Markets For 26/06/2009

Nifty was higher at the opening bell. In the initial trading hours, it remained range-bound amid very high volatility. However after breaking 4300, it witnessed a sharp sell off in all the counters. The index finally ended the session 51 points down at 4242. July series witnessed pretty decent rollover, whereas Nifty witnessed poor rollover. July series started the month with 21,208 crore in stock future and 9,032 crore in Nifty future. We expect market to remain pretty volatile on account of big event (Union Budget) in the first week of July and Nifty may remain in a broad range of 4000 to 4500 in the coming days.

NIFTY (4241.85)

Support : 4225 / 4190 / 4150 / 4120

Resistance : 4280 / 4325 /4360/4385

SENSEX (14346)

Support : 14235

Resistance: 14620 / 14810

NIFTY FUT (4305)

Support : 4245 / 4180

Resistance : 4345 / 4380

MKT COMMENTS

NIFTY FUT OI up 45.61% with 102% increasing volumes indicating forming of long positions.

We expect NIFTY FUT to trade positive.

BUY POSITIONALLY + INTRA

ORBIT(532837),Sl 150,Tgt 160/65/70/75

JPHYDRO Above 95,Sl 90,Tgt 100/105

TATACOMM Above 460,Sl 445,Tgt 480/500/520

STAR Above 145,Sl 140,Tgt 150/55/60

TTML Above 39,Sl 37

UNITDPHOS Above 150,Sl 140

LAXMIMACH Above 970,Sl 950

LNT Above 1530/40,Sl 1490

BUY (Intraday)

BAJAJHIND Above 205/10,Sl 200

VOLTAS Above 125,Sl 120,Tgt 135/37/40

BAJAJAUTO Above 980,Sl 970,Tgt 995/1010/20/30+

BIOCON Above 230,Sl 215,Tgt 240/50/60/70

MOSERBAER Above 95,Sl 90,Tgt 100/05/10

SELL (Intraday)

RELCAP Below 895,Sl 905,Tgt 875/50/20

MARUTI Below 1025,Sl 1040,Tgt 1000/980/60+

LICHSG Below 630,Sl 645,Tgt 620/05/590/80

FUTURES

Buy BIOCON Above 226,Sl 224,Tgt 228/29/30/32.5/34.8/38/39+++ (Lot Size : 1800)

Sell STERLINBIO Below 114,Sl 117,Tgt 112/111.6/110.4/109/108/107/105.8++ (Lot Size : 1250)