22 May 2012
SENSEX (Close - 16183.26) Sensex
opened higher but closed very near to the lowest levels of the day. Still it
was moderately higher than the previous trading day. Daily charts are still
showing for choppy to flat moves. US indices inches higher and that may try to
add some initial strength in the market. INR has slipped even below 55 against
USD. Whenever market trades higher, we are getting some outflow by FII in recet
days. Rupee movement is concerning and capable to take out positive cues. Sensex
need to sustain above 16350 to give signs of further revival. I am again
advising caution at higher levels as long as we stay below 16350 levels.
Support - 16125/16000/15900 Resistance
- 16350/16430/16500
NIFTY (Close - 4906.05) Nifty has
tremendous resistance in the zone of 4930 to 4950. We need to stand
comfortablly above this zone to bet for 5000-5040. I can say that it will not
be so easy to cross those odd 20 points on Nifty. Support stand at 4880.
Support - 4880/4850/4790 Resistance - 4950/4976/5000
TATA STEEL (Close - 402.75) There
are two ways to trade this stock. In initial minutes it will be a buy with stop
los at 398 for a move towards 410 to 413 levels. Suppose if it stand below 398
then it will again move towards 388 levels.
Support - 398/394/388 Resistance - 409/413/419
SBIN (Close - 2009.50) As long as
it stand above 2000 we can expect the test of 2050 levels on higher side. I
still suggest to trade on long side with stop loss at 1990. You can expect
levels near 2050. I am still suggesting to be cautious about selling at higher
levels.
Support - 1990/1974/1956 Resistance - 2030/2050/2080
RELCAPITAL (Close - 313.95) It is
rebounding from 281 and closed above crucial 309 levels. I suggest to trade on
long side with stop loss at 309 for the technical target at 324. Cross over of
324 may push it higher towards 332 but I am sensing selling at higher levels.
Support - 309/304/298 Resistance - 319/324/332
IDEA Consider resistance 83-85 If
not cross next few session, we will see... Downside target...?
RELIANCE Time to trend change...
Hold 675, bull will have upper hand
TATA STEEL Yesterday we mentioned
to sell... But now today - some more short covering But strong resistance
415-420 range Trend change above only
ICICI BANK Looks positive - in FO
Segment Time buy if cross... For target 840-850 range
SUZLON LTD Lower level our target
12-13 In coming days... Garbage stock... Do not buy...
|
Action
|
Trigger Price
|
Stop Loss
|
Target-1
|
Target-2
|
|
BUY ABOVE
|
398
|
381
|
415
|
435
|
|
S.SELL BELOW
|
378
|
385
|
364
|
330
|
|
Action
|
Trigger Price
|
Stop Loss
|
Target-1
|
Target-2
|
|
BUY ABOVE
|
214
|
211
|
216
|
220
|
|
S.SELL BELOW
|
209
|
212
|
204
|
200
|
|
Action
|
Trigger Price
|
Stop Loss
|
Target-1
|
Target-2
|
|
BUY ABOVE
|
315
|
310
|
319
|
325
|
|
S.SELL BELOW
|
308
|
312
|
305
|
298
|
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