Markets For 01/07/2009

Daily Market Outlook: 01 July 2009

It was a difficult day for the market that struggled and closed weak despite positive global cues and ended weak. Investors booked profits ahead of next Monday’s Union budget. Market breadth on BSE remained negative with 1829 declines against 769 advances. Nifty ended at 4300.85, down 90.10 points or 2.05 per cent. Sensex closed at 14524.22, down 261.52 points or 1.77 per cent. All BSE indices were in the red. However, the Sensex posted its highest quarterly gain in 17 years on signs of an economic recovery on last day of June quarter. Top Nifty gainers included Hero Honda, TCS and BPCL while losers were Suzlon, DLF and Tata Motors.

NIFTY (4291.1)

Resistance : 4355 / 4390 / 4440

Support : 4240 / 4210 / 4170

SENSEX (14494)

Resistance : 14795 / 14925 / 15095

Support : 14305 / 14200 / 14120

NIFTY FUT (4290) : NIFTY Close Below 4230 ( 39 Day Moving Average), Is Very Weak Sign & Opens Gap For 4040 / 3930

Resistance : 4400 / 4460 / 4510

Support : 4270 / 4245 / 4220 / 4180 / ४१५०

On Wednesday,Opening is Flat to Down,

Stay Short Below 4305,Sl Below 4325,Tgt 4270/45/20/4180

Sustain Above 4325,Buy with Sl Below 4305,Tgt 4355/75/90/4425

Close All SHORTS At 4220,Since MININIFTY Made An Incorrect Low Of 4220 On 30/06/2009

Huge Risk Traders : Buy NIFTY@ 4220,Sl 4180,Tgt 4280/4325/4355/4390/4440 (Positional)

MKT COMMENTS

NIFTY FUT OI up 3.15% with 32% increasing volumes indicating not only unwinding of long position plus forming of shorts too.

We expect NIFTY FUT to trade volatile.

BUY

GAIL Above 290,Sl 290

GTOFFSHORE Above 430,Sl 420,Tgt 435/40/45

NAGARCOSNT Above 125,Sl 120,Tgt 130/40/45

BIRLACORP Above 205,Sl 200,Tgt 210/15/20

MARUTI Above 1070,Sl 1060,Tgt 1085/95/1110+

VSNL Above 475,Sl 470,Tgt 485/95/500

SELL

SBIN (1745),Sl Abv 1760,Tgt 1730/20

BHEL Below 2205,Sl 2225,Tgt 2165/25/05+

GAIL Below 290,Sl 295,Tgt 280/75/70

HDFCBNK Below 1490,Sl 1510,Tgt 1475/50/25/05+