Markets For 09/03/2009

Daily Market Outlook: 09 Mar 2009

In Last Trading day global indices get new lows. Indian market at ending give some short covering and able to close above October lows. But as per weekly trend Sensex and nifty was very cautious. Now further we can see more downtrend in heavyweights. On heavyweights we see selling pressure from rally and in PNB & HDFC we sell huge volume by closing and maintain positive closing. Bharti Airtel as we are short from level of 600 and booked profit in lower level now support around 585,RIL Major support around 1140 and if closing below then more downtrend possible. Overall, we advise to away from all heavyweights till dust is not settled down. The market saw a good pullback rally to close in the positive last day. The market breadth was negative with advances at 478 against declines of 708 on the NSE.

This week is a truncated one with Tuesday and Wednesday being holidays, so take cues from the US markets that could be positive.

NIFTY (2620.15)

Support : 2580 / 2555 / 2515 / 2495

Resistance : 2645 / 2665 / 2690 / 2730

SENSEX

Support : 8130 / 7940

Resistance : 8435 / 8540

NIFTY FUT (2609)

Support : 2600 / 2575 / 2550 / 2490

Resistance : 2645 / 2660 / 2680 / 2705

MKT COMMENTS

NIFTY FUT OI down 4.31% with 2% increasing volumes indicating short covering.

NIFTY SPOT need to sustain above 2660-70 level for more short covering.

On Monday,Opening is Flat to Up,

Stay Long Above 2625,Sl Below 2605,Tgt 2640/55/75/90/2705

Sustain Below 2600,Sell with Sl Above 2620,Tgt 2575/65/50/05/2480.

POSITIONAL RISKY TRADE

Sell NIFTY Above 2670,Sl Above 2735,Tgt 2625/2580/65/50

RIL / NTPC will decide the course of Indices fur Next Week as they are being held Above their Previous Levels

RIL HAS STIFF RES NR 1222-1234,SUPP AT 1144-1160

Buy BAJAJAUTO Above 485/90,Tgt 494-505-520,Sl 480

Buy HEROHONDA Above 930,Tgt 940-950-970,Sl 920

Buy TATACHEM Above 105,Tgt 110-115-120,Sl 100

Buy HDFC Around 1210/15,Sl 1200,Tgt 1235+

Buy ONGC Around 670,Sl 655,Tgt 685+

Buy NALCO Above 205,Tgt 215-220,Sl 200

Buy IVRCLINFRA Above 110

Sell SCI Below 70,Tgt 67-65-60,Sl 75

Sell HLL Below 225,Tgt 220-215-205,Sl 230

Sell BOMDYEING Below 125,Tgt 115-110-100,Sl 130

Sell BANKINDIA Below 195-190

FUTURE

RELCAPITAL(288.15)

Resistance : 295/305

Support : 285/80/70/265

Buy HDFC@ 1220,Sl 1185,Tgt 1225/1235/1245/1255/1260/1275/1285/1300/1310 (Lot Size : 150)

Sell MARUTI@ 650/45,Sl 660,Tgt 645/640/635/630/625/620/610/605 (Lot Size : 800)

TCS (480.80) : Sell @ 485/90,Sl 495,Tgt 475/70/65

RIL (1171) : Sell @ 1200/1215,Sl 1235,Tgt 1170/60/50+

GOLD

Buy Above 949.8 / 953.3 / 654.5 / 969.5 / 975.5
Sell Below 936.1 / 933.7 / 932.6 /924.7 /915.1

CRUDE OIL

Buy Above 46.8 / 47.95 / 49.4 / 51.65 / 56.95
Sell Below 44.7 / 44.3 / 43.85 / 43.6 / 42.25 / 41.7

Technical Levels for 09 March 2009
Symbol	RES 1	RES 2	RES 3	Pivot	Support 1	Support 2	Support 3	Trading Signal
GOLD	15559.00	15598.00	15621.00	15536.00	15497.00	15474.00	15435.00	Sell Signal
LEAD	63.08	63.37	63.73	62.72	62.43	62.07	61.78	Buy Signal
SILVER	22697.67	22732.33	22784.67	22645.33	22610.67	22558.33	22523.67	Buy Signal
COPPER	193.20	193.60	194.20	192.60	192.20	191.60	191.20	Buy Signal
NICKEL	513.30	515.30	518.80	509.80	507.80	504.30	502.30	Buy Signal
CRUDEOIL	2391.00	2417.00	2458.00	2350.00	2324.00	2283.00	2257.00	Buy Signal
ZINC	63.62	63.88	64.32	63.18	62.92	62.48	62.22	Buy Signal