Markets For 29/10/2009

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The market did open flat to negative with seen selling pressure again since opening and ended with negative closing and also below 4855 again that was its strong support and also its 50 EMA.Market as expected again seen short selling and exit from longs near 4870 ( first immediate support of yesterday ) and finally a round of selling seen in the last trading hours with nifty closed below 4855.We expected selling from higher levels and it was mentioned so many times that market may if not hold the the level of 4945-25 then our lower levels were 4880-4845 and we closed below our second support level today.Upper side it will face hurdles now at 4875-4940,while major support now comes near 4810-4785,a breach and sustain below this mark nifty will slide to kiss 4725-4710 in the downside.Any rise will not sustain as long as we are holding below 4885-4920,and for very immediate time nifty will face hurdles near this range.

Index futures saw a trading volume of Rs.23212.59 crores arising out of 970230 contracts and Index options saw 1881343 contracts getting traded at a notional value of Rs.46117.06 crores. The total turnover of the Futures & Options segment of the Exchange was around Rs.106431.02 crores.

NIFTY (4846.7)

Resistance : 4865 / 4905 / 4950

Support : 4785 / 4740 / 4710

SENSEX (16353.4)

Resistance : 16415 / 16550

Support : 16145 / 16010

NIFTY FUT (4848.55)

Resistance : 4870 / 4910 / 4940

Support : 4795 / 4755 / 4725

MKT COMMENTS

NIFTY FUT OI (both series) marginal up with decreasing volumes indicating forming of long positions at lower levels.

We expect NIFTY FUT to trade volatile due to expiry.

On Thursday,Opening Is Flat To Down,

Buy NIFTY Above 4845,Sl Below 4830,Tgt 4865/4885/4910/4930/4945

Sell NIFTY Below 4835,Sl Above 4850,Tgt 4815/4795/4770/4750/4735

BUY

PATNI, Sl 450,Tgt 500/510/520

SBIN 2213),Sl Below 2185,Tgt 2245/55/65

CASTROL Above 550,Sl 540,Tgt 560/570/575+

NALCO Abovr 370,Sl 365,Tgt 375/80

SINTEX Above 225,Sl 220,Tgt 230/35/40