Markets For 03/07/2009

Daily Market Outlook: 03 July 2009

Most of the Asian Markets closed in the red at the end of today’s trading session. As far as the Indian equity markets are concerned, markets remained in the red for the major part of the day, however at the closing the SENSEX was up marginally by 13.02 points. The NIFTY closed 7.95 points up at 4348.85. On the sectoral front, metal Index which has been on the rise in the past coupe of trading sessions has kept the momentum alive with 3.26 per cent gain. The Mid and Small Cap index too showed some positive swings closing marginally up 0.33 and 0.74 per cent respectively. The FMCG, Banking, Auto and Capital Goods were the Indices which lost on the bourses today. The flat market will see get some sense of direction only next week, after the budget is announced.

Till Budget Market remain volatile and no support is seen and to track the direction of market is very difficult. We advise to trade with light position and are cautious on higher level on lower side.

NIFTY (4348.85)

Resistance : 4360 / 4395 / 4435 / 4460

Support : 4310 / 4295 / 4245 / 4215

SENSEX (14658)

Resistance : 14795 / 14925 / 15150

Support : 14500 / 14340

NIFTY FUT (4346) : Important Resistances For NIFTY Are : 4390 / 4460 / 4770

Resisitance : 4390 / 4435

Support : 4290 / 4230

MKT COMMENTS

NIFTY FUT OI flat with 8% decreasing volumes indicating not only unwinding plus forming of fresh short positions too.

We expect NIFTY FUT to trade volatile.

On Wednesday,Opening Is Flat To Down,

Buy NIFTY Above 4345,Sl Below 4325,Tgt 4395/4415/4430/4450+

Sell NIFTY Below 4320,Sl Above 4340,Tgt 4295/4265/4240/4220+

BUY POSITIONALLY

BEL Around 1380,Sl 1330,Tgt 1425/50/75/1500

AUROPHARMA Above 485,Sl 470,Tgt 500/15/30/50

GAIL Above 310,Sl 300,Tgt 335/45/50+

BUY

NTPC Above 200,Sl 195

WELSPUNGUJ Above 200,Sl 195,Tgt 204/07/10

WIPRO Above 375,Sl 365,Tgt 385/90/95

GLAXO Above 1265,Sl 1250,Tgt 1295/1310/1325

HPCL Above 320,Sl 3115,Tgt 325/30/35

LNT Above 1570,Sl 1555,Tgt 1580/95/1610/25

SIEMENS Above 490,Sl 485,Tgt 500/505

SELL

MARUTI Below 760,Sl 770,Tgt 750/40/30

MARUTI Below 1050,Sl 1060,Tgt 1040/30/20/10++

PNB Below 665,Sl 675,Tgt 655/45/35

SBIN (1759),Sl Above 1775,Tgt 1745/35/30

FUTURES

Buy MTNL Above 107.5,Sl 106,Tgt 108.5/109/10/11/12/13.3/14.4/15.2/16+ (Lot Size : 3200)

Sell CESC Below 276,Sl 279,Tgt 274/73/71.7/69/67.6/63.6/60.8/58/55/52 (Lot Size : 1100)

COMEX SILVER (SEP): Momentum studies are declining, but have fallen to oversold levels. The market's short-term trend is negative as the close remains below the 9-day moving average. It is a mildly bullish indicator that the market closed over the pivot swing number. The next downside target is now at 1346.5. The next area of resistance is around 1390.0 and 1402.5, while 1st support hits today at 1362.0 and below there at 1346.5.

COMEX GOLD (AUG): Momentum studies are rising from mid-range, which could accelerate a move higher if resistance levels are penetrated. The cross over and close above the 18-day moving average indicates the intermediate-term trend has turned up. A positive setup occurred with the close over the 1st swing resistance. The near-term upside objective is at 959.2. The next area of resistance is around 950.6 and 959.2, while 1st support hits today at 929.8 and below there at 917.5.

COPPER Outlook (CMP $228) : Bulls Buy On Dips SL $218 & Bears Sell On Rallies SL $243

SILVER Outlook : Bulls Buy On Dips SL $12.90 & Bear Sell On Rallies SL $13.90

GOLD Outlook : Bulls Buy Gold On Dips SL $915 & Bears Sell Gold On Rallies SL $950

NATURAL GAS(CMP : $3.650) : Bulls Buy On Dips SL $3.00 & Bears Sell On Rallies SL $4.20