Markets For 18/12/2009

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Market open flat to negative with seen a bargain buying around 5000 level once again and once again It was a flat session for the major part of the day and market closed with modest gains.market has closed again above the level of 5031 which is 23.6 % ( 4539-5183 ) but closed below 5065 which is 20 DEMA.Going forward market now may see selling pressure on every rise as long as its hovering below its major resistance level of 5075-5090 and every rise if any comes may be an exit opportunity.A sustained cross above 5070-75 will lead another round of buying that can help again to see the range of 5160-5182 again.As of now looking at charts if todays low is not taken out market will take a upmove and trendline support is still intact.

It was another dull and quiet day on the market that closed in the negative today. But there was lots of buzz about extension of trading hours with heavy debate among brokers and various polls seeking more opinion on the issue.

Markets once again entered the green in late afternoon trades tracking movements on the key European indices but lacked steam to sign off trade on a positive note. US Federal Reserve kept the key interest rates unchanged in its two-day policy meet which pulled the dollar higher. But strength in the dollar has also raised concerns about unwinding of dollar-carry trade.

Though markets failed to lure marketmen in the day’s trade, top two stock exchanges of India -- NSE and BSE -- remained in news over their decision to extend trading hours from Friday.

Sensex shut shop at 16894, down 18 points and Nifty at 5041, flat from the previous close. CNX Midcap index was up 0.86% and BSE Smallcap index was up 0.88%. The market breadth was positive with advances at 778 against declines of 486 on the NSE. Top Nifty gainers included HCL Technologies and Cipla while losers were DLF, Unitech and BPCL.

NIFTY (5041.75)

Resistance : 5065 / 5095 / 5130

Support : 5015 / 4985 / 4960 / 4940

SENSEX (16894.25)

Resistance : 16975 / 17055 / 17200

Support : 16820 / 16745

NIFTY FUT (5036.45)

Resistance : 5075 / 5090 / 5110 / 5145

Support : 5020 / 4980 / 4945

MKT COMMENTS

NIFTY FUT OI down 4.22% with 5% decreasing volumes indicating short covering.

If NIFTY SPOT hold 5000 levels, bounce expected.

On Friday,Opening Is Flat To Positive,

Buy NIFTY Above 5045,Sl Below 5030,Tgt 5065/5090/5115/5140

Sell NIFTY Below 5025,Sl Above 5040,Tgt 5005/4980/4955/4930

BUY

CROMPTON Above 420,Sl 415,Tgt 425/30+

ROLTTA Above 180,Sl 170,Tgt 200/210

TATACOMM Above 325,Sl 300,Tgt 365/80/400

JMCPROJ Above 160,Sl 155,Tgt 165/70/75

SAIL Above 211,Sl 208,Tgt 214/17/19

MASTEK Above 385,Sl 375,Tgt 395/400/405

BANKINDIA Above 370,Sl 365,Tgt 375/80

SBIN (2153),Sl 2140,Tgt 2180/90/95+

SELL

BOB Below 498,Sl 503,Tgt 493/89/85/81+

HCLTECH Below 355,Sl 365,Tgt 345/35/25/15+

RCOM Below 175,Sl 180,Tgt 170/65

JETAIR Below 550,Sl 555,Tgt 545/40/35/30

FUTURES

ICICI BANK (825.45) : Buy@ 820/25,Sl 810,Tgt 830/35/40+

BHEL (2333) : Buy@ 2315/25,Sl 2290,Tgt 2350/60/70

TISCO (564) : Buy@ 560,Sl 550,Tgt 570/75+