Markets For 09/09/2009

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It was another highly volatile but a range bound day for the Indian equity markets. In the morning market opened in a positive zone and then moved northwards. But this all happened amid high volatility. In the afternoon session market witnessed a sharp decline and lost most of the ground. Sensex closed at 16123 (Up 107.35 points) Nifty closed at 4805.25 (Up 22.35 points). On the sectoral front metals, Oil and capital good sector witnessed positive trend but FMCG witnessed negative movement. Even auto, realty and IT sectors witnessed negative movement. Market breadth was negative with 1461 declines and 1362 advances.

The market did open flat to positive and It was a positive closing for the Indian market on the third consecutive day.which saw decent rally since morning and market almost could not break the initial low made in the opening itself.Market as expected by me that we can see profit booking from higher side around 4825,and market did cross this level to kiss an intraday high of 4842 but could not sustain above it and we seen decent selling pressure from higher side that dragged nifty to close below 4825 which is our second weekly resistance in this week.going forward market may see some kind of profit booking but as long as it holds the level of 4780-60 every decline may be used to create fresh longs and short recovery is also expected around this level, if we are not holding the level of 4760 then it will crash to kiss 4710-4700 mark.

NIFTY (4805.25)

Resistance : 4840 / 4870 / 4905 / 4940

Support : 4785 / 4740 / 4650

SENSEX (16123.67)

Resistance : 16200 / 16310 / 16400

Support : 16015 / 15980 / 15880

NIFTY FUT (4808.45)

Resistance : 4835 / 4870

Support : 4775 / 4750 / 4710

MKT COMMENTS

NIFTY FUT OI flat with 24% increasing volumes indicating unwinding of long positions plus forming of short positions at higher levels.

We expect NIFTY FUT to trade rangebound with volatility.

On Wednesday,Opening Is Flat To Up,

Buy NIFTY Above 4810,Sl Above 4780,Tgt 4835/55/80/4910

Sell NIFTY Below 4780,Sl Above 4810,Tgt 4755/35/10/4680

BUY

HEG Around 280,Sl 275,Tgt 285/90+

TANLA Above 70,Sl 68,Tgt 72/74/75

BEML Above 1180,Sl 1155,Tgt 1205/15/25/35

ZEEENT Above 220,Sl 215

SBIN (1894),Sl Below 1870,Tgt 1915/25/35/45

ICICIBNK, Sl 765,Tgt 825/35/45

Sell BEL Below 1410,Sl 1435,Tgt 1380/65/50

FUTURES

RIL (2075) : Buy@ 2055,Sl 2035,Tgt 2100/10/20/30 ( Close Abive 2120, Hold Longs As BTST)

INDIACEM : Buy@ 132,Sl 130,Tgt 134/35.3/36.6/38/39.2/40.5/42 (Lot Size : 1450)

RELCAP (911.85) : Sell@ 920,Sl 935,Tgt 910/900/890

MARUTI (1522) : Sell@ 1545,Sl 1565,Tgt 1510/1500