Markets For 17/06/2009

Daily Market Outlook: 17 June 2009

It started as a bad day for the global equity markets and India was no exception. In the morning Sensex opened gap down and immediately touched a low of 14621.97 showing a decline of more than 250 points. With global equity markets trading in red it was quite obvious. But despite the global weakness the Sensex managed to recover and closed in green. The scrips from Banking, PSU and Power sector lifted the Sensex in the positive zone. Surprisingly the madcap and small cap indices again outperformed the Sensex. While Sensex closed at 14957.91 Up 82.39 points, Nifty closed at 4517.80 up 33.80 points. Market breadth was positive with 1642 advances and 1007 declines.

NIFTY (4517.8)

Resistance : 4565 / 4595 / 4620

Support : 4485 / 4450 / 4435 / 4380

SENSEX (14957.91)

Resistance : 15115 / 15270

Support : 14840 / 14715 / 14650 / 14465

NIFTY FUT (4529)

Resistance : 4575 / 4620

Support : 4455 / 4385

MKT COMMENTS

NIFTY FUT OI up 3.90% with 9% decreasing volumes indicating forming of long positions.

We expect positive move with volatility at higher levels.

On Wednesday,Opening Is Flat To Up,

Buy NIFTY Above 4550/60,Sl 4530,Tgt 4585/4605/20

Sell NIFTY Below 4530/20,Sl 4550,Tgt 4490/50/20

SBIN (1714) [Delivery : Buy with Sl 1690,Tgt 1745/65+]

Buy Above 1755,Sl 1745,Tgt 1775/95

Sell Below 1695,Sl 1705,Tgt 1675/1655

RELIANCE [Risk Lovers : Sell Below 2140,Sl 2165,Tgt 2125/15/2085/2075+ ]

Buy Above 2165,Sl 2155,Tgt 2185/2205

Sell Below 2125,Sl 2135,Tgt 2105/2080

BUY (Delivery)

SATYAM,Sl 70,Tgt 90/100/110+

JPHYDRO Above 90/95,Sl 85,Tgt 100/105/110

GTOFFSHORE,Sl 385

MRPL Above 95,Sl 85

IDBI Above 110,Sl 105

GUJALKALI Above 115,Sl 105

INDUSINDBNK Above 80,Sl 75

BUY

CAIRN,Sl 230,Tgt 255/65/70

BHARATFORGE Above 175,Sl 170,Tgt 180/85/90+

COLGATE Above 565,Sl 555,Tgt 580/90/610

MASTEK Above 240,Sl 230,Tgt 250/55/60

NALCO Above 370,Sl 365,Tgt 375/80/85

WIPRO Above 400,Sl 390,Tgt 410/15/20

POWERGRID Above 120,Sl 115,Tgt 125/30/35+

ZEENEWS Above 43.5,Sl 42.5,Tgt 45.5/46.5/47.5+

BERGERPAINTS Above 44,Sl 42.4,Tgt 46/47/48+

SELL

UNIONBNK Below 225,Sl 230,Tgt 220/15/10

JETAIRWAYS Below 260,Sl 270,Tgt 255/45/35/30

FUTURES

Buy CHENNAIPETRO Above 189,Sl 186,Tgt 191/92.5/94.3/95.6/97.4/99.8/201/03 (Lot Size : 3600)

Buy BHEL@ 2115/35,Sl 2105,Tgt 2175/95/2210/15 (Hold Longs,If Closes Above 2200)

Buy INFY Above 1710,Sl 1680,Tgt 1740/50/60 (Close Above 1750,Hold Longs)

Sell RIL@ 2205/2185,Sl 2225,Tgt 2140/20/05

Sell RPL Below 135,Sl 139,Tgt 133.3/132.4/131.4/129.7/28/26/25/24/22 (Lot Size : 3350)