Markets For 11/11/2009

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The market did open flat to positive with seen a very volatile session since morning and ended with marginal loss and also closed below 4905 which is its weekly support. Market again taken a very good support from 4855 level which was 3 DEMA and then a strong short recovery helped market to close above its immediate hurdle of 4868 which is its 20 DEMA.Going forward if global cues remains positive we can have still good chance to see the upper side rally as long as nifty is trading above 4855-4820 range and as long as it holds this zone we do expect this rally to continue. A profit booking expected near 4971-5000 range again as of now.and then fresh selling is expected also if these levels are not being taken by the bulls.

Quiet global cues and a lackluster day of trade saw the market end in the negative. The market lost all its morning gains to profit booking by the day end. Experts feel the market could consolidate for a few days now. While metals outperformed, realty stocks continued to get pounded. Sensex shut shop at 16440, down 58 points and Nifty at 4881, down 16 points the previous close. CNX Midcap index was up 0.32% and BSE Smallcap index was down 0.38%. The market breadth was negative with advances at 559 against declines of 714 on the NSE. Top Nifty gainers included Tata Motors, Ambuja Cement and Cipla while losers were Hero Honda, Bharti Airtel and DLF.

NIFTY (4881.7)

Resistance : 4920 / 4945 / 5010

Support : 4840 / 4760 / 4730

SENSEX (16440.56)

Resistance : 16620 / 16810

Support : 16325 / 16200 / 15800

NIFTY FUT (4874.7)

Resistance : 4930 / 4990

Support : 4835 / 4795 / 4745

MKT COMMENTS

NIFTY FUT OI down 5.34% with 13% increasing volumes indicating unwinding of long positions.

We expect selling will emerge on every rise. NIFTY FUT to trade volatile.

On Tuesday,Opening Is Flat To Down,

Buy NIFTY Above 4910,Sl Below 4890,Tgt 4935/4955/4970/4990

Sell NIFTY Below 4890,Sl Above 4910,Tgt 4865/4845/4830/4810

BUY

JSWSTEEL, Sl 810,Tgt 880/890/900

SBIN (2369),Sl Below 2355,Tgt 2380/2390+

POLARIS Above 165,Sl 160,Tgt 170/175

Sell ACC Below 715,Sl 725,Tgt 700/690