Markets For 10/09/2009

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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 slightly positive closing for the Indian market,which saw decent rally in the last an hour led by mostly heavy weights.Market as expected by me that we can see profit booking from higher side around 4825,and market again could cross this level and once again we closed 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 4800-4785 ( See today low ) 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 4730-4700 mark.Investors and traders are required to take upmost caution near this range as any selling and bad news can help the market collapse very sharply.

NIFTY (4814.25)

Resistance : 4830 / 4855 / 4905 / 4940

Support : 4790 / 4760 / 4700

SENSEX (16183)

Resistance : 16250 / 16320 / 16400

Support : 16080 / 15975

NIFTY FUT (4818)

Resistance : 4840 / 4870 / 4895

Support : 4805 / 4785 / 4755 / 4735 / 4705

MKT COMMENTS

NIFTY FUT OI flat with 22% decreasing volumes indicating unwinding of long positions and forming of short positions.

We expect NIFTY FUT to trade volatile.

On Thursday,Opening Is Flat To Up,

Buy NIFTY Above 4810,Sl Below 4795,Tgt 4825/40/55/75/90/4910

Sell NIFTY Below 4790,Sl Above 4805,Tgt 4775/60/45/25/10/4690

BUY

GMRINFRA Above 140,Sl 135,Tgt 145/50/55

MLL Above 55,Sl 53,Tgt 57/58/59+

HINDALCO Above 115,Sl 110,Tgt 120/25

HAVELLS,Above 310,Sl 305,Tgt 315/20/25

ALKALI Above 265,Sl 260,Tgt 270/75

SBI (1895) Above 1895,Sl 1875,Tgt 1920/30/40+

HDFC Above 2540,Sl 2510,Tgt 2580/2600

FUTURES

Buy APIL Above 540,Sl 535,Tgt 545/48/50/52/55/57/60+ [Lot Size : 600]

Sell DLF Below 425,Sl 430,Tgt 420/18/16/14/12/10+ [Lot Size : 800]