petro price cut? Announcement is on Cards.

Nifty Oct Futures Levels Today are

3074 3101 3156 3179 3196 3239 3258 3319 3353 3379

Inflation data for this week is as follows: The benchmark figure for this week is 11.44% as compared to 11.80% last week.

We estimated Forecast for India's wholesale prices index change for the week ended Oct. 4 at around 11.59 %. We thought data may be released at around 6.00 PM. But Inflation data (11.44%) was out at around 11.29 AM itself.

INTRADAY CALLS

NIFTY FUT: If uptrend continues then it will zoom up to 3258.05-3260.05 zone. Corrections up to 3195.75 can be used to buy. SL at 3074.95-3076.95 zone.
NIFTY FUT: Unwinding should continue up to 3074.95-3076.95 zone. Rallies up to 3179.50 can be used to exit. SL at 3237.90-3239.90 zone.

Cash Market Intra-Day: Buy DRREDDY (NSE Cash CMP 464.00) for Intra-Day gains. Stop Loss at 460.00 level.

NIFTY FUT: SL triggered. Unwinding should continue up to 3135.35-3137.35 zone. Rallies up to 3179.50 can be used to exit. SL at 3237.90-3239.90 zone.

Cash Market Intra-Day: Buy HINDPETRO (NSE Cash CMP 230.00) for Intra-Day gains. Stop Loss at 226.00 level.

NIFTY FUT: Buy with a Stop Loss of 3155.50 level. Target at 3237.90-3239.90 zone.

OUTLOOK FOR TODAY 16TH OCT 2008
Strong & Weak futures
This is list of 10 Strong Futures:

Mosear baer, Boi, Ubi, Obc, Bob, Maruti, Glt ltd, Sbi, pnb & J&k bk..

And this is the list of 10 Weak Futures:

AIvrcl, Ndtv, Aptech, Ivr prime, Niit, Wel guj, Aban, Bajaj hind Jindal Steel & Nagar const.

Nifty is in Down Trend.

Headlines for the day

Corporate News Headline
L&T reported Q2'09 result, its total income increased by 42% yoy to Rs. 78.42 bn and net profit increased by 32% yoy to Rs. 4.6 bn. (BS)
Tata Steel said the pension funds for its Corus unit had a surplus of USD 1 bn for the three months period ended June 30, 2008 and it is estimated to be higher in September quarter. (BS)
Sterlite Industries sought a reduction in its earlier valuation for the US-based copper miner Asarco, due to the liquidity crisis and weak copper prices. (BS)

Economic and Political Headline
The Reserve Bank of India cut the Cash Reserve Ratio further by 100 basis points to 6.5% of NDTL with effect from the current reporting fortnight that began on October 11, 2008. (ET)
The Reserve Bank of India decided to provide Rs. 250 bn for lending to financial institutions. (ET)
The US consumer purchases fell 1.2% in September, as a weak job market and the credit crunch scared consumers and slowed the big engine of the economy. (Bloomberg)

NIFTY FUTURES (F & O)

Selling may continue up to 3319 level for time being.

Hurdles at 3353 & 3379 levels. Above these levels, expect short covering up to 3439-3441 zone by non-stop.

Sell if touches 3500-3502 zone. Stop Loss is too far on upper side and can be placed at around 3600-3602 zone.

On Negative Side, if breaks & sustains at below 3256-3258 zone then downtrend may continue and have caution.

Short-Term Investors:

Reversal (Negative) is seen. Exit on Rallies.

Short-Term Upward Target at 3661-3663 zone.

Short-Term Support at at 3196-3198 zone.

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PRAJ INDS (NSE Cash): Likely to Fall

. Technically it should go down.

If breaks & sustains at below 73 level then Profit Booking may start.

Hurdle at 95 level. Supply expected at around this level. This supply should get absorbed too.

PUNJ LLOYD FUTURES (NSE): Likely to Fall.

Technically it should go down.

If breaks & sustains at below 171 level then selling may continue.

Hurdle at 193 level. Supply expected at around this level. This supply should get absorbed too.

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FII DATA

FII

15/10: -1030.79 Cr. (Prov)

DII

15/10: 669.96 Cr. (Prov)

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The Dow Jones Industrial Average closed at 8,577.91. Down by 733.08 points.

The Broader S&P 500 closed at 907.84. Down by 90.17 points.

The Nasdaq Composite Index closed at 1,628.33. Down by 150.68 points.

The partially convertible rupee <INR=IN> ended at 48.525/540 per dollar on yesterday, weaker than 48.04/06 at close on Tuesday.

- to Market
1. US Market 2. US market 3. US Market 4. Asian Market 5. Sentiment 6. SGX nifty 7. Technical weakness 8. continuous selling buy FII 8. Liquidity problem 9. Brokerage firm's cash crunch 10. No investment buying 11. Every one expect the lower rate for investment

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Arvind Parekh
+ 91 98432 32381