Markets For 02/12/2009

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It was a good day across Asian and European markets. Our market too, helped by positive global cues, closed at the day's highs. The fantastic November auto sales numbers and buying in the high beta realty stocks helped market rally higher today. Sensex shut shop at 17198, up 272 points and Nifty at 5122, up 89 points from the previous close. CNX Midcap index was up 1.68% and BSE Smallcap index was up 2.15%. The market breadth was positive with advances at 1058 against declines of 214 on the NSE. Top Nifty gainers included Unitech, Tata Motors and Sun Pharma while losers were HUL, GAIL and BHEL.

The Indian market closed on a good note after a calm and steady day of trade. It opened again gap up but showed a tremendous rally as the fantastic November auto sales numbers and buying in the high beta realty stocks helped market rally higher today and also managed to close above its weekly first resistance zone of 5118.Going forward we may take a cue from global front and if it remains positive there would be another rally in the tomorrows trade is not ruled out as if nifty manage to hold above 5045 range in the opening trade then the rally will kiss its recently made high which is placed at 5138-and then we can see also 5182,very immediate support comes at 5070-55 .

NIFTY (5122)

Resistance : 5155 / 5190 / 5210

Support : 5065 / 5005 / 4940

SENSEX (17198.27)

Resistance : 17295 / 17410 / 17500

Support : 17025 / 16850

NIFTY FUT (5132.05)

Resistance : 5165 / 5195 / 5225

Support : 5080 / 5015 / 4970

MKT COMMENTS

NIFTY FUT OI up 4.26% with 30% decreasing volumes indicating forming of long positions.

We expect NIFTY FUT to trade positive.

On Wednesday,Opening Is Flat To Positive,

Buy NIFTY Above 5115,Sl Below 5095,Tgt 5135/5155/5175/5195/5215

Sell NIFTY Below 5090,Sl Above 5100,Tgt 5070/5050/5030/5010/4990

BUY

CONCOR, Sl 1175,Tgt 1275/1350

SBIN (2292),Sl Blw 2275,Tgt 2315/2325

CADILA (532321) Above 625,Sl 605,Tgt 640/50

HPCL Above 360,Sl 350,Tgt 370/80

TATAPOWER Above 1370,Sl 1350,Tgt 1390/1410

BANKINDIA Above 390,Sl 385,Tgt 395/400

DABUR Above 168,Sl 165,Tgt 171/73/75/78

TATACHEM Above 295,Sl 290,Tgt 305/10/15

SELL

TATASTEEL Below 580,Sl 585,Tgt 275/70/65

ITC Below 257,Sl 259,Tgt 255/53/50

JPASS Below 230,Sl 235,Tgt 225/20