Markets For 17/02/2009

BSE Sensex: (9305) - Not much was expected from the interim budget. Valuations look attractive and it is a good time for investors to accumulate good in the portfolio. the budget has had no positive effect on the market and the market has cracked closing in the negative closing right on our support. Some of the Sensex heavyweight stocks are showing bearish signs and so it would be wise to stay on the short side of the market

Mixed global cues and disappointment on interim budget expectations saw the market shut shop lower today. Sensex ended at 9305, down 329 points and Nifty at 2848, down 99 points from the previous close

The support for the Sensex is 9180-9050 and the resistance to the up move is at 9440

Nifty (2849): The support for the Nifty is at 2810-2780 and the resistance to the up move is at 2885

MKT COMMENTS

NIFTY FUT OI down 7.75% with 54% increasing volumes indicating not only unwinding but forming of fresh shorts too.

We expect NIFTY FUT to trade negative.

NIFTY (2848.5)

Support : 2820 / 2800 / 2780 / 2755

Resistance : 2885 / 2905 / 2925 / 2945 / 2975 / 3000

SENSEX (9305.45)

Support : 9180 / 9050

Resistance : 9440 / 9535 / 9765

NIFTY FUT (2831.5) : NIFTY in Bearish Zone Since Cannot Cross & Sustain 2860/2885 Zone (Can Hold Shorts,Sl 2885)

Support : 2820 / 2790 / 2755

Resistance : 2860 / 2880 / 2900 / 2965

BANK NIFTY (4336.9)

Support : 4175 / 4010

Resistance : 4365 / 4525 / 4710

On Tuesday,Opening is Flat to Down,

Stay Short Below 2850,Sl Above 2860,Tgt 2825-05-2790-65-45,

Sustain Above 2870,buy with Sl Below 2860,Tgt 2890-2905-35-75.

Sell SBIN (1137),Sl Above 1155,Tgt 1115/05++

Sell ACC Below 560,Tgt 550-540-515,Sl 575

Sell BOB Below 235,Tgt 225-210-185,Sl 245

Sell BHARTI Below 635,Tgt 625-615-590,Sl 645

Sell CMC Below 295,Tgt 290-280-265,Sl 305

Sell DABUR Below 91,Tgt 89-85-83,Sl 94

Sell GRASIM Below 1350,Tgt 1325-1295-1230,Sl 1360

Sell WIPRO Below 215,Tgt 205-200,Sl 220

FEB FUTURES

ONGC (687.65) : Sell @ 695,Sl 705,Tgt 685/80/75

REL ( 533.15) : Sell @ 545/55,Sl 560,Tgt 525/15

RIL (1319) : Buy RIL 1280Pa @ 1345/50,Sl 1370 (Intraday)

Sell @ 1340/45,Sl 1370,Tgt 1310++

Open low Buy @ 1280/75,Sl 1265,Tgt 1305/20

Sell Patel Eng Fut Below 145

Sell PNB Fut Below 385

COMMODITY

GOLD APRIL: Gold prices slipped to $933 before closing at $942 on Friday as fears of financial meltdown receded, but analysts say investors are expecting only a brief respite from the maelstrom will carry on piling into the precious metal. Traders said short-term investors selling their holdings ahead of a U.S. holiday on Monday weighed on gold. The worries about the financial system and the dollar prompted investors to buy gold as a hedge last week. Sharp investment inflows further bolstered prices as the world's largest gold-backed exchange-traded fund posted its second largest daily gain in holdings. SPDR Gold Trust, commonly known as GLD, said its bullion holdings jumped over 15 tonnes to a record 985.86 tonnes as of Feb. 13. Investor unease was evident in the surge in gold ETF, coin and bar off-take and the demand for U.S. Treasuries. The escalating crisis in the banking sector has pushed up gold prices by about 40 percent since late October last year. Among Friday’s data releases from the US, Consumer Sentiment data was positive for bullion. Today we do not have any relevant data release from US due to President’s Day holiday. Gold continues to look positive above $920 support area in spot while silver has a support of $13.00. However dips could be used to buy in the near term for this week.

MCX Comdex :- The composite index of metals, energy and agro-commodities was down by 0.49% at 1805.23 points, MCX Energy by 0.85% to 1593.72 points, MCX Metal was down by 0.39% at 2280.13 and MCX Agri by 0.05%.

Bullion:-All bullion contracts gained. Gold April 09 contract was up by 0.53% to Rs 14706 per 10 grams and gold M March 09 contract by 0.55% to Rs 14725 per10 grams. Silver September 09 contract moved up by 2.06% to Rs 22173 per kg and silver M June 09 contract by 0.77% to Rs 22030 per kg. Gold Guinea March 09 contract rosed by 0.53% to Rs 14706 per 8 grams.

METALS:-Aluminium March 09 contract went down by 1.54% to Rs 67.30 per kg, copper February 09 contract by 2.26% to Rs 162.35 per kg, nickel April 09 contract moved down by 1.68% to Rs 514.90 per kg and zinc February 09 contract by 1.17% to Rs 55 per kg while lead February 09 contract was high by 0.45% to Rs 56.40 per kg.

Technical Levels for 17 February 2009								Trading Signal
Symbol	RES 1	RES 2	RES 3	Pivot	Supp1	Supp2	Supp3
Top of Form GOLD Bottom of Form	14746.00	14812.00	14895.00	14663.00	14597	14514	14448	Buy Signal
Top of Form SILVER Bottom of Form	21559.67	21719.33	21888.67	21390.33	21230	21061	20901	Buy Signal
Top of Form LEAD Bottom of Form	56.60	57.05	57.55	56.10	55.65	55.15	54.70	Buy Signal
Top of Form COPPER Bottom of Form	164.62	167.03	168.92	162.73	160.32	158.43	156.02	Sell Signal
Top of Form NICKEL Bottom of Form	504.83	511.47	518.13	498.17	491.53	484.87	478.23	Buy Signal
Top of Form CRUDEOIL Bottom of Form	2092.67	2120.33	2145.67	2067.33	2039.67	2014.33	1986.67	Sell Signal
Top of Form ZINC Bottom of Form	55.22	55.93	56.42	54.73	54.02	53.53	52.82	Sell Signal
Top of Form NATURALGAS Bottom of Form	213.83	217.17	219.63	211.37	208.03	205.57	202.23	Sell Signal
Top of Form MENTHAOIL Bottom of Form	520.40	525.60	528.20	517.80	512.60	510.00	504.80	Sell Signal
Top of Form ALUMINIUM Bottom of Form	65.68	66.37	66.93	65.12	64.43	63.87	63.18	Sell Signal
Top of Form REFSOYOIL Bottom of Form	450.53	454.07	456.33	448.27	444.73	442.47	438.93	Sell Signal