Markets For 11/09/2009

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Asian markets closed positive while European markets continued to trade on a subdued note. Our market had a disappointing close with some profit booking in late trade. Sensex shut shop at 16216, up 33 points and Nifty at 4819, up 5 points from the previous close. CNX Midcap index was up 0.04% and BSE Smallcap index was down 0.77%. The market breadth was negative with advances at 440 against declines of 819 on the BSE. Top Nifty gainers included Siemens, ICICI Bank and Sterlite while losers were Nalco, Hero Honda and Cairn.

The market did open positive to gap up and It was a slightly positive closing for the Indian market,which saw decent profit booking in the last an hour and market almost lost its days gain led by mostly heavy weights.Market as expected by me that we can see profit booking from higher side and once again nifty could not surpass the 4825 level on close to close basis.Market shown some kind of profit booking sign today and if today high made is not taken out then we can see this selling to continue tomorrow and next week too.But still we are having good supports near 4770-55 and if we are not going to break this level then another round of buying is there and we can see again upward continue.But still 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 (4819.4)

Resistance : 4835 / 4870 / 4920

Support : 4780 / 4745 / 4690

SENSEX (16216)

Resistance : 16240 / 16380 / 16400 / 16540

Support : 16110 / 16005 / 15980

NIFTY FUT (4818)

Resistance : 4840 / 4880 / 4915

Support : 4785 / 4755 / 4700

MKT COMMENTS

NIFTY FUT OI up 4.85% with 52% increasing volumes indicating not only unwinding plus forming of fresh shorts too.

We expect NIFTY FUT to trade negative with volatility.

On Friday,Opening Is Flat To Down,

Buy NIFTY Above 4840,Sl Below 4820,Tgt 4870/4900/4925

Sell NIFTY Below 4820,Sl Above 4840,Tgt 4790/4760/4735

NEWS (Rumours)

CLSA : Active Seller In TECH MAHINDRA & AXISBNK

JPMORGAN : Active Seller In DLF & UNITECH

RELIANCE MF : Active Seller In STERLITE

BIRLA MF : Avtive Buyer In RNRL

CITIGROUP : Active Buyer In SESAGOA

BUY

JINDALSAW@ 680,Sl 665,Tgt 695/705

RNRL Above 90,Sl 87,Tgt 92/93/94/95

SIEMENS Above 535,Sl 520,Tgt 555/65/75+

CANARABNK Above 295,Sl 290,Tgt 300/305/310

SELL

SBIN (1882),Sl Above 1900,Tgt 1860/50

OPTOCIRCUITS Below 204,Sl 208,Tgt 200/196

FUTURES

Buy UNITDPHOS Above 171,Sl 169,Tgt 172/73.5/75.2/77/78.6+ [Lot Size : 1400]

Buy ICICIBNK (815.55)@ 810,Sl 795,Tgt 820/30+

Buy ONGC (1180)@ 1160/70,Sl 1150,Tgt 1180/90/95/1200 (Close Above 1190,Hold Longs As BTST

Sell BEML Below 1075,Sl 1090,Tgt 1070/65/60/55/50/45/40++ [Lot Size : 375]

Sell DLF (408.75) Below 420,Sl 425,Tgt 410/05/400/395