Markets For 07-07-2009

Sensex Fall so Drastic:

It was a terrible day for the market that crashed after the Indian budget failed to live up to expectations. The best thing to do in the circumstances is to stay away from the market until the budget is digested. Sensex fall was so drastic that it wasn't able to find support and at one point it even fell more than 933 points. It should be noted the total fall from the peak of 15098 was around 1139 points (considering the low of 13959.44 points). Top Nifty gainers included Ranbaxy, ITC and HUL while losers were Reliance Infrastructure, Reliance Capital and ICICI Bank.

NIFTY (4165.7) : Important Support Of 4140,Close Below 4140,There Can Be A Good Correction Till 4090/4035/3915/3870/3750

Resistance : 4185 / 4250 / 4310 / 4385

Support : 4140 / 4090 / 4035 / 3915 / 3870

SENSEX (14043.4) : Important Supports Of 13635 & 12600

Resistance : 14370 / 14420 / 14530 / 14775 / 15005

Support : 13950 / 13635 / 13400 / 13225 / 12600

NIFTY FUT (4154)

Resistance : 4260 / 4305 / 4385 / 4615

Support : 4120 / 4070 / 4025 / 3915 / 3895

BANK NIFTY (6905.35)

Resistance : 7135 / 7465 / 8025

Support : 6575 / 6245

MKT COMMENTS

NIFTY FUT OI up 2.76% with 99% increasing volumes indicating unwinding of long positions plus forming of fresh short positions too.

We expect negative move to continue.

On Tuesday,Opening is Flat to Down,

Stay Short Below 4215,Sl Above 4235,Tgt 4160/20/4090/3915.

Sustain Above 4240,Buy with Sl Below 4220,Tgt 4280/4305/85/4485.

SELL

DLF Below 305,Sl 315

SBIN (1654),SL Above 1695,Tgt 1580/55

BANKINDIA Below 325,Sl 335,Tgt 315/05/295/90

BHEL Below 2095,Sl 2130,Tgt 2070/35/05+

M&M Below 710,Sl 720,Tgt 700/690/80+

BUY

MARUTI Above 1045,SL 1025,Tgt 1060/80/95++

RANBAXY Above 265,Sl 255,Tgt 275/85/95++

ITC Above 200,Sl 195,Tgt 205/10/15

GAIL Above 320,Sl 315,Tgt 325/30

FUTURES

REL (1131) : Sell@ 1175/70,Sl 1205,Tgt 1125/1100+

SBI (1655) : Sell@ 1700/1680,Sl 1720,Tgt 1630/15/05

RIL (1894)

Sell@ 1940/30,Sl 1960,Tgt 1900/1870

Buy@ 1840/50,Sl 1820,Tgt 1875/85/95

Support & Resistance levels 07 July 2009
Below are levels for Trading
Stock	Support Levels		Close	Resistance Levels		Action
	S1	S2	Rs	R2	R1
NIFTY Futures	4070	4120	4156	4185	4260	Go short below S2.
Axis Bank	765	780	794	810	825	Go short below S2.
TCS	367	375	382	388	395	Go short below S2.
DLF	295	303	309	315	322	Go short below S2.
L&T	1410	1440	1464	1490	1525	Go short below S2.
ICICI Bank	650	665	678	690	708	Go short below S2.
Infosys	1700	1735	1760	1790	1830	Go short below S2.
JP Associates	185	189	193	197	202	Go short below S2.
Maruti	1000	1019	1035	1075	1100	Go short below S2.
Reliance	1830	1865	1894	2060	2100	Go short below S2.
Reliance Capital	800	820	833	850	870	Go short below S2.
Reliance Comm	258	264	269	275	282	Go short below S2.
SAIL	143	148	151	154	158	Go short below S2.
SBI	1580	1620	1655	1680	1720	Go short below S2.
Tata Motors	272	278	283	288	295	Go short below S2.
Tata Steel	382	390	396	403	412	Go short below S2.
Rel Infra	1080	1110	1131	1150	1175	Go short below S2.

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