NEWSLETTER

A positive opening was followed by gradual profit booking and the selling intensified towards the latter half of the
session. Nifty ended the day with a loss of 114 points at 3369. The Volumes continued to remain on the higher side
and the market breadth was in the favour of bears at almost 1:4. Amongst the sectoral indices the BSE FMCG index
was the only index to close in the green. The BSE Realty and Metal indices corrected the most.
Nifty opened marginally positive and scaled up to the high of 3510 but profit booking eroded the morning gains and
Nifty sunk deeper in the red towards the end of session. It ended the day with a loss of 114 points; thus aborting its
recent up streak to settle at 3369. After today's move Nifty has formed “Bearish Engulfing” pattern on the daily
chart and the “Stochastic” as well as “RSI” oscillators have generated a sell on the daily chart, which suggests
further correction. However in the immediate term; the range of 3307 to 3300 (38.20% retracement level of the
recent move from 2962 to 3510) is a strong support for Nifty. In case the level of 3300 is breached then we may
witness further downside for another day or so and Nifty may come down to test its 13 Day EMA placed at 3218,
which roughly coincides with an up sloping Trend Line support. Thus in the immediate term we may retrace the
present up move but follow up buying may also be expected at mentioned support levels. The level of 3150 has
emerged as a strong support for Nifty, thus any correction from here is expected to stop above the level of 3150 which
may be followed by resumption of uptrend. On the higher side the level of 3510 to 3522 may serve as resistance in the
immediate term. Higher up Nifty may face resistance near it's 200 Week EMA placed at 3576. Support levels for
tomorrow's session are placed at 3336 and below that 3300 is a strong support. Resistance levels are placed at 3394 to
3418 range, higher up 3460 would serve as stiff intra day resistance for Nifty.
NIFTY WATCH

The Bank Nifty outperformed the broader market and ended the day with a gain of 4.80% at 5049. This index has
broken out of a “Downsloping Trend Channel” it has been moving in since May 2008 and has established a
“Higher Top Higher Bottom” formation on the daily chart which is a bullish sign. The Index now approaches an
important peak of 5441 but the “Stochastic” as well as “RSI” oscillators are now placed in the overbought zone on
the daily chart. Even so there are no signs of short term reversal. As long as this index trades above 4600 the upward
momentum will remain intact, however a break beyond 5441 is awaited for further upward momentum.

15/04/2009 294 Tata Steel 269.1 Buy with a s/l of 255, target is 370.
15/04/2009 16 WWIL 14.75 Buy with a s/l of 12, target is 28.
15/04/2009 730 MCDowell Ltd 705.45 Buy with a s/l of 684, target is 880.
15/04/2009 27 NIIT Ltd 24.35 Buy with a s/l of 23, target is 35.
15/04/2009 108.5 NDTV Ltd 105.85 Call closed, exit @ 107.
15/04/2009 49 Escorts Ltd 43.45 Call closed, s/l triggered.
15/04/2009 285 Balmer Lawerie 278.3 Buy with a s/l of 255, target is 345.
16/04/2009 147 PFC Ltd 144.55 Buy with a s/l of 132, target is 190.
16/04/2009 523-510 ABAN Offshores 481.3 Buy with a s/l of 453, target is 690.
16/04/2009 85.5 Orbit Corp Ltd 72.75 Buy with a s/l of 68, target is 118.

(Inder Bhatia)

The Indian market opened on gap down but saw smart recovery at last trading session and close with handsome gains. On daily chart nifty has convincingly closed above 200sma as we can see further upside movements towards 3530-3583 zone on the lower side 3401-3373 will acts as support zones .

Sensex : (10947.40) Today Sensex face resistance at 11072, if cross 11072 then goes up to 11244 and 11540, Sensex find support at 10775, if 10775 break then fall up to 10602 and 10306

Nifty : (3369.50) Today Nifty face resistance at 3412, if cross 3412 then goes up to 3470 and 3570. Nifty find support at 3311, if 3311 break then fall up to 3252 and 3152

Nifty April Futures (As on 16th April 2009) closed at 3375.60(Rs 6.10 Premium) with a turnover of Rs 16929.14 crores , sheds 1811800 shares (-4.10%) in open interest bringing down the open interest to 42392300 shares.

Rajeev DesaiI have written some A gr stocks here when someone asked me to write them.
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Anyone wants to ask for my old recomendation need to ask about that.I have made some wrong calls as well and I think the worst call I made was of Alleid Computer.That was a rank bad call.
But other then that like SKS Logistic,Religare Techno ,Kirlos Ferro,Jyoti Ltd,Innocorp Ltd,Jayaswal Neco etc etc will give great returns......They are fundamentally good stocks and have been hit due to bear phase.......
Even some penny stocks that I wrote can come out as a big winner.
See which one is going to be next 20 or 50 bagger no one knows .What we need to do is try to find them early and buy when no one is buying......and when one buy them early then the gestation period become long as untill people realise the true potential of that stock it do not runs.

I now also wants to make a special mention on EssDee Alu.Those who are fond of good management co and with great fundamentals then one can go for EssDee Alu.
The difference between EssDee Alu and Parekh Alu is like difference between a developed country like America and underdeveloped country like India.Make the choice....both are in same sector...
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Indo Castle Multimedia......cmp is just Rs 7.But buy this as if you have lost money.If the stock performs as I am seeing it , it will give great returns.......
I have never boast of anything about my picks which gave multibaggers returns.Even in this bad market Shayadri Ltd and Kwality were making new highs.
The only thing I would tell is maybe for some time it looks that my picks are not running with the market but when they start running it goes in circuits.......
So don't become disheartened when my picks do not run......
And last, I suggest all my readers to buy and see ET todayy's paper in which on 3rd page you can see almost a half a page Ad of Marg Construction......Marg Karaikal Port is a subsidiary of Marg Const......and see how big projects its sub use to take........

(Ilango)

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At 6.40 A.M-17.04.2009
With positive world cues, Nifty bulls will counter the down candle of yesterday with an UP candle..Trading above 3420 & 3440 will confirm the same. However, higher levels will continue to invite profit booking. Use the Pivot table..3412 for initiate longs for the day..And of course the "ORB"...(Many stocks might attempt to close at the higher end of the weekly range and Nifty too...and US mkts also likely to end higher tonight..)
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Bears have given a "Dark Cloud Cover"..Now it is up to the bulls to show their strength to defend 3335 & 3305, failing which a deeper correction to 3225/3150 possible. Incidentally last week's close is 3342. Will there be a weekly bar reversal..???

Nifty has closed below 5DMA, and a first day bar reversal...staying below one more day will confirm more corrections to follow indicating a larger correction to the entire upmove from 2539 to 3510.

Don't stay long at higher levels till the TA corrections get over.

"ORB" has been quite helpful on most days for day trading and today was no exception to it..It is worth remembering this strategy on critical days..

Santy

Today market could not found support at 3465 zone, rather this support level became a nice resistance and then market sold off to 3340 level by making lower highs and lower lows pattern. Nearest support is seen at 3350/3315 area. Watch the opening level tomorrow for any further pullback. If price comes to 3320/3350 level, then see if market holds the support or not by checking price pattern in small time frame( 15 minutes or 30 minutes chart). If market opens higher then look for nearest support to buy. (next support is at 3380/3400). So, it could be a better idea to go long from 3350/3380 level with stop loss below 3300 for target at 3460/3480.

(NOORESH)

Sensex Technical View :

Sensex doesnt stay in the 11200-11400 band and pulls back from those levels leaving late bulls with some wounds.

A down day after a string of 8-9 up days leads to a consensus of a turnaround and end of the rally. But technically a simple rule of break of lows of last few days consistently can confirm a trend reversal in extreme short term.

The levels for Sensex in this case would be 10650-10700 and 3300 Nifty till then the better strategy to be wait and watch then to look for fresh trades as weakness could come only below those levels.

On the upside we need to watch 11400/11650 levels as resistances.

Stocks to watchout for :

Grasim did cross but pulled back hittin stops still looks good though if stays above 1655. Bongai dint trigger.

NIIT stop hit.Modern Dairies 16 stop. Murudeshwar looks interesting with huge volumes traded can sharply move up. Bil care keep a stop of 295.

PFC gave a sharp breakout in the day but could not sustain with markets. Can be bought on dips to 142-140 stop of 137 tgt 155.

Would continue to wait and watch for other trades for now as volatility will increase in coming days.

(NOORESH)

Crude Technical View :

PREVIOUS VIEW CLICK HERE

A bullish flag pattern being seen on the daily charts. Sustained move above 53.5-54 would imply a quick move to 59-68.

Double bottom around 47 levels also shown on the chart. A close below those levels would negate the view and may lead to bearish implications.

Dow Jones Technical View :

PREVIOUS VIEW CLICK HERE

In the last update i had reservations about the move being able to cross 7600 ( 61.8 % ) levels and going towards the upper end of the channel. Since the index crossed 7600 the next technical target comes to the channel top at 8300-8550 roughly. Till it holds 7700 levels we can expect a test of the upper channel in short term.

Once the index reaches those levels one needs to be cautious over the world markets.

Gold weakness continues to remain with it hovering around the 880 mark. Lets c if it can convincingly break 865-885 zone and the next target would be 845/810. Upsides would face resistance at 905/920.

NIFTY VIEW :- SUP Below - 3348.80 - 3321.20 - 3208.20 RESI Above - 3428.80 - 3478.80 - 3528.20...... RIL IND VIEW :- Above : 1738.80 - 1778.80 - 1801.80 Below 1666-1616-1597.....

rupeshydalal

NIFTY FUTURE

ABOVE 3420 TARGET 3514-3533-3568
BELOW 3327 TARGET 3299-3268-3233

MARKETCALLS’ VIEW ON NIFTY FOR INTRADAY :
Nifty is having good support at 3299 on closing basis. Safe trader can buy nifty only above 3430. Elections are started in India, so now a days you will see huge huge volatility in market Keep tight SL in every trade. Only SL can save you in the stock market. -Always Remember, put SL in your every trade.