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Friday, March 20, 2009
Markets For 20/03/2009
It was indeed an interesting trading session with a mixed bag performance. Some major developments on the US front and the fact that India’s inflation touched its lowest in 20 years (partly due to base effect), however, failed to cheer the market. The Sensex has finally closed the day just above the 9000 mark at 9001.75 points, up 25.07 points or 0.28 per cent. In fact if one looks at the overall Asian performance, barring Taiwan Weighted, Seoul Composite and Nikkei, which closed down marginally in the red, the rest of the Asian indices have closed in the green. The European markets too started on a positive note. In fact some of those indices are trading quite strongly with gains of more than one and even two per cent. One can expect the US markets to open gap up in the green and it could sustain the gains it has posted last night. We believe to see a better impact on the domestic markets which are expected to trade in the green even tomorrow.
Too much open interest is increasing on the Put of 2900 & call of 2700, it means Nifty will trade between the level of 2900 & 2700.
BSE Sensex: (9002) the support for the Sensex is 8900-8845 and the resistance to the up move is at 9120-9380
Nifty: (2807) Nifty able to close psychological support of 2800 in last trading day now nifty hurdle point is 2840 . Still Nifty remains in range bound and nifty close above 2840 or higher side then we can see levels of 2900. Break below 2772 will take nifty towards 2700 mark. Support for the Nifty is at 2750 and the resistance to the up move is at 2850-3150
NIFTY (2807.15)
Support : 2780 / 2765 / 2750 / 2735 / 2710
Resistance : 2840 / 2880 / 2905
SENSEX (9001.75)
Support : 8900 / 8845 / 8810
Resistance : 9020 / 9085 / 9120 / 9185
NIFTY FUT
Support : 2775 / 2750 / 2735
Resistance : 2820 / 2835 / 2855 / 2880
BANK NIFTY
Support : 3675 / 3625
Resistance : 3730 / 3775 / 3830
On Friday,Opening is Flat to Up,
Stay Long Above 2810,Sl Below 2785,Tgt 2830-2845-2860-2880,
Sustain Below 2790,Sell with Sl Above 2805,Tgt 2775-2760-2745-2720.
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