Market Outlook for 24th March 2009

TRADING CALLS

1) Buy India Infoline @ cmp 60.20 s/l 55 target 72
2) Buy ONGC above 809-810 s/l 776 target 900
3) Buy SAIL @ cmp s/l 92.53 targets 103/109
4) Ranbaxy @ 161 s/l  155 targets 170/184 

 

NIFTY FUTURES (F & O)
  Rally may continue up to 2960 level for time being.

Support at 2914 & 2928 levels. Below these levels, expect profit booking up to 2872-2874 zone and thereafter slide may continue up to 2833-2835 zone by non-stop.

Buy if touches 2741-2743 zone. Stop Loss at 2702-2704 zone.

On Positive Side, cross above 2999-3001 zone it can zoom up to 3039-3041 zone and if crosses & sustains at above this zone then uptrend may continue.
  
Short-Term Investors: 
  Bullish Trend. 3 closes above 2932 level, it can zoom up to 3033 level by non-stop.

3 closes below 2932 level, it can tumble up to 2728 level by non-stop.
  
BSE SENSEX   
 False signal is likely. Traders can expect rally further.
  
Short-Term Investors:  
 Short-Term trend is Bullish and target at around 9439 level on upper side.

3 closes above 9439 level, it can zoom up to 9758 level by non-stop.

Maintain a Stop Loss at 8802 level for your long positions too.
 

 

Strong & Weak  futures 
This is list of 10 strong futures:

BRFL, India Info, Hindalco, Bata India, Kesoram Ind, Ster, Hind Zinc, SAIL, JP Associates & Nagar Const.

And this is list of 10  Weak Futures:

Alok Text, Rolta, Hind Petro, Glaxo, IOC, Hinduja Ven, BPCL, Allahabad Bank, Moser Baer & Network 18.
 Nifty is in Up Trend.

 

GLOBAL CUES & RUPEE

The Dow Jones Industrial Average closed at 7,775.86. Up by 497.48 points.

The Broader S&P 500 closed at 822.92. Up by 54.38 points.

The Nasdaq Composite Index closed at 1,555.77. Up by 98.50 points.

The partially convertible rupee <INR=IN> closed at 50.46/47 per dollar on yesterday, above its previous close of 50.66/68.

SMALLCAP Stocks May Zoom

 

NIFTY & SENSEX SPOT LEVELS

	2939.90	( 4.73 %)	132.85
		1	2	3
Resistance		2824.22	2841.38	2866.67
Support		2781.77	2756.48	2739.32

	9424.02		( 5.10 %)	457.34
			1	2	3
Resistance			9022.06	9077.45	9154.91
Support			8889.21	8811.75	8756.36

FII DATA

FII trading activity on NSE and BSE in Capital Market Segment(In Rs. Crores)
Category	Date	Buy Value	Sell Value	Net Value
FII	23-Mar-2009	1466.95	1090.72	+376.23

DII trading activity on NSE and BSE in Capital Market Segment(In Rs. Crores)
Category	Date	Buy Value	Sell Value	Net Value
DII	23-Mar-2009	1177.45	800.94	+376.51

 

Highway developers are looking at selling small stakes in various central road projects to raise funds, as banks deny loans for high–risk BOT projects. (ET)

National Highway Builders Federation NHBF has alleged that cement manufacturers have been consistently increasing prices in the last few months instead of passing on the duty cuts to customers. (BL)

The Indian Sugar Mills Association has opposed duty-free import of white sugar into the country. (BL)

Whole-sale sugar prices have fallen below production cost for the first time in India. (ET)

India and Association of South-East Asian Nations are likely to reschedule the June 1 deadline for eliminating duties on more than 4,000 products traded between the tow sides. (ET)

The prices of IT services in outsourcing are anticipat
Nigeria has short-listed GAIL India to develop the African nation's natural gas reserves. (FE)

SBI to provide seven year term for paying Nano's loan. (FE)

A consortium of 11 banks led by IDBI Bank has offered to extend structured funding facilities worth Rs38.5bn to BGR Energy to execute Rajasthan Rajya Vidyut Utpadan Nigam Ltd's 1,200mw Kalisindh Thermal Power Project at Jhalawar. (FE)

NDTV is ready for a demerger of its news and entertainment business. (BS)

Share Microfin Ltd has entered into a rated loan assignment transaction of Rs493mn with Yes Bank. (BL)
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Arvind Parekh
+ 91 98432 32381