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For better understanding of our Nifty predictions for a given period, it is essential that you keep in mind the predictions given in the previous period, says Ganesha.
For every prediction, expect a variation of 10 minutes.
Avoid PTST and BTST during this week.
Don’t make any hurried decisions during March-2010.
This week, don’t keep any position during the 10 minute period around 11:15 and 12:40. Keep this in mind for the entire week, insists Ganesha.
During last 3 weeks, Nifty remained within the confines of a narrow range of -37 points because the weightage for February 2010 was zero.
This week is only for intra-day traders. Others should stay away from the stock market.
9:10 to 10:35- Nifty will try to stabilise.
10:35 to 12:15- Expect a slow and gradual increase of pressure in heavy-weight scrips.
12:15 to 14:00- During this period, Nifty will be unpredictable because the weightage is likely to be around -0.01. So don’t trade if you don’t have the capacity to take the delivery.
14:00 to 15:30- This period will be for intra-day traders. Others should stay away from the market.

The market may have negative opening today on account of weak global cues. Nifty has supports at 4780-4800 and resistances are at 4900-4930.

Indian ADRs: Infosys, Satyam, Wipro, Tata Comm, MTNL, ICICI Bank, HDFC Bank, Sterlite, Dr Reddys and Tata Motors was down, while Patni and Dr Reddys was up.

In the US markets, stocks closed near session lows in their worst single-session percentage loss in more than two weeks on disappointing consumer confidence reading. The February consumer confidence index came in below expectations at a 10-month low of 46. The dollar’s strength also weighed on sentiment.

Investors with a short-term perspective can buy the stock of Welspun India. The down-move from January 18 peak halted at Rs 73 and the stock has been moving sideways with a positive bias, over the last three weeks. That the stock halted above its key medium-term support at Rs 68 that corresponds with 38.2 per cent retracement of the stock’s rally from March 2009, denotes that the stock continues in a medium term uptrend.

Technical Analyst, Ashwani Gujral is of the view that fertiliser stocks may see further 10-15% decline.  Gujral says, “Everything ran up on any kind of anticipation that has started getting corrected, so you could see further 10-15% downside on all of the fertilizer stocks because now divestment buzz on the PSU fertilizer stocks is also kind of dying down. So they are in for more downside because they have downside to achieve. Probably autos are done for the short-term but stocks which ran up over the last couple of weeks may have more downside.”

Consumer confidence fell in February to the lowest in 10 months, as consumers’ short-term outlook for the jobs market worsened, according to a private report released on Tuesday.  The Conference Board, an industry group, said its index of consumer attitudes fell to 46.0 in February from a revised 56.5 in the prior month. February’s reading is the lowest since April, 2009.

Home prices unexpectedly slipped in December but the annual rate of decline slowed, reinforcing the housing market’s rocky road to recovery, Standard & Poor’s/Case-Shiller indexes showed on Tuesday.

The follow-on public offer of Rural Electrification Corporation got fully subscribed on the final day today, with most of the bids coming at Rs 205 per share. The company received bids for over 21.20 crore shares against 17.17 crore shares on of fer, according to the data available on the National Stock Exchange at 1400 hrs.  While majority (over eight crore) of the bids came in at Rs 205 a share, over five crore bids came in at Rs 204 a share and 180.27 lakh at Rs 207. Foreign institutional investors, such as Prudential, Leg Mason, GMO, Reliance MF, ICICI Prudential and LIC have subscribed to the issue.

Infinite Computer Solutions (India) Limited

Snapping its three-day ascent, gold lost Rs140 per ten grams on Tuesday to fall below Rs17,000 level on the bullion market here on a weak global trend.  Standard gold and ornaments tumbled by Rs140 each to Rs16,940 and Rs16,790 per ten grams, respectively, while sovereign maintained its previous rate of Rs14,000 per piece of eight grams.

Anil Manghnani, Director, Modern Shares and Stockbrokers Limited says “I think post the selloff of November-December, the stocks have been lacklustre may be a little bit range bound and the negative news continues either it’s Reliance, books being checked or Bharti again with the Zain deal. Bharti, if you are looking to buy, then you are probably stop as to be around Rs 265. May be the range between Rs 275 and Rs 265, you can take a trading call, then it’s a little overdone and play for a bounce back to around Rs 290, but otherwise this not really much on the charts to suggest. They are still going through that consolidation period which probably will take another two-three months.”

Anil Manghnani, Director, Modern Shares and Stockbrokers Limited says “I had it as a recommendation a couple of times. It’s a good trading stock and it took support around the 200-day moving average. On the bounce, Rs 175-180 is a crucial resistance zone but even as a trading idea, if it comes back to Rs 160-155 it warrants a trading buy with a pullback of may be Rs 169-170. It’s a good trading stock so play in that way every time it comes down or falls sharply, you get into it and play for a 7-8 per cent bounce.”

Nifty (4870): We said ‘I would not be surprised with some more profit booking with strong resistance emerging around 4900 regions’ and that is how the market unfolded sideways. Technically nothing has changed and the market should remain ranebound within 4800-4900 until F&O expiry.