Daily Call - Jan 5 2009

Markets are likely to build on their last week’s gains as they take stock of the economic stimulation package, monetary measures and the buoyant moves in US and Asian markets. The next meaningful resistances for the Nifty come at 3110 and 3240.

As far as the Sensex is concerned, it faces resistance at 10300, from that oft repeated over head trendline. A close above that could be very bullish for the Sensex. A trucker’s strike that has begun today may not be such a big issue as the land invasion by Israel in Gaza. Crude stocks could do well as a result.