Markets For 26/11/2009

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It was a mildly choppy but relatively quiet day of trade as market closed in the positive despite some profit booking. Sensex shut shop at 17198, up 67 points and Nifty at 5108, up 17 points from the previous close. CNX Midcap index was up 0.01% and BSE Smallcap index was down 0.16%. The market breadth was negative with advances at 546 against declines of 714 on the NSE. Top Nifty gainers included BPCL, GAIL and Hero Honda while losers were DLF, Suzlon and Unitech.

The market did open flat to positive let by global cues and seen a profit booking session again from higher side,with nifty taken support from its 5 DEMA almost placed near 5078 and ended with a marginal gain with nifty closed above its psychological 5100 level and also below 5110 which is its weekly resistance.Nifty is having a good resistance zone area near 5110-20 range and as long as it holds below this level there will be a pressure.Any sell off or profit booking if comes due to global sell off if any then nifty will crash to kiss its 20 DEMA level which is its good support level and placed around 4995,and from this level we can see another round of buying. A caution is highly advised now on every rise as I expected a selling or profit booking now any time,I don’t know the reason but anytime selling will be there,as per charts

NIFTY (5108.15)

Resistance : 5140 / 5165 / 5190

Support : 5080 / 5045 / 5000

SENSEX (17198.95)

Resistance : 17285 / 17370 / 17410

Support : 17115 / 17040

NIFTY FUT (5120.6) : For NIFTY 5070-80 Is The Key Support, If Broken With Huge Volumes Can Create A Panic

Resistance : 5145 / 5170 / 5195

Support : 5075 / 5050 / 4980

MKT COMMENTS

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

We expect NIFTY FUT to trade volatile due to expiry.

On Thursday,Opening Is Flat To Positive,

Buy NIFTY Above 5110,Sl Below 5085,Tgt 5135/5160/5195

Sell NIFTY Below 5080,Sl Above 5105,Tgt 5065/5040/5005

BUY

SBIN (2322),Sl Below 2310,Tgt 2335/45+

TATAPOWER Above 1355,Sl 1335

BIRLACORP Above 315,Sl 310,Tgt 320/25/30

GESHIPP Above 290,Sl 285,Tgt 295/300

APTECH Above 170,Sl 165,Tgt 175/80

BHARTI Above 280,Sl 275,Tgt 285/90+

POLARIS Above 170,Sl 165,Tgt 175/80

SELL

TATASTEEL Below 565,Sl 570,Tgt 560/55/50/45

ZEETELE Below 265,Sl 270,Tgt 260/55

RANBAXY Below 425,Sl 430,Tgt 420/15/10