Stock Calls For 22 September 2009

Markets close this week on a cautious note

The market ended the previous week buoyant as investors remained bullish about the Indian economy. The Sensex touched the highest in nearly 16 months at 16820 in intra day trades on 17th September and the Nifty also crossed magic 5000 mark as well. But the momentum during the later part of the week appeared lackluster as market participants turned cautious ahead of September F & O expiry this week and the U S Fed meet starting today. The buoyancy witnessed in the market was mainly due to higher purchases by the FIIs along with the reports that the top corporate houses including PSU banks have paid higher advance tax. The market this week also may witness hectic short covering in some select counters ahead of derivative expiry and is likely to remain volatile.

Nifty future important levels for Today 22-09-2009
R3 – 5044, R2 – 5016, R1 – 4997, Pivot Point – 4970, S1 – 4951, S2 – 4923, S3 – 4904.

BUY NIFTY ONLY ABOVE 5015
SL- 4990
TARGET- 5048-5070

SELL NIFTY BELOW 4930
STOPLOSS- 4953
TARGET- 4890-4880-4862