Markets For 26/10/2009

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The market did open flat to positive with seen selling pressure again from higher side and ended with slightly positive closing ,market as expected again seen profit booking and exit from longs near 5055 and finally a round of selling seen in the last trading hours with nifty breached its trendline support and closed below its short term support level of 5020 again.We expected selling from higher levels and it was mentioned so many times that market may if not hold the 5020 then we might see fresh selling pressure till 4945-25.Upper side it will face hurdles now at 5020-5045,while good support now comes near 4951 and breach and sustain below this mark nifty will slide to kiss 4880-4845 in the downside.Any rise will not sustain as long as we are holding below 5052.

NIFTY (4997.05) : NIFTY Weak Below 4980/85 Levels & Strong Above 4910/15 Levels

Resistance : 5015 / 5050 / 5090

Support : 4965 / 4940 / 4880

SENSEX (16810.10)

Resistance : 16865 / 16960 / 17050 / 17105

Support : 16730 / 16690 / 16620 / 16535

NIFTY FUT (5007.9)

Resistance : 5020 / 5045 / 5070 / 5095

Support : 4975 / 4950 / 4925 / 4900

BANK NIFTY (9204.8) : Sell Around 9275,Sl 9300 & Buy Around 9130,Sl 9100

Resistance : 9210 / 9275 / 9350

Support : 9135 / 9070 / 8990

MKT COMMENTS

NIFTY FUT OI (both series) marginal up with decreasing volumes indicating forming of long positions in next series.

We expect NIFTY FUT to trade volatile.

On Monday,Opening Is Flat To Down,

Buy NIFTY Above 5020,Sl Below 5000,Tgt 5045/5070/5095/5120+

Sell NIFTY Below 5000,Sl Above 5020,Tgt 4975/4950/4925/4900+

BUY

SBIN (2355),Sl Below 2335,Tgt 2385/2405

AXISBNK Abv 1000,Sl 980

M&M@ 905/10,Sl 900,Tgt 920/925/930/935/940+

SELL

UNIONBANK Below 265,Sl 270

RCOM Below 230,Sl 235,Tgt 225/220

LNT@ 1590/1605,Sl 1615,Tgt 1560/1540

FUTURES

DRREDDY (958.65)

Sell Below 960, Tgt 955/950/945/940

Pivot : 960

Buy Above 960, Tgt 965/970/975/980/985+

DABUR (151.5)

Sell Below 152, Tgt 149/147.25

Pivot : 152/53

Buy Above 153,Tgt 154/156/159

Buy BHARATFORGE Above 282/283, Sl 278,Tgt 288/93/98/302+

Buy HCLTECH Above 309,Sl 305,Tgt 315/20/25/30+