Markets Weekly For 30/3 To 3/4/2009

WEEKLY NIFTY FUTURE OBSERVATION
Observation:-
1) Total OI of NIFTY FUT up 1.96%, NIFTY FUT up 11.53% last week. OI up despite expiry last week.
2) Out of NIFTY 50 Stock FUTS, 48 Stock FUTS closed positive, 1 Stock FUTS closed negative and 1 Stock FUTS closed flat last week.
3) OI of NIFTY 3000 CE is up 88.67% prices up 357.51%, NIFTY 3100 CE is up 355.90% prices up 548.44% and NIFTY 3200 CE is up 1699.87% prices up 752.04% last week showing call buying. OI of NIFTY 3000 CE is 27.11 LK, highest OI in CALLs.
4) OI of NIFTY 2800 PE is up 203.36% prices down 68.63%, NIFTY 2900 PE is up 1027.10% prices down 67.49% and NIFTY 3000 PE is up 3552.13% prices down 65.28% last week showing aggressive put writing. OI of NIFTY 3100 PE is up 86432.26% prices down 63.09%, NIFTY 3200 PE is up 2616.03% prices down 58.83%last week showing put buying at lower levels on expectation of profit booking in market. OI of NIFTY 2700 PE is 48.28 LK, highest OI in PUTs.
5) Total OI of APR series CALLs is up by 77.91 LK to 1.66 CR. MAR series PUTs is up by 1.53 CR to 3.25 CR last week. MAR series PCR (OI) at 1.95.

Conclusion :-
NIFTY FUT showed biggest weekly gain of 2009 last week. I expect profit booking next week due to sharp rise. NIFTY SPOT support at 3070-80 levels, below 3060 levels, next target will be 3020-30 levels. Below 3010 levels, maximum NIFTY SPOT will move down to 2970-80 levels. NIFTY SPOT strong support here, I expect next up move will begin if NIFTY SPOT hold these levels. On up side, NIFTY SPOT resistance at 3180-90 levels, sustain above 3210-20 levels will show sharp up move again.

WEEKLY MARKET OUTLOOK

NIFTY FUTURE
Trend : Volatile
Total OI of NIFTY FUT up 1.96%, NIFTY FUT up 11.53% last week. OI of NIFTY 3000 CE is up 88.67% prices up 357.51%, NIFTY 3100 CE is up 355.90% prices up 548.44%, NIFTY 3200 CE is up 1699.87% prices up 752.04% last week showing call buying. OI of NIFTY 2800 PE is up 203.36% prices down 68.63%, NIFTY 2900 PE is up 1027.10% prices down 67.49% and NIFTY 3000 PE is up 3552.13% prices down 65.28% last week showing aggressive put writing. We expect after sharp rise NIFTY SPOT to
show profit booking next week. NIFTY SPOT Resistance at 3150-60, 3180-90 levels, strong resistance at 3210-20 levels. NIFTY SPOT support at 3070-80, 3020-30 levels, strong support at 2970-80 levels.

SECTOR WATCH

SUGAR

Trend : Bullish
Total OI of BAJAJHIND FUT down 6.56% prices up 11.45%, BALRAMCHIN FUT down 22.43% prices up 15.23%, RENUKA FUT down 46.97% prices up 9.23% and TRIVENI FUT down 1.81% prices up 14.39% last week. OI down due to expiry last week. Most of STOCK FUT showing not only short covering but forming of long positions too. TRIVENI FUT most strong. We expect positive move in SUGAR counters next week.

NIFTY (3108.65)

Resistance : 3130 / 3220 / 3290 / 3330 / 3355

Support : 3080 / 3040 / 3010 / 2955 / 2900 / 2835 / 2695

SENSEX (10048.49)

Resistance : 10230 / 10440 / 10650 / 10785 / 10825

Support : 10015 / 9885 / 9735 / 9570 / 9350 / 9130 / 8650

NIFTY FUT (3124.55)

Resistance : 3230 / 3335

Support : 3035 / 2930 / 2740

BANK NIFTY (4402.7)

Resistance : 4650 / 4885

Support : 4185 / 3945 / 3490

Technical Picks for the Forthcoming Week

Buy APTECH 80/85,Sl 75,Tgt 90/95/100/105

Buy PRAJIND 55/58,Sl 51,Tgt 63/65/69