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Stock calls : 6-Mar-2009

Markets surprised us all yesterday. Markets opened on +ve note yesterday on the back of higher Asian cues and the RBI’s latest effort to boost liquidity by cutting repo and reverse repo rates on Wednesday.

However, markets went into -ve territory soon in morning trades itself on sustained selling in heavy weight stocks by the market participants and FIIs alike. Weak rupee too weighed on the market sentiment. The Sensex ended the session with a huge loss of 248.57 points at 8197.92, the Nifty, dropped down to a low of 2564.10 in afternoon trade, closed at 2576.70 with a loss of 68.50 points or 2.59%. In the meantime, European and U S markets closed in deep red yesterday with the DOW plunging by more than 280 points as fear grows among the investors about the stability of the nation’s largest banks, ongoing uncertainty about the financial system, and worries about GM’s fate. Back home, inflation figures announced yesterday too remained on the decline but failed to cheer the investors’ confidence. Readers are therefore, advised to watch the market trend carefully before taking a trade in view of uncertain conditions prevailing in the world markets.

NIFTY FUTURE (Last closing 2556.80)
Opening flat in the morning, slipped into the negative territory amid high volatility and intraday swing of more than 100 points ignoring positive cues form the global markets.. The counter has broken the strong weekly support and may now slide further to 2500/2475 once trades and remains below 2520.25. Strong resistance exists at 2590, which if crossed decisively it may move up to 2630/2650.

CIPLA FUTURE (Last closing 201.15)
The stock after moving range bound for the past one week closed the session yesterday with marginal loss with high volumes The stock may witness profit booking at current levels and the stock may slip to 195/191 once it trades and remains below 198.75. Strong resistance for the stock exists at 204.75.

MARUTI FUTURE (Last closing 663.40)
The stock steadily rose since 23rd January 09 from a low of 502 to a high of 691 made on 26th February 2009 on the back of good monthly sales figures released by the company. The stock appears to be overstretched at current levels. The stock may witness profit booking whereby it may slip to 650/640 if it trades and remains below 657.25. Strong resistance for the stock exists at 672.

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