==>> Choppy session with speculation in Mid caps

The markets were very volatile with some speculation is some of the mid caps liek Rolta fallinb by around 50%, BRFL by 30% etc. After the weak opening, markets rallied to make a high of 2802 in Nifty and 9261 in Sensex. In the mid session makets we saw slide in the market. Nifty made a low of 2720 and closed at 2758. Low of 8992 in Sensex and the close was 9101. Nifty close is above 2750, that has been proved to be a good support. Sensex after a long time made a low below 9000 levels, but closed above the same. As mentioned earlier that the Nifty has a resistance at 3150. Nifty on various occassion tried to close above 3150 like 04,05,10,11 Nov, 19,22 Dec, 05,06,07 Jan, but could not close above the same. In the last week the rally was interupted by Mr. Raju (Satyam). The Rs.7000 Cr fraud spoiled the party. We may see some pull back from this level. I have a buy call on the Nifty today in the closing session when the Nifty spot was trading nearly 30 points negative.
Crude prices are again at their 4 yr low nearly $35 per barrel on the back of lack of demand. Production cut by the Gulf countries have also not helped the crude to be stabalize. Infosys posted better than expected results with 33% rise in net profit. Market men expected that Infosys will report net decline in NP. Short positions were created on Monday.