TECHNICAL RESEARCH REPORT

Market View & Outlook:

The markets corrected a bit after a strong rally witnessed in last three sessions. The Sensex had touched the 16,000 mark in first few
seconds of trade but could not sustain at higher levels and ended the day down 93 points at 15,831. The Nifty shut at 4,680 down 31
points after touching the day's high/low of 4731 and 4642 respectively. Profit booking was seen in power, telecom, pharma and private
sector banking while cement, auto and oil marketing shares witnessed buying interest. The market breadth was positive and the total
traded turnover was at Rs 88,023 cr.

The Nifty has touched an intra?day high of 4726 and corrected from that level and ended below the 4700 mark. Now going ward it's very
important that nifty maintains above 4730 for a fresh breakout to happen. The overall outlook remains optimistic has nifty is still holding
above its 50?day moving average of 4400. The other important technical oscillator RSI is still at 64 which suggest there is more potential
on the higher side.

On the downside Nifty has strong support at 4630?4610 region and any sharp decline below this area could bring nifty upto 4570?4550
levels. As we had mentioned that the Oil & Gas space looks very attractive from the current levels and stocks like Reliance Ind, Indian Oil,
ONGC, Essar Oil, Videcon Inds can be bought on dips.

STOCK IDEA:
1) ESSAR OIL (155) - Buy on dip with a stop?loss of 147, structure looks positive, short term target looks 175.
2) JPHYDRO (86) - Huge delivery volumes witnessed, if maintains above 87 then look for a target of 91?98. Strong support is
placed in the region of 83?81.
3) INDIA CEM (154) - Huge delivery based volume witnessed today, buy on dip & hold for a short term target 170. Strong support
is at 143.
4) REL.CAPITAL (909) - Buy with a stop?loss of 895, if maintains above 930, then look for a target of 970?1010.
5) VIDEOIND (193) - Buy and hold the counter has given a strong trend line breakout above 185, short term target looks 225?240.

Nifty future daily chart (4,679): Nifty future has closed below the 4700 mark but the trend continues to remain strong and positive.
Strong support is placed at 4610 - 4480 regions. And this intermediate trend could be in danger if we break 4480. Any sharp decline
should be used as a buying opportunity.