Markets For 20-04-2009

Strong Resistance of 3518 is for Nifty Spot & it went to near this level for 2 times but did not cross, so when market do not give the closing above this level till then its hope that range bound between the level of 3518 to 3350. Support level of 3282 is also very important for the Nifty Spot, so after break this if Nifty go to close, it means again short position is increasing in the market. When you search trading opportunity, please keep these levels (3518 & 3282) in your mind.

NIFTY (3384.4)

Resistance : 3425 / 3460 / 3480 / 3515 / 3540

Support : 3355 / 3330 / 3305 / 3275 / 3250

SENSEX : Close Above 11110,Creates Bullish Pattern & Can Touch 11285 / 11335

Resistance : 10905 / 11110-50 / 11200 / 11285 / 11335 / 11400

Support : 10845 / 10800 / 10760 / 10665 / 10440

NIFTY FUTURE (3381) : Nifty Sustains Above 3410 Is Positive Sign or Next Major Supports At 3305-3280 Levels

Resistance : 3470 / 3540 / 3570

Support : 3335 / 3320 / 3305 / 3280 / 3265

MKT COMMENTS

NIFTY FUT OI down 3.42% with 6% increasing volumes indicating not only unwinding of long positions plus forming of short positions.

We expect NIFTY FUT to trade negative with volatility. Selling will emerge on every rise.

On Monday,Opening is Flat to Down,

Stay Short Below 3385,Sl Above 3405,Tgt 3360-3335-3315-3290-3275,

Sustain Above 3410,Buy with Sl Below 3380,Tgt 3425-3460-3480-3515-3540.

Positional Risky Traders : Buy NIFTY@ 3380-3410,Sl 3310,Tgt 3450/3490/3520/3585/3630+

Result on Monday : TCS / AXISBANK / SESAGOA / MERCK / POLARIS / INDOWIND / ESCORTS

Sell BANKINDIA Below 265,Tgt 260/50/35,Sl 270

Sell CIPLA Below 230,Tgt 225/15/05,Sl 235

Sell INDIACEM Below 120,Tgt 115/110/5,Sl 125

Sell SBIN (1261),Sl Above 1280,Tgt 1240/1220

Buy IOB Above 70,Tgt 75/80/90,Sl 65

Buy HCLTECH Above 130,Tgt 135/45/55+,Sl 120

Buy GRASIM Above 1675,Tgt 1705/25/50,Sl 1645

Buy DRREDDY Above 535,Tgt 545/55/75+,Sl 525

Buy & Hold , Positionally

Buy AXISBANK Above 505/15 , TATAPOWER Above 880/90

LNT Above 900 , BIOCON Above 155

MTNL Above 75,Tgt 95/105/135 (Book Value Rs.200,Bonus & Dividends Are Expected)

HINDLIVER,Sl 220,Tgt 245/55/65+ , UNITECH,Tgt 65/70/75+

ALOKTEXT , ASHAPURAMINECHEM@ 29/31,Sl 25,Tgt 35/40/45+

Buy WELGUJ (90.95) Fut Apr,Sl 87,Tgt 91.5/93/94.5/95.6/97.2

COMEX GOLD (JUN): A crossover down in the daily stochastics is a bearish signal. Daily stochastics are trending lower but have declined into oversold territory. A negative signal for trend short-term was given on a close under the 9-bar moving average. The close below the 2nd swing support number puts the market on the defensive. The next downside objective is now at 858.3. The next area of resistance is around 887.5 and 902.2, while 1st support hits today at 865.5 and below there at 858.3.

COMEX SILVER (MAY): The daily stochastics have crossed over down which is a bearish indication. Stochastics trending lower at midrange will tend to reinforce a move lower especially if support levels are taken out. A negative signal for trend short-term was given on a close under the 9-bar moving average. There could be some early pressure today given the market's negative setup with the close below the 2nd swing support. The next downside objective is 1166.9. The next area of resistance is around 1256.2 and 1301.8, while 1st support hits today at 1188.8 and below there at 1166.9

Buy June GOLD Above 14030,Tgt 14080-14205-14390-14430-14550,Sl 14000

Sell GOLD Below 13970,Tgt 13820-13635-13535,Sl 14000

Buy May SILVER Above 19930,Tgt 20215-20510-21100,Sl 19890

Sell SILVER Below 19850,Tgt 19630-19350-18765,Sl 19890

Buy May CRUDE Above 2640,Tgt 2670-2700-2780,Sl 2620

Sell CRUDE Below 2600,Tgt 2555-2475-2440,Sl 2620

Buy April COPPER Above 243,Tgt 245-247-250+,Sl 241.5

Sell COPPER Below 240,Tgt 237-235-231+,Sl 241.5