Markets For 16/02/2009

Daily Market Outlook: 16 Feb 2009

BSE Sensex: (9635):-The Support for the SENSEX is 9445 and the Resistance to the up move is at 9825.

Nifty: (2948):- NIFTY could possibly go to 3500 till the elections Hold nifty long with Stoploss of 2880 . Nifty range now is 2940-2960 till nifty close above 2920 we can see uptrend. If Nifty can cross 3100 then levels of 3480 and 3500 is what one can expect. In Nifty 2960 is strong resistance level now and if nifty consistence of level 2940 then it would mark a short-term uptrend and Nifty could even rally other 100-150 points.

Immediate Support for the NIFTY at 2900 and Resistance to the up move at 3000

MKT COMMENTS

NIFTY FUT OI up 3.02% with 16% decreasing volumes indicating forming of long positions for BTST.

We expect NIFTY FUT to trade volatile.

NSE INDEX (C-2948.35) : Crucial Monthly levels for Nifty are 2955 and 3065 close above this level frequently can change trend ..Watch these levels

Resistance : 2980 / 3015 / 3040 / 3055 / 3080 / 3095

Support : 2935 / 2905 / 2865-55 / 2820 / 2790

BSE SENSEX (C-9634.74) : Buy on dips and exit before Thursday to prevent yourself from pre Budget volatility.

Resistance : 9710 / 9780 / 9825

Support : 9620 / 9550 / 9465-445

NIFTY FUTURE (C-2946.15) : MARKETS & SOME SPECIFIC STOCKS ON BUDGET EXPECTATIONS CAN BE VERY VOLATILE

Resistance : 2950 / 2975 / 3000

Support : 2925 / 2900

BANK FUTURE (C-4560.25)

Resistance : 4610 / 4660

Support : 4555 / 4505 / 4450

On Monday,Opening is Flat to Up,

Stay Long Above 2950,Sl Below 2930,Tgt 2980-3010-3025,

Sustain Below 2920,Sell with Sl Above 2940,Tgt 2905-2890-2865.

Buy ACC Above 580,Tgt 595-610-620,Sl 570

Buy HEROHONDA Above 930,Tgt 945-950-955,Sl 925

Buy RELCAPITAL Above 430,Tgt 440-450-470,Sl 420

Buy BALAJITELE Above 36,Sl 34,Tgt 40/43/45

Buy UNITECH Above 31,Sl 29,Tgt 33/35-37

Buy SBIN (1196) with Sl Below 1180,Tgt 1215/30/45

Buy Crompton Greaves Above 140,Tgt 145/50,Sl 135

Buy PFC Above 140

Buy POWERGRID Above 93

Buy AXISBANK Above 445

Sell TCS Below 510,Tgt 505-495-480,Sl 520

Sell HDFC BANK Below 940,Tgt 935-925-905,Sl 950

Sell BHARTI Below 650,Tgt 640-630-605,Sl 660

FEB FUTURES

Bharti (652.15) : Buy @ 645 as open with Sl 635 T 655/665/675

ONGC (703.8) : Buy @ 695/700,Sl 690,Tgt 705/10/20 ,If Sustains Above 710-715,Then Can Carry Forward As BTST

RIL (1391) : Buy @ 1375/80,Sl 1365,Tgt 1400/15/25

Buy SINTEX@ 120/120.5,Sl 117,Tgt 121.5/122.3/123/124.5/125.7/127/128/129 (Lot Size : 700)

Sell ABB @ 445/440,Sl 451,Tgt 436/434/429/425/421/417/412/408 (Lot Size : 250)

COMMODITY

GOLD APRIL: As long as gold holds 14300-14400 zones it will try and break 15000 for 15300-15500 zones. This week sellers will be there only a consolidated fall below 14450.Only a close below 14400 for two consecutive days will result in a weekly bearish zone.

Key prices to watch out this week: Rs.14325, Rs.14480 and Rs.14902.

MCX SILVER MARCH: Silver needs to close over 21700 for four consecutive days to target 22640 and 23650. In the next two weeks silver is bullish over 19935.

Initial support is at 20803.

MCX COPPER FEBRUARY: Double bottom has been formed at 150 which suggest that copper can rise to 185-190 zone in the next two weeks as long as it holds 150 zone. If copper does not break 185 by 10 of March then it will back to 150 and 138 and below. Initial support is at 164.10.

MCX CRUDE OIL MARCH: 1974 is the key support.Crude need to hold 1974 to be in Bullish zone.

Key resistances: 2127, 2237, 2386.

MCX ZINC FEBRUARY: Zinc has been trading in 54-59 zones. This zone will be broken soon. We prefer a buy on sharp dips strategy as long as 49 hold.

Pivot point/key level: 56.50 and 58.50

MCX LEAD FEBRUARY: Lead has been trading in 53-59 range. This range will be broken soon. We prefer a buy on sharp dips strategy as long as 49 hold.

Pivot point/key level: 57.40 and 59.80

MCX NICKEL FEBRAURY: Nickel needs to break 543 to be in bullish zone. However we prefer a buy on dips strategy as long as 475-480 zones holds.

Technical Levels for 16 February 2009
Symbol	Expiry	RES 1	RES 2	RES 3	Pivot	Sup 1	Sup 2	Sup3	Signal
GOLD	4-Apr-09	14646.67	14664.33	14680.67	14630.33	14612.67	14596.33	14578.67	Sell Signal
SILVER	5-Mar-09	21392.33	21430.67	21464.33	21358.67	21320.33	21286.67	21248.33	Sell Signal
LEAD	27-Feb-09	56.22	56.28	56.37	56.13	56.07	55.98	55.92	Buy Signal
COPPER	27-Feb-09	166.87	167.63	168.77	165.73	164.97	163.83	163.07	Buy Signal
NICKEL	27-Feb-09	507.10	508.60	510.20	505.50	504.00	502.40	500.90	Buy Signal
CRUDEOIL	13-Mar-09	2078.33	2085.67	2091.33	2072.67	2065.33	2059.67	2052.33	Sell Signal
ZINC	27-Feb-09	55.80	55.95	56.20	55.55	55.40	55.15	55.00	Buy Signal
NATURALGAS	20-Feb-09	217.00	217.60	218.00	216.60	216.00	215.60	215.00	Sell Signal
MENTHAOIL	28-Feb-09	521.77	524.63	526.77	519.63	516.77	514.63	511.77	Sell Signal
ALUMINIUM	27-Feb-09	66.25	66.35	66.50	66.10	66.00	65.85	65.75	Buy Signal
REFSOYOIL	14-Mar-09	453.23	454.67	456.53	451.37	449.93	448.07	446.63	Buy Signal