Markets For 18/03/2009

Daily Market Outlook: 18 March 2009

As per our comment last day we see today profit booking at higher levels and market close almost flat. Last trading day took a “U” turn. The Indian markets seem to be taking a breather and the forward march of the Global Markets seem to be slowing down. The Asian markets showed a totally mix bag performance where HangSeng, Sensex, Jakarta Composite and Straits Times closed in the red. Now we see gap down opening on 18 March 2009.

BSE Sensex: (8864) the Support for the Sensex is 8650 & the Resistance to the up move is at 9065-9140

Nifty: (2757) Nifty still in Negative Trend. The support for the Nifty is at 2700 and the resistance to the up move is at 2805-2840

NIFTY (2757.45)

Support : 2730 / 2715 / 2700 / 2685 / 2645

Resistance : 2790 / 2805 / 2840 / 2870

SENSEX (8864)

Support : 8765 / 8675-50

Resistance : 8990 / 9065 / 9125

NIFTY FUT (2752)

Support : 2725 / 2700 / 2685 / 2665 / 2635

Resistance : 2775 / 2795 / 2805 / 2835

MKT COMMENTS

NIFTY FUT OI down 3.03% with 16% increasing volumes indicating unwinding of long positions.

We expect any down move would be followed by strong bounce.

On Wednesday,Opening is Flat to Down,

Stay Short Below 2760,Sl Abv 2780,Tgt 2725-2700-2680,

Sustain Above 2780,Buy with Sl Below 2760,Tgt 2800-2825-2840.

Sell SBIN (950),Sl Above 965,Tgt 935/925/915

Sell BHARTI Below 570,Tgt 560-550-530,Sl 575

Sell HDFC BANK Below 820,Tgt 805-780-730,Sl 835

Sell HLL Below 235,Tgt 230-220-215,Sl 240

Sell NTPC Below 175

Buy BHEL Above 1410,Tgt 1425-1445-1490,Sl 1390.

Buy BPCL Above 355,Tgt 365-370-385,Sl 350

Buy ITC Above 175,Tgt 178-180-185,Sl 170

Buy WIPRO Above 230

Buy ONGC Above 720/25,Tgt 740/50,Sl 715

TATA MOTOR LOOKING HOT AND FIERY

FUTURES

Buy SUZLON@ 36,Sl 35,Tgt 36.65/36.8/37.3/37.9/38.4/39 (Lot Size : 6000)

Sell UNITECH@ 25,Sl 25.7,Tgt 24.7/24.35/24.1/23.9/23.65/23.2/22.9 (Lot Size : 9000)

Sell CIPLA Below 200,Sl 205