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Updates for 21 April 2009

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Market takes a breather ahead of RBI meet


Market opened positive yesterday and after rallying higher remained firm till mid afternoon. Market participants remained hopeful about the outcome of RBI's meet today on rate cut and in return fairly good buying support was lent to interest rate sensitive automobile, bank and reality stocks. However, markets witnessed heavy unwinding of positions at late hour trade in front line stocks led by Reliance pack, which pulled the Sensex to the negative territory. Market sentiment got further subdued on weak European and U S futures market with the result that investors dumped stocks and turned cautious and preferred to book profit at current levels. The Sensex, after hitting a high of 11209 in mid morning session dipped to a low of 10863 in late afternoon trades finally closed at 10979, losing 43 points. The Nifty ended with marginal loss at 3377. The Nifty made a high of 3441 and a low of 3339 yesterday. Market volatility and profit taking at higher levels by the investors are not ruled out and readers are therefore, advised to trade with caution.


NIFTY FUTURE (Last close 3370.70)
NF closed flat yesterday amid high volatility and intra day swing of more than 110 points. Chart indictors for the counter are drifting towards negative bias with NF making lower tops and lower bottoms for the past three trading sessions. Profit taking at current levels is not ruled out. NF may slip to 3278/3249 once it trades and remains below 3320.25. NF may face resistance at 3407.75 which if crossed decisively it may move up to 3434/3455.


IOC FUTURE (Last close 432.00)
The PSU oil stock closed yesterday above its weekly resistance gaining rupees six over its previous close. The stock appears positive on weekly charts and may move up to 438/445 once it trades and remains above 433.25. Strong support for the stock exists at 426.25. Meantime, the company will post a profit in the year ended March 31 after crude oil prices slumped from a record, Oil Secretary R.S. Pandey said in New Delhi on April 16. Further, with crude falling over 9% yesterday and the outlook remaining weak, the company hopes to benefit immensely.


HPCL FUTURE (Last close 268.05)
The stock after remaining range bound for the past two trading sessions closed yesterday with marginal gain but above its short term trend line.
The stock appears positive on weekly charts and may move up to 277/284 once it trades and remains above 271.25. Strong support for the stock exists at 264.50. Meantime, the company will post a profit in the year ended March 31 after crude oil prices slumped from a record, Oil Secretary R.S. Pandey said in New Delhi on April 16. Further, with world crude falling over 9% yesterday and the outlook remaining weak, the company hopes to benefit immensely during the current as well as in the FY09-10.

DERIVATIVE STRATEGY 21st April 2009 ANALYSIS OF FUTURES & OPTIONS MARKET NIFTY DAILY CHART APRIL

Derivative Strategy 21st Apr 09 Click for Full Screen report

Market Research click for the Report

Support and Resistance Report
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