Markets Weekly For 26/04/2009 To 01/05/2009

NIFTY (3480.75)

Resistance : 3520 / 3565 / 3620 / 3685 / 3745 / 3780

Support : 3420 / 3355 / 3320 / 3265 / 3230 / 3160

SENSEX (11329.05)

Resistance : 11450 / 11560 / 11685 / 11785 / 12015

Support : 11135 / 10900 / 10790 / 10565 / 10485 / 10315

NIFTY FUT (3482.05)

Resistance : 3555 / 3630

Support : 3420 / 3345 / 3215

BANK NIFTY (5127.5)

Resistance : 5375 / 5620

Support : 4955 / 4700 / 4290

View for Week Starting 26 April 2009

NIFTY FUTURE
Trend : Bullish

Total OI of NIFTY FUT down 3.23%, NIFTY FUT up 2.98% last week. OI of NIFTY 3400 CE is up 6.90% prices up 15.38% last week showing short covering plus buying. OI of NIFTY 3500 CE is up 45.26% prices down 15.85%, NIFTY 3600 CE is up 20.58% prices down 49.83% and 3700 CE is up 9.11% prices down 72.45% last week showing buying at lower levels.

OI of NIFTY 3300 PE is up 36.60% prices down 86.08%, NIFTY 3400 PE is up 58.87% prices down 77.69% and NIFTY 3500 PE is up 81.76% prices down 64.09% showing aggressive put writing.

We expect NIFTY SPOT to show up move next week. The rally looks to continue with the support from other markets around the globe.

NIFTY SPOT resistance at 3510-20, 3555-65 levels, strong resistance at 3615.20 levels. On downside, NIFTY SPOT support at 3430-20, strong support at 3365-55 levels.

SOME STOCK FUTS
Trend : Bullish

Total OI of DABUR FUT up 186% prices up 9.22%, LICHSGFIN FUT up 107% prices up 21.54%, RIIL FUT up 95.84% prices up 8.45%, IDBI FUT up 68.99% prices up 9.01%, ADLABSFILM FUT up 46.36% prices up 8.60% last week showing long positions build up in these STOCK FUTS.

TELECOM Sector looks to be Hot among Traders. OIL & GAS is also another sector to look out for. We Expect MID & SMALL Caps Also To Outperform This Week Due To Expiry.

We expect any profit booking should be followed by up move next week.

WEEKLY NIFTY FUTURE OBSERVATION

Observation:-
1) Total OI of NIFTY FUT down 3.23%, NIFTY FUT closed up 2.98% last week.
2) Out of NIFTY 50 Stock FUTS, 32 Stock FUTS closed positive, 9 Stock FUTs closed negative and 9 Stock FUTS closed flat last week.
3) OI of NIFTY 3400 CE is up 6.90% prices up 15.38% last week showing short covering plus buying. OI of NIFTY 3500 CE is 45.26% prices down 15.85%, NIFTY 3600 CE is up 20.58% prices down 49.83% last week showing buying at lower levels. OI of NIFTY 3500 CE is 55.42 LK, highest OI in CALLs.
4) OI of NIFTY 3300 PE is up by 36.60% prices down 86.08%, NIFTY 3400 PE is up by 58.87% prices down 77.69% and NIFTY 3500 PE is up 81.76% prices down 64.09% last week showing aggressive put writing. OI of NIFTY 3300 PE is 70.94 LK, highest OI in PUTs.
5) Total OI of APR series CALLs is up by 14.72 LK to 2.85 CR. APR series PUTs is up by 23.06 LK to 5.37 CR last week. APR series PCR (OI) at 1.88.

Conclusion :-

I expect NIFTY SPOT to show up move next week with possibility of profit booking at higher levels. In this week we shall hit the target of double bottoms at 3700 which were spotted at 2900.

The Current Wave (Major) which started at 2500 looks to top out at 3900. Good to book out Partial Profits in Stocks. Investments for a Horizon of more than 3-4 months are not advised.

NIFTY SPOT resistance at 3510-20, 3555-65 levels. Above 3565 level, next target will be 3615-20 levels. Profit expected above 3620 levels.

On down side, NIFTY SPOT support at 3430-20 levels, below 3420 levels, strong support at 3365-55 levels.

Buy For Short Term (Delivery / Positional)

ABANOFF 475/85 ; ESSARSHIP 42/44 ; WOCKHARDT 101/104,Tgt 110/15+

TORRENTPOWER ,Tgt 110/20/30 ; MOSERBAER 65/67,Tgt 70/75/80++

SHIVVANI 157/160,Tgt 180/200/210+ ; VIDEOCONINDS 120/125,Tgt 150/175/200

Weekly

GOLD

Support($) : 890 / 915

Resistance($) : 925 / 940

CRUDE Looks Hot , Buy At Lower Levels

Tgt($) : 52.95 / 53.7 / 54.2