Markets Weekly For 1/06/2009 To 5/06/2009

WEEKLY MARKET OUTLOOK

NIFTY (4448.95)

Resistance : 4525 / 4565 / 4610 / 4660 / 4750 / 4795

Support : 4375 / 4340 / 4255 / 4200 / 4145 / 3950

SENSEX (14625.25)

Resistance : 14725 / 14965 / 15065 / 15270 / 15500

Support : 14455 / 14290 / 13945 / 13850 / 13720 / 13080

NIFTY FUT (4453.5)

Resistance : 4605 / 4755

Support : 4345 / 4200 / 3940

BANK NIFTY (7350.3)

Resistance : 7585 / 7815

Support : 7190 / 6965 / 6575

SECTOR WATCH

SECTOR : OIL & GAS : Bullish

Total OI of CAIRN FUT down 14.29% prices up 4.58%, GAIL FUT down 24.23% prices up 4.90% ONGC FUT down 31.65% prices up 12.08% and RELIANCE FUT down 24.91% prices up 4.21% last week.

OI down due to expiry. Long positions build up seen in these counters. We expect positive move in coming week.

STOCK FUT TO WATCH NEXT WEEK

GTLINFRA FUT : Bullish

Total OI of GTLINFRA FUT up 47.17% prices up 11.63% last week volumes increased in last 2 sessions. Intraday high 46.85, Intraday low 40.05 last week.

We expect GTLINFRA FUT to show up move in coming week.

WEEKLY NIFTY FUTURE OBSERVATION :-

1) Total OI of NIFTY FUT down 24.40%, NIFTY FUT closed up 4.75% last week. OI down due t expiry.

2) Out of NIFTY 50 Stock FUTS, 36 Stock FUTS closed positive, 10 Stock FUTS closed negative and 4 Stock FUTs close flat last week.

3) OI of NIFTY 4500 CE is up 170% prices up 64%, NIFTY 4600 CE is up 445% prices up 63% and NIFTY 4700 CE is up 471% prices up 66% last week showing call buying. OI of NIFTY 4500 CE is 22.22 LK, highest OI in CALLs.

4) OI of NIFTY 4000 PE is up 174% prices down 49%, 4100 PE is up 537% prices down 47%, 4200 PE is up 321% prices down 45% and 4300 PE is up 322% prices down 42% last week showing put writing. OI of NIFTY 4000 PE is 23.24 LK, highest OI in PUTs.

5) Total OI of JUNE series CALLs is up by 71.96 LK to 1.80 CR. JUNE series PUTs is up by 94.77 LK to 2.01 CR. JUNE series PCR (OI) at 1.11.

Conclusion :-

I Expect NIFTY SPOT to show up move with possibility of profit booking at higher levels next week.

NIFTY SPOT Resistance@ 4560-70, 4610-20 levels, Above 4660 levels next TGT will be 4740-60 levels, here I expect strong Resistance.

Profit booking expected near 4660-4750 levels.

On down side, NIFTY SPOT Support 4330-40, 4290-4300 levels, Strong Support 4180-90, 4155/4145 levels for next week.