FUTURE PAISE: Today Market 23

Monday, January 23, 2012

Today Market 23 - Jan -2012

23 January 2012

SENSEX (Close - 16739.00) Sensex moved closer to 16800 as it has well sustained above 16520 levels, already indicated on Friday. Technical suggests that cross over of 16800 will give thrust towards 17000 levels. Will it really going to cross 16800? Reliance came out with poor set of numbers and factors. Now a day market is in moo to discount all bad news and so it makes me doubtful about market reaction. Greece has not able to reach any deal with private creditors by the time I am writing this. Technical support for today's trade will be at 16650 and 16520 which look too far from current levels. Liquidity is driving this market and it keeps on rising as long money keeps on coming. In the years 2012, FII has invested more than Rs 5900 crs till now.

Support - 16650/16520/16400 Resistance - 16800/16920/17050

NIFTY (Close - 5048.60) Nifty crossed 4800 for once and then not broken 4800, again crossed 4900 and then not broken 4900, again crossed 5000 and not broken 5000. Charting are suggesting for support at 4910-4900 which is too far. On higher side resistance will be at 5076 < 5100.

Support - 4990/4949/4920 Resistance - 5074/5100/5151

RELIANCE (Close - 792.65) We got quarterly result yesterday. Its needless to say that those were extremely poor one. It has already moved by 16% from recent bottom. Just trade short on this stock with some suitable stop loss. It should hit levels below 750 very soon. I will not surprised to see the price even 700.

Support - 774/748/729 Resistance - 808/813/829

JSWSTEEL (Close - 647.10) This stock has also came out with poor set of numbers. Technicals are suggesting that if this stock sustain below 642 then it can hit the levels near 600 marks once again. I suggest to trade on short side with stop loss above 660.

Support - 638/624/612 Resistance - 658/666/674

SBI How our paid subscriber Mint Money - classic example. We are bullish at the level of 1650 with stop loss 1576 More bullish 1725 - more bullish 1810,And finally made a target of 1950 (1944) Just open your eyes and watch 1950-1959 In next two trading session with RBI Policy Hold above 1950 - non-stop target 2051-2200.

TISCO In this counter, we had gone long above 350 and more added Above 400 for target 450 - which have been achieved... Now time to some profit booking as long as below 450 Downside support 420-400 Once cross + close above 450 - 5-10% up move easily.

L&T: (1274) Sell keeping stop loss of 1298. Downward side it'll fall down to 1231 & 1211. Upward side a close above 1298 it'll spurt up to 1375.

ICICI Bank: (842) 855 a crucial resistance to watch out for closing above which it'll spurt up further to 895 & 923. Downward side 832 & 813-807 crucial supports, keep stop loss of 794 to your buys.

AXIS Bank: (1008) Buy or remain long considering 988 & 978 solid supports keeping stop loss of 963. Upward side it'll spurt up to 1041 & thereafter to 1079.

INDIABULLS ( Indiabulls Financial Services Limited )