Markets For 10/08/2009

The market did open flat to negative and once again we seen decent profit booking and shorting since morning and nifty could not hold above its immediate resistance level of 4584 (5 EMA ) and as expected that breach and sustain below 4550 we will see another round of selling and finally market closed below 4500 with broken the 20 EMA.Next week market can see some more selling pressure towards 4420 mark which is main hope for the bulls in this week and that is also 50 SMA and from this level a smart and technical bounce back is expected due to bargain buying or short recovery that can lift nifty again towards 4550-4585 in the upside as of now.If global cues remains helpful and if there is no bad news from political front then we may save the level of 4420, but if we are failed to save and then 4325-and then 4230 is not ruled out in the downside.

NIFTY (4481.4)

Resistance : 4525 / 4555 / 4590 / 4640

Support : 4460 / 4435 / 4370 / 4330

SENSEX (15160.24)

Resistance : 15405 / 15655

Support : 15005 / 14935 / 14455

NIFTY FUT (4481)

Resistance : 4535 / 4585 / 4625 / 4655

Support : 4455 / 4435 / 4380 / 4340

MKT COMMENTS

NIFTY FUT OI up 3.12% with 15% decreasing volumes indicating forming of shorts positions.

We expect NIFTY FUT to trade volatile.

On Monday,Opening Is Flat To Down,

Buy NIFTY Above 4525,Sl Below 4505,Tgt 4560/4595/4610/4640

Sell NIFTY Below 4485,Sl Above 4505,Tgt 4450/4415/4400/4370

SELL

SBIN (1743),Sl Above 1760,Tgt 1705/1690

BOB Below 420,Sl 425,Tgt 415/10/05

CIPLA Below 270,Sl 275,Tgt 265/६०

FUTURES

BUY

ONGC(1138)@ 1125,Sl 1115,Tgt 1145/50/55/60 (BTST If Closes Only Above 1155)

REL(1147)@ 1130/35,Sl 1120,Tgt 1150/55/60/65

IOC@ 555,Sl 545,Tgt 561/64/68/75/80/86/92/97+ [Lot Size : 600]

SELL

RIL(1996)@ 2025/20,Sl 2050,Tgt 1980/70/60

TATAMOTORS@ 415,Sl 420,Tgt 411/09/05/01/397/93/85+ [Lot Size : 850]