Markets For 01/06/2009

With better than expected GDP readings for March 2009, the market saw good buying all through the day. Sensex ended 329 points up, while Nifty 111 points higher. Mid caps and small caps also ended the day on a strong note with the BSE MIDCAP and BSE SML CAP ending 2.46%

And 3.01% higher respectively. Though the move in Nifty has extended significantly, in the current scenario, the risk/reward is heavily favors of bears. On Monday June 01, 2009 Nifty Fut. will face hurdle at 4515 sustaining above this level we expect one more round of buying in selected small caps / mid caps / large caps and recommend that be stock specific and use the strict stop loss for your trades above 4515 nifty fut. has resistance at 4575 / 4620 where nifty fut. will make double top.

On the other hand as we analyzed previous week nifty fut. levels nifty fut. retraced the short term and made low for wave 4090, 30 points below our support of 4120 and swung back all the way upside making the high for the week at 4495.

We are in wave 5 short term and once we cross and hold above 4620 we expect another 100 points rally up to 4720.

On downside if unable to cross and hold 4515 nifty fut. have strong supports 4370 below which 4335/4280 can be retested. Below 4280 with volume nifty fut. can correct up to 4150 / 4120 in coming session.

NIFTY (4448.95)

Resistance : 4490 / 4515 / 4555 / 4575 / 4620

Support : 4425 / 4360 / 4320 / 4280 / 4230

SENSEX (14625.25)

Resistance : 14680 / 14720 / 14800 / 14880 / 14965

Support : 14555 / 14460 / 14385 / 14320 / 14225 / 14150

NIFTY FUT (4453.5)

Resistance : 4470 / 4495 / 4525 / 4555 / 4590

Support : 4430 / 4370 / 4335 / 4290

BANK NIFTY (7350.3)

Resistance : 7430 / 7500

Support : 7350 / 7280 / 7200

MKT COMMENTS

NIFTY FUT OI up 5.99% with increasing volumes indicating forming of long positions.

We expect positive move with volatility at higher levels.

On Monday,Opening is Flat to Up,

Stay Long Above 4440,Sl Below 4425,Tgt 4470/4495/4525/4555/4590

Sustain Below 4410,Sell with Sl Above 4425,Tgt 4390/4370/4355/4335/4290

BUY

BGRENERGY Above 350,Sl 340

GITANJALI Above 125,Sl 120,Tgt 130/35/40

ASTRALMICRO Above 85,Sl 82,Tgt 90/95/110/120 (Positional)

NAGCONS,Tgt 190/200

NITINFIRE Above 305,Sl 295,Tgt 315/20/25/35/45 (Positional)

VISHALINFO,Sl 50,Tgt 60/65+

DHANBANK,Sl 95,Tgt 110/15/20+

ADLABS,Sl 305,Tgt 380/415/50+

SUZLON Above 100,Sl 97,Tgt 105/08/10

RIL Above 2275,Sl 2245,Tgt 2300/15/25/30

RCOM Above 305,Sl 300,Tgt 310/15

JSWSL Around 545/50,Sl 540,Tgt 565/75/85/95 (Positional)

HDIL Above 285,Sl 270,Tgt 295/310/15+

LICHSG Above 530,Sl 515,Tgt 540/50/55

KSOIL Above 61,Sl 58,Tgt 63/65

EXIDE Above 70,Sl 67,Tgt 75/77+

ARVINDMILLS Above 35,Sl 32,Tgt 37/39/42

HEROHONDA Above 1340,Sl 1310,Tgt 1365/85/1415/40

INFOSYS Above 1605,Sl 1585,Tgt 1625/45/70/85

SBIN (1869),Sl Below 1855,Sl 1895/1905+

SELL

HDFCBANK Below 2180,Sl 2195,Tgt 2145/15/2090/60

ICICIBANK Below 740,Sl 750,Tgt 730/15/05+

SESAGOA Below 170,Sl 175

DLF Below 425,Sl 435

FUTURES

BHARTI (819.65) :

Buy Around 805/10,Sl 790,Tgt 820/30/40/50

Sell Around 860/65,Sl 880,Tgt 840/30/20

ONGC (1176) : Buy@ 1145/55,Sl 1135,Tgt 1175/85/95/1205/1215 (Hold Longs If Closes Above 1185 Levels,Sl 1155)

ACC (783) : Buy @ 765/75,Sl 750,Tgt 790/800/10/20+

INDHOTEL (67) : Buy@ 66/68,Sl 65,Tgt 69/70/71/72

COMMODITY

Buy June GOLD Above @ 14890,Tgt 14955-15155-15335,Sl 14830

Sell GOLD Below @ 14800,Tgt 14620-14490-14400,Sl 14895

Buy July SILVER Above @ 24085,Tgt 24230-24505-24945,Sl 23940

Sell SILVER Below @ 23930,Tgt 23795-23440-23000,Sl 24070

Buy June CRUDE Above @ 3100,Tgt 3135-3170-3230,Sl 3085

Sell CRUDE Below @ 3075,Tgt 3040-2980-2945,Sl 3080

Buy June COPPER Above @ 228.5,Tgt 230.7-233.3-237.5,Sl 226.6

Sell COPPER Below @ 226.5,Tgt 224.1-219.9-217.8,Sl 228.4