07 May 2012
SENSEX (Close - 16831.30) ensex
closed just above 16800 levels. There were too many reasons on Friday for a
fall. After so many trading sessions it has broken on lower side. We have next
technical support at 16500 - 16428 levels only. Market might be nervous on the
outcome of EU election. We must note that Sensex has midpoint from the low of
15135 to the high of 18524. If a bounce has to come then it should come from
16500 to 16428. We might see gap down opening today. We cannot have good trading
if majoiry of fall comes with gap. One should not be in hurry to pick stocks.
Support - 16700/16510/16428 Resistance
- 16920/17000/17110
NIFTY (Close - 5086.85) Nifty has
next meaningful support at 4950 only, which is 61.80% retrechment (of rise from
4531 to 5630) from the top of 5630. Technicals might be suggesting for a mild
bounce from 50% levels but it is not about to come due to gap down opning. Do
not be very active on shorting after gap down. This market is pullback on rise
only.
Support - 5110/4950/4930 Resistance
- 5135/5170/5200
SBIN (Close - 1996.25) This stock
has 200 days moving average at 2015 levels. It has broken those and close even
below 2000 levels. Meaning suppot will be only at 1917 levels only. As of now
this stock is short again with stop loss at 2015 levels.
Support - 1980/1956/1917 Resistance
- 2015/2035/2059
ICICI BANK (Close - 833.35) I
have already said this before its Q-4 result also that one must watch the
levels of 840 and 845 very closely. It has closed below 840 and there is a fair
chance for this stock to crash below 800 levels. It might try to hit 780
levels. As of now it is a short trade with stop loss above 840. Gapdown is not
favourable to trade.
Support - 818/800/780 Resistance - 845/856/870
RELIANCE (Close - 726.45) This
stock is still maintaining levels above 718. It seems that it will brak those
levels today. Technical charts are suggesting for a fall on the trade below 718
with stop loss above 726 for a move below 700 levels. Will it test 680?
Support - 718/705/690 Resistance - 735/742/750
TISCO Time to sell... Broken
major support level... Will it test 416
HINDALCO Time to sell... Below
122... bear favour...
AXIS BANK LTD Decisively break
1050 and stay with volume In three digit mark up to 968
|
Action
|
Trigger Price
|
Stop Loss
|
Target-1
|
Target-2
|
|
BUY ABOVE
|
327
|
322
|
330
|
336
|
|
S.SELL BELOW
|
320
|
324
|
317
|
310
|
|
Action
|
Trigger Price
|
Stop Loss
|
Target-1
|
Target-2
|
|
BUY ABOVE
|
327
|
324
|
330
|
335
|
|
S.SELL BELOW
|
323
|
326
|
321
|
315
|
|
Action
|
Trigger Price
|
Stop Loss
|
Target-1
|
Target-2
|
|
BUY ABOVE
|
304
|
300
|
308
|
313
|
|
S.SELL BELOW
|
298
|
301
|
294
|
289
|
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