Markets Weekly 24/02 To 27/02/2009

WEEKLY MARKET OUTLOOK

NSE INDEX (2736.45)

Resistance : 2800 / 2840 / 2890 / 2965 / 3050

Support : 2660 / 2645 / 2570 / 2535 / 2495

SENSEX (8843.21)

Resistance : 9080 / 9175 / 9400-40 / 9960

Support : 8630 / 8525 / 8315 / 8200

NIFTY FUT (2723.15)

Resistance : 2780 / 2870 / 3015

Support : 2635 / 2545

BANK NIFTY (3934.35)

Resistance : 4125 / 4360 / 4780

Support : 3700 / 3470 / 3455

NIFTY FUTURE
Trend : Volatile

Total OI of NIFTY FUT flat, NIFTY FUT down 7.57% last week. OI of NIFTY 2700 CE is up 172.11% prices down 78.26%, NIFTY 2800 CE is up 53.41% prices down 92.67% last week showing aggressive call writing. OI of NIFTY 2700 PE is down 5.09% prices up 96.73% and NIFTY 2800 PE is down 47.56% prices up 154.43% showing profit booking. We expect NIFTY SPOT will trade volatile next week due to expiry.

Any Upmove will face Resistance@ 2760-70 levels,Strong Resistance@ 2810-20 levels. On Downside,NIFTY SPOT Support@ 2710-2720 levels,Strong Support@ 2660-70 levels.

SECTOR WATCH : BANKING
Trend : Bearish

Total OI of ANDHRABANK FUT up 45.89% prices down 11.15%, AXISBANK FUT up 54.52% prices down 15.09%, BANKINDIA FUT up 50.20% prices 11.99%, CANBK FUT up 35.47% prices down 11.19%, ICICIBANK FUT up 21.58% prices down 22.58%, INDIANB FUT up 31.02% prices down 13.28% and SBIN FUT up 22.80% prices down 12.09% last week. We expect some technical bounce in coming few session but the trend will remain down.

WEEKLY NIFTY FUTURE OBSERVATION

Observation:-
1) Total OI of NIFTY FUT flat, NIFTY FUT down 7.57%, last week.
2) Out of NIFTY 50 Stock FUTS, 46 Stock FUTS closed negative, 4 Stock FUTS closed flat last week.
3) OI of NIFTY 2700 CE is up 172.11% prices down 78.26% and 2800 CE is up 53.41% prices down 92.67% last week showing call writing. OI of NIFTY 3000 CE is 51.31 LK, highest OI in CALLs.
4) OI of NIFTY 2600 PE is up 5.03% prices up 25.79% last week showing put writing. OI of NIFTY 2700 PE is down 5.09% prices up 96.73% and NIFTY 2800 PE is down 47.56 prices up 154.43% last week showing profit booking. OI of NIFTY 2700 PE is 49.11 LK, highest OI in PUTs.
5) Total OI of FEB series CALLs is down 45.26 LK to 2.52 CR. FEB series PUTs is down by 55.84 LK to 2.27 CR last week. FEB series NIFTY PCR (OI) at 0.90, lowest levels in current series.

Conclusion :-

I expect NIFTY SPOT to trade volatile next week due to expiry. Possibility of TECHNICAL BOUNCE, NIFTY SPOT resistance at 2790/2800 levels. NIFTY SPOT will face strong selling pressure above 2830-40 till expiry.

I expect new series will begin with positive note. On down side, support at 2710-20 levels, strong support at 2660-70 levels.

BENCHMARK GOLD (C-1546.53): Weekly Chart Looking Strong

Buy around 1505/25,Tgt 1550/1600/50,Sl 1450

Sell MARUTI Fut @ 645/30,Tgt 600/575/560++,Sl 665