After the Dubai bailout, Arab leaders are also moving forward to finally implement a proposed $2billion program to revamp the faltering economics across the region amid fears of protest over high unemployment, rising prices and rampant corruption, such as those that brought down Tunisia’s government.

Nifty is finding it hard to cross over above the 5700 that is around its 38.20% retracement levels. Nifty took support at its lower Bollinger band but failed to close above the 5700 levels on weak on weak basis. Nifty is almost close to it’s over sold zone.

RIL- 3Q FY2011 Results – in line with street estimates, marginally lower than our estimates.

Bottom-line at Rs51,360mn v/s our expectation of Rs53,142m and Street estimate of around 5,1890m. Topline at Rs597,890mn as against street expectation of 6465,620 m and our expectation of 6,03,030 m. Other income higher than estimates expectation was Rs 5410 m.

Banks were the flavor for the week. Banking stocks outperformed the markets. Last 2 days banking stocks were in light. Bank Index jumped 4.2% out performing rest of the stocks. Axis bank closed 7% higher, Sbi gained 3.8%, BOI gained them most by 10.5%. Kotak Bank was up 4%, Dena Bank 8.5%. Sensex and Nifty closed marginally higher, recovering just 0.7% on week on week basis after the sell off in the last week. IT Index surged 3%, while Metal Index was up more that 2%.

Sail which close at its 52 week low in the last week closed higher 3.8%. Bajaj Auto who came out with results gained nearly 5%. Hcltech too gained nearly 6% after the announcement of its 3Q results. TCS gained 8%. M&M gained 4%. In the Midcap space Shree Ashtavinayak gained nearly 30% after the sellers turned Buyers in the week. Lloyd steel once again saw some buying as it used to see before the 2008 meltdown. Stock rallied 25% in a week. Rumors in the market that the stock can touch Rs.40.

After the SEBI barred Anil Ambani to trade in the securities market for a year. ADAG stocks seem to have a free fall on the brousers. Rel infra sinked 7.5%. Relcapital lost almost 5%. Oil Index lost 2.3%. Ongc lost nearly 6.5%, Gail close down 7%. RIL lost 1.5% before the announcement of the results. Capital Good closed down 2%. Lnt close down 3.5%. Hero Honda tanked 3.5% while Bharti Airtel lost 2.5%. HCC tanked 8% while GVK project lost 6%.

Nifty for the upside move have to close above the 5750 levels. Till that time Nifty will trade in a narrow range of 5650-5750 levels. Nifty will continue to face resistance at 5725-5750 levels. At the lower levels Nifty will find support at 5662-5639 levels. Nifty if closes below 5639 then the levels that could touch is 5600-5580 levels.

Gold seems to be in the correction mode now. Buy silver in correction…

Last Weeks Call

Short AB nuvo below 738 SL 745 tgt 724-708. 1^st Tgt reached. Made a low of 719.

Short Andhra Bank below 128 SL 130 tgt 123-119. Made a low of 124.

Short Axis Bank below 1198 SL 1215 tgt 1156-1150. Did not trigger the sell price.

Short Bharat Forge below 348 SL 352 Tgt 350-341. 1^st Tgt reached. Made a low of 342.

Short Cipla below 339 SL 344 tgt 335- 330. Did not trigger the sell price.

Short Cummins below 708 SL 711 tgt 697-690. Did not trigger the sell price.

Short Hdfc bank below 2050 SL 2055 tgt 2030-2010. Did not trigger the sell price.

Short Icici Bank below 1013 tgt 1001-995. Tgt reached. Made a low of 993.

Short PNB below 1108 SL 1120 tgt 1091-1080. Did not trigger the sell price.

This Weeks Call

Short United Phos below 151 SL 153 tgt 146-142

Buy Union Bank above 328 SL 323 tgt 333-339-342

Short Torrent Power below 235 SL 238. Buy if closes above 241.50.

Sell Tata Motor Close below 1182 SL 1192 tgt 1172-1162-1141.

Buy Tata Motor only above 1210.

Buy SBI with SL of 2590 tgt 2610-2634.

Buy SesaGoa with SL of 330.

Buy Relcom above 138 small resistance at 139. with SL of 134.

Sell PNB close below 1125. SL 1133.

Buy Icici bank above 1069 SL 1063.