Market outlook for 02/09/09

1-9-2009 trading shows that though the markets tried to break the resistance barrier of 4730 could not make it for closing, loosing its steam nifty closed at 4625-37 points.
• FII sold in cash, bought in index futures, sold in stocks futures.
• F&O nifty futures added 22.8 lakhs (very heavy?). (Bloom berg data is showing that these additions are buy orders?)
• Options-- huge 4700,4800 calls writing and some 4600 calls writing but huge build up of 4600 puts and good 4700 puts writing too.
• US markets has started drifting.
• Global markets are in red.
• SGX nifty is in red.
• Technical indicators continued the downward journey.
Over all view: As felt the steam for bullishness was not build up at 4730 zone but drifted down with speed. International markets pressures were build up now. Heavy build up in nifty futures was seen with huge addition. Though the heavy put writing over 40 lakhs at 4600 feels support to markets at these levels, if we read linked with nifty futures build up this is all may be for a big fall. Aberration to this is FIIs were still long in index futures. One thing is sure markets will take drastic move from these levels in either direction.
Markets may break 4580 today.

NIFTY Technicals:
Current Spot: 4625.35
Pivot: 4653.95
Supports: 4572 & 4519
Resistance: 4707 & 4789

Stock Idea for the Day
SELL TECHM BLW 958 SL 967 TGT 950,944,936
SELL TITAN BLW 1214 SL 1223 TGT 1204,1195,1180
Buy IFCI abv 53 for tgt of 53.90, 54.45. Sl 52.60
Buy Rajesh Export abv 49 for tgt of 50.25, 51.45. SL 48.20

Use strict STOP LOSS in each and every trade in this kind of volatile market and Trade at your own risk.

Thanks & Regard

Market Pulse S&P Team