11 May 2012
SENSEX (Close - 16420.10) Sensex
has lost its way after early recovery and slipped over 300 points from intraday
high. Indian market has again closed on critical note. There might be many
reasons for fall like unstability in Europe but there is something which must
be extremely wrong for Indian market. One must note that Indian market is
slipping more than other global indices. I am more concerned towards the fall
in PSU banking stocks which has seen rapid fall yesterday, strongly quoting
about SBIN. Breaking 16000 will be now just the matter of time. We must note
that recent rebound just sustain for 250 points and this can be another sign of
weakness. Market will be waiting for March IIP figures which is expected to be
just 1%.
Support - 16300/16180/16000 Resistance
- 16510/16630/16720
NIFTY (Close - 4965.70) Nifty has
taken four attempts to break 4950 but saved each time. I strongly believe that
during the poor sentiment frequent test of support is itself indication of
further weakness. 4950 will break and we will test 4900 > 4880 >4850.
Support - 4950/4930/4913 Resistance - 4986/5006/5040
SBIN (Close - 1843.15) Charts are
suggesting for something major. It doesn't matter if its India's larget bank.
Quetion is why it is sliping by more than Rs 100 so easily now a day. Technical
charts are suggesting for the break of 1800 and the test of 1785. Short with
stop loss above 1876.
Support - 1816/1800/1785 Resistance - 1860/1876/1900
MARUTI (Close - 1261.85) This
stock has last critical support at 1250. If it breaks 1250 then we can expect a
move towards 1200 too. For today's trading session I am suggesting to trade
short with stop loss above 1275 for a move towards 1200. Those target may not
come in one day.
Support - 1250/1228/1200 Resistance - 1275/1284/1299
TATASTEEL (Close - 415.60) I am
not expecting cross of 425 in coming few days of trade. I suggest to trade
short near 418 and keep stop loss at 425. Expect a dip towards 400. Are we
going to see the break of 400? Yes, we will see. It may take time but it is
coming.
Support - 411/407/400 Resistance - 421/425/433
RELIANCE Sell on rise strategy...
Supply range 705-710 - No long please
TELCO Trade and sustained below
290 Time to exit long and fresh short
ICICI Bank: (813) Sell
considering 827 a solid resistance keeping stop loss of 837. Downward side
it'll fall down to 788, 777 & 759.
M&M: (661) Break below 653
it'll heavily fall down to 638, 629 & 615. Upward side 666 & 677 solid
resistances to watch out for.
LIC HSG FIN: (242) Sell considering
246 & 248.50 solid resistances keeping stop loss of 252.50. Downward side
it'll fall down to 235 & 229.
|
Action
|
Trigger Price
|
Stop Loss
|
Target-1
|
Target-2
|
|
BUY ABOVE
|
321
|
317
|
325
|
331
|
|
S.SELL BELOW
|
316
|
320
|
313
|
305
|
|
Action
|
Trigger Price
|
Stop Loss
|
Target-1
|
Target-2
|
|
BUY ABOVE
|
707
|
697
|
711
|
719
|
|
S.SELL BELOW
|
696
|
703
|
693
|
680
|
|
Action
|
Trigger Price
|
Stop Loss
|
Target-1
|
Target-2
|
|
BUY ABOVE
|
985
|
977
|
994
|
1009
|
|
S.SELL BELOW
|
975
|
983
|
967
|
950
|
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