Marketd For 25/03/2009

Daily Market Outlook: 25 March 2009

It was a volatile day for the Indian equity markets. Taking cues from the strong global markets the Indian markets started on a positive note and moved upwards till 12 pm. But afterwards the markets started tumbling on account of profit booking. They followed a simple lower top and lower bottom structure to close at day’s low. While Sensex closed at 9471.04 (Up 47.02 points), Nifty closed at 2938.70 (Down 1.20 points).The European markets started to decline as the day progressed. This resulted in the Indian markets declining towards the fag end of trading session.

On the sectoral front, metal witnessed a drastic fall as commodity stocks also witnessed a fall in global markets. Only banking showed some mettle to close 2.18 per cent up.

In the morning session realty and bankex were up by more than 4 per cent, but could not sustain the levels. As regards the advance decline ratio, although market tumbled in the fag end, it was more or less equal with 1121 advances and 1401 declines.

PM: economy to revive in big way in 6-7 months

Airline industry to lose $4.7 billion in 2009: IATA

Govt levies safeguard duties on Chinese aluminum

India gross tax collections up to Mar 22 at Rs 3.2 tn

India to join Marine Highway project in Africa

Govt issues bonds worth Rs 10,000 cr to oil PSUs

NIFTY (2938.7)

Support : 2915 / 2890 / 2855 / 2835

Resistance : 2965 / 3000 / 3025 / 3040 / 3060

SENSEX (9471.04)

Support : 9345 / 9225 / 9070

Resistance : 9645 / 9700 / 9820

NIFTY FUT (2938)

Support : 2910 / 2880 / 2850

Resistance : 2970 / 2995 / 3035 / 3055

MKT COMMENTS

NIFTY FUT OI (both series) up with increasing volumes indicating rollover to next series and forming of long positions in next series.

Todays Markets Saw A Volume of 95K Cr,Maximum After Jan 2008

Expect NIFTY Expiry Around 2880-3000.We expect NIFTY FUT to trade volatile.

DOWJONES Close Above 7940,Will Fire To 8090/8475/8600.DONT REMAIN SHORT ABOVE 7940.

On Wednesday,Opening is Flat to Down,

Stay Short Below 2930,Sl Above 2950,Tgt 2915-2900-2880-2860-2845,

Sustain Above 2950,Buy with Sl Below 2930,Tgt 2970-3000-3020-3045-3070

HUGE RISKY TRADERS :

BUY NIFTY SL 2850 TA 3000

If NIFTY Correct In Open Trade on Global Cues,Then BUY 2900 CE (MAR) Around 2900-2880,Sl 2850 Levels & Leave For Expiry.

Sell RANBAXY Below 165,Tgt 155/50/45,Sl 170

SBIN (1032) Sell with Sloss Above 1045,Tgt 1015/05

Sell ACC Below 550,Tgt 535-525-500,Sl 565

Sell BOB Below 225,Tgt 215-205-190,Sl 235

Sell BHARTI Below 605,Tgt 595-580-550,Sl 620

Sell VSNL Below 515,Tgt 510-500-485,Sl 520

Buy TATACHEM Above 135,Tgt 140-145-155,Sl 130

Buy SIEMENS Above 235,Tgt 245-255-270,Sl 230

Buy HCLTECH Above 105

Buy TCS Above 533/35,Tgt 545/55,Sl 525

Buy ZEEL Mar 104/05,Sl 100,Tgt 106.1/107.2/108.1/109.3/110/111/112 (Lot Size : 2800)

Sell CENTURYTEXT Mar 189/87,Sl 191,Tgt 185.5/184.6/182.7/180/179/177/175/173 (Lot Size : 1696)

COMEX GOLD (APR): The upside crossover of the 9 and 18 bar moving average is a positive signal. Stochastics are at mid-range but trending higher, which should reinforce a move higher if resistance levels are taken out. A positive signal for trend short-term was given on a close over the 9-bar moving average. The swing indicator gave a moderately negative reading with the close below the 1st support number. The near-term upside objective is at 965.1. The next area of resistance is around 950.0 and 965.1, while 1st support hits today at 928.0 and below there at 921.0.

COMEX SILVER (MAY): The upside crossover of the 9 and 18 bar moving average is a positive signal. Daily stochastic have risen into overbought territory which will tend to support reversal action if it occurs. The close above the 9-day moving average is a positive short-term indicator for trend. The daily closing price reversal down is a negative indicator for prices. The market tilt is slightly negative with the close under the pivot. The near-term upside target is at 1400.0. The next area of resistance is around 1384.5 and 1400.0, while 1^st support hits today at 1357.5 and below there at 1346.0

MCX Natural Gas (April):

The market's close above the 9-day moving average is a short term positive indicator. Stochastic and RSI are nearing overbought zone indicating sideways to down prices are possible near term.

Technical Support - Rs.225-230 Technical Resistance- Rs.216-210

Today Expectations: As seen on the charts markets should take a strong resistance of 225 levels which is 65 day EMA (Blue line in the chart). We expect market to retrace till 38.2% which comes at 210 levels before trending higher.

Technical Levels for 25 March 2009
Symbol	RES 1	RES 2	RES 3	Pivot	Supp1	Supp 2	Supp 3	Signal
GOLD	15286.67	15508.33	15646.67	15148.33	14926.67	14788.33	14566.67	Sell Signal
SILVER	22628.00	22972.00	23204.00	22396.00	22052.00	21820.00	21476.00	Sell Signal
LEAD	66.40	68.40	69.70	65.10	63.10	61.80	59.80	Sell Signal
COPPER	204.45	207.80	210.15	202.10	198.75	196.40	193.05	Sell Signal
NICKEL	501.20	506.80	511.30	496.70	491.10	486.60	481.00	Sell Signal
CRUDEOIL	2707.00	2743.00	2765.00	2685.00	2649.00	2627.00	2591.00	Sell Signal
ZINC	63.87	65.13	66.12	62.88	61.62	60.63	59.37	Sell Signal
NATURALGAS	224.30	226.20	229.20	221.30	219.40	216.40	214.50	Buy Signal
MENTHAOIL	568.63	575.77	580.03	564.37	557.23	552.97	545.83	Sell Signal
ALUMINIUM	71.10	72.20	72.85	70.45	69.35	68.70	67.60	Sell Signal
REFSOYOIL	451.87	453.68	456.07	449.48	447.67	445.28	443.47	Buy Signal