Markets For 27-03-2009

Daily Market Outlook: 27 March 2009

It was fantastic day for the Indian markets as markets witnessed a strong up move on the expiry day after a long time. Indian markets opened on a positive note on account of better than expected economic data from the US. With strong opening of Asian markets, markets moved only one way – northwards. However, markets shed few points towards the fag end of the session. Fall in inflation to 0.27 per cent also contributed to the rise in index. With this strong performance, Sensex crossed the psychological 10,000 mark and closed at 10,003.10 (up 335.20 points) and Nifty closed at 3,082.25 (up 97.90 points). As per the sectoral performance, except realty, all other indices closed in the green with significant gains. Major fall in Realty index happened due to Akruti City, which fell by 55.10 per cent. Capital goods, metal and power were the major gainers. Market breadth was positive with 1,392 advances and only 1,138 declines.

NIFTY (3082.25)

Support : 3025 / 3040 / 2980 / 2960

Resistance : 3110-20 / 3150 / 3195

SENSEX

Support : 9805 / 9740 / 9610

Resistance : 10130 / 10200 / 10255

NIFTY FUT (3082)

Support : 3035 / 3010 / 2985 / 2935

Resistance : 3115 / 3130 / 3150 / 3175

MKT COMMENTS

NIFTY FUT OI up 19.07% with 48% increasing volumes indicating forming of long positions. NIFTY FUT OI at 3.61 CR,

we are starting new series with heavy OI build up. We expect NIFTY FUT to trade positive.

On Friday,Opening is Flat to Up,

Stay Long Above 3080,Sl Below 3060,Tgt 3105-3130-3160-3175,

Sustain Below 3060,Sell with Sl Above 3080,Tgt 3040-3025-3005-2970

Buy CENTURYTEXT Above 205/07

Buy GAIL Above 240,Tgt 245/50,Sl 235

Buy ICICIBANK Above 375

Buy TITAN Above 775

Sbin (1096) Buy with Sl Below 1080,Tgt 1115-1130

Buy BOB Above 235,Tgt 245-250-265,Sl 230

Buy BHEL Above 1565,Tgt 1610-1660-1775,Sl 1545

Buy ITC Above 185,Tgt 190-195-205,Sl 180

Sell BAJAJAUTO Below 615,Tgt 605-595-565,Sl 630

Sell BIOCON Below 135,Tgt 130-125-115,Sl 140

Sell VSNL Below 530,Tgt 525-515-500,Sl 540

FUTURES

LNT (661.35) : Buy 650/55,Sl 340,Tgt 675/85+

TATAMOTORS (172.7) : Buy@ 165/70,Sl 160,Tgt 175/80/85+

Buy ZEEL@ 105/06,Sl 103,Tgt 106.7/107.2/108.3/109.3/110.4/111.5/112.6/113.3 (Lot Size : 2800)

Sell ESCORTS@ 35/36,Sl 37,Tgt 35.5/35.1/34.7/34/33.6/33.3 (Lot Size : 9600)

COMEX GOLD (APR): The market now above the 40-day moving average suggests the longer-term trend has turned up. Momentum studies are trending higher from mid-range, which should support a move higher if resistance levels are penetrated. The cross over and close above the 18-day moving average is an indication the intermediate-term trend has turned positive. The upside closing price reversal on the daily chart is somewhat bullish. The market has a slightly positive tilt with the close over the swing pivot. The next upside target is 957.4. The next area of resistance is around 946.9 and 957.4, while 1st support hits today at 920.9 and below there at 905.5.

COMEX SILVER (MAY): Studies are showing positive momentum but are now in overbought territory, so some caution is warranted. The market's close above the 9-day moving average suggests the short-term trend remains positive. The daily closing price reversal up is a positive indicator that could support higher prices. The close over the pivot swing is a somewhat positive setup. The near-term upside objective is at 1403.7. The next area of resistance is around 1380.0 and 1403.7, while 1st support hits today at 1314.0 and below there at 1271.8.

Technical Levels for 27 March 2009
Symbol	RES 1	RES 2	RES 3	Pivot	Supp1	Supp 2	Supp 3	Signal
GOLD	15355.00	15445.00	15539.00	15261.00	15171.00	15077.00	14987.00	Buy Signal
SILVER	22738.33	22907.67	23150.33	22495.67	22326.33	22083.67	21914.33	Buy Signal
LEAD	67.17	67.98	69.17	65.98	65.17	63.98	63.17	Buy Signal
COPPER	209.28	211.92	215.33	205.87	203.23	199.82	197.18	Buy Signal
NICKEL	499.10	505.50	512.60	492.00	485.60	478.50	472.10	Buy Signal
CRUDEOIL	2745.33	2786.67	2815.33	2716.67	2675.33	2646.67	2605.33	Sell Signal
ZINC	67.60	68.75	70.55	65.80	64.65	62.85	61.70	Buy Signal
NATURALGAS	219.50	233.40	240.60	212.30	198.40	191.20	177.30	Sell Signal
MENTHAOIL	559.10	573.20	582.50	549.80	535.70	526.40	512.30	Sell Signal
ALUMINIUM	71.85	72.65	73.75	70.75	69.95	68.85	68.05	Buy Signal
REFSOYOIL	454.77	456.53	459.42	451.88	450.12	447.23	445.47	Buy Signal