Markets For 09/07/2009

Market unable to find its Support:

The Sensex after gap down did show resilience after it bounced back from its day low. However, every attempt of the Sensex to touch higher was followed by a fall indicating that the market was under strong selling pressure. In fact the resistance level of 13988 points the Sensex faced did it all as the Sensex wasn't able to go past this strong level. Thus in the second half of trading session with almost three attempts the Sensex finally slipped sharply to finally end the day at 13769 points down by 401 points or 2.83 per cent. While all the sectoral indices were trading in the red, investors preference has changed once again to the defensive bets in the Auto, FMCG, pharma and PSUs, while investors turned their backs to realty, capital goods, metals and bankex, which were down by 8.47 percent, 5.05 per cent, 4.22 per cent and 4.09 per cent respectively. The Indian market closed in the negative after a choppy session marked by a lot of short covering. All sectoral indices closed in the red. Weak global cues did not help either. Sensex shut shop at 13769, down 401 points and Nifty at 4078, down 123 points from the previous close. CNX Midcap index was down 2.2% and BSE Smallcap index was down 3.7%. The market breadth was negative with advances at 174 against declines of 1080 on the NSE. Top Nifty gainers included BPCL, ACC and Ambuja Cements while losers included Unitech, Suzlon Energy and Tata Steel. Today chart clearly indicates that the Sensex isnt able to sustain higher level and hence caution is advised.

NIFTY (4078.9)

Resistance : 4135 / 4160 / 4190 / 4205 / 4220

Support : 4020 / 3990 / 3975 / 3940 / 3885

SENSEX (13769)

Resistance : 13960

Support : 13400 / 12600

NIFTY FUT (4067) : Nifty Has Important Resistances@ 4125 & 4160 Levels

Resistance : 4125 / 4160 / 4185

Support : 4050 / 4020 / 3980

MKT COMMENTS

NIFTY FUT OI up 2.10% with 11% increasing volumes indicating forming of fresh short positions.

We expect NIFTY FUT to trade volatile.

On Wednesday,Opening Is Flat To Up,

Buy NIFTY@ 4070-80,Sl 4050,Tgt 4105/20/35/60/85+

Sell NIFTY@ 4050/40,Sl 4070,Tgt 4025/3980/70/40/25+

BUY POSITIONAL

KARUTGLOBAL Above 12,Sl 8,Tgt 18/24/30/36

KSOIL Above 50,Sl 40,Tgt 75/85/95

BEML Above 1000,Sl 970,Tgt 1050/75/1100

BUY

ACC Above 795,Sl 775,Tgt 805/25/45

BIRLACORP Above 230,Sl 225,Tgt 235/40/45

TATAPOWER Above 1090,Sl 1075,Tgt 1100/15/25/35

RELIANCE Above 1790,Sl 1770,Tgt 1810/30/50/70/90+

SELL

RCOM Below 255,Sl 260,Tgt 250/45/40

PNB Below 640,Sl 645,Tgt 635/30/20/15+

M&M Below 735,Sl 745,Tgt 730/25/20/15

BHEL Below 2090,Sl 2110,Tgtt 2075/55/35/15

LICHSG Below 590,Sl 620,Tgt 575/60/50

FINTECH Below 1150,Sl 1175,Tgt 1105/1075/55

JPASS Below 190,Sl 200,Tgt 180/70/60

LITL Below 345,Sl 350,Tgt 340/35/30

FUTURES

Buy RIL(1829) @ 1800/10,Sl 1775,Tgt 1825/35/45/55/65/75

Buy ACC Above 780,Sl 770,Tgt 790/95/800/05/10/20++ (Close Above 810,Hold Longs With Sl Of 785) [Lot Size : 376]

Sell BHEL(2047) @ 2090,Sl 2110,Tgt 2060/40/20+++ (Close Below 2040,Hold Shorts With Sl Of 2090)

Sell HDFC@ 2325/20,Sl 2345,Tgt 2305/2295/85/70/55/40+++(Close Below 2285,Hold Shorts With Sl Of 2305) [Lot Size : 150]

Support & Resistance levels 09 July 2009
Below are levels for day trading members one can follow Support & Resistance level as per view.
Stock	Support Levels		Close	Resistance Levels		Action
	S1	S2	Rs	R2	R1
NIFTY Futures	3970	4020	4065	4130	4180	Go short below S2.
Axis Bank	750	770	784	800	820	Buy on decline to S2.
TCS	367	374	380	387	395	Go short below S2.
DLF	272	278	284	290	296	Go short below S2.
L&T	1357	1385	1413	1440	1473	Go short below S2.
ICICI Bank	630	643	655	667	680	Buy on decline to S2.
Infosys	1650	1680	1706	1733	1765	Go short below S2.
JP Associates	185	190	194	197	202	Go short below S2.
Maruti	1060	1085	1102	1120	1145	Go long above R2.
Reliance	1760	1800	1829	1855	1890	Go short below S2.
Reliance Capital	730	745	761	775	790	Go short below S2.
Reliance Comm	245	250	255	260	265	Buy on decline to S2.
SAIL	140	144	147	150	155	Go short below S2.
SBI	1525	1560	1587	1615	1650	Go long above R2.
Tata Motors	270	276	281	286	292	Go long above R2.
Tata Steel	350	357	363	370	377	Buy on decline to S2.
Rel Infra	1030	1055	1075	1095	1125	Go short below S2

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