18 January 2011
SENSEX (Close - 16466.10) Sensex has got a hit at 16500 and
closed just below those levels. Chinese data has pushed the global market
higher. Euro zone goes up to the highest levels of last five months and US
market went to six month's high. Comparing those our market is still trading
lower even after sharp rise in past few days. We have seen pressure in US
banking stocks yesterday. I must say that US market has got the kind of rise
which market were expecting. I am expecting a pause if not fall now. On chart
we got a break out but we need a strong follow up which may be missing at these
levels. Technicals suggest that one should not try to run behind price to buy
stocks. If run continues then we can expect 16700 also in current run.
Support - 16400/16280/16135 Resistance - 16502/16590/16710
NIFTY (Close - 4967.30) Nifty has not only crossed 4920 but
hit as higher 4975. Its just turning more bullish after every such breakout. I
still feel that we should not see a quick run away although I am not advising
to short for adventure. We for the beginning of sell off. Pause must come
today. If it crosses 4976 then it may try to achieve 5000 to 5020.
Support - 4920/4880/4820 Resistance - 4976/5000/5050
DLF (Close - 198.15) We have seen weak trades on this stock
in last hour of trade yesterday. It has seen profit taking from meaningful
technical resistance of 202. I suggest to trade short on rise if index
maintains negative ranges. Keep stop loss above 202. It may test 190 on
weakness.
Support - 195/192/190 Resistance
- 200/202/204
ICICI BANK (Close - 785.55) We have seen profit taking in
private banks yesterday when index was showing all strength. I feel that
yesterday high of 805 will act as stiff resistance. I suggest to use any higher
levels now to short this stock, prefer to short at 792 levels with stop loss
800.
Support - 776/764/752 Resistance
- 792/800/805
MARUTI We are bullish from the level of 920 and more added
Once crossover 1020, for target 1160.
M&M Consider support 690. Above ... real move will start
HDFC BANK It looks consolidating over As long as hold
460...good Above 473 - looks rally.
HINDALCO: (140.50) Buy considering 138 & 136 solid
supports keeping stop loss of 133. Upward side it'll spurt up to 147 & 154.
L&T: (1266) 1275 a solid resistance if it remains then
selling will be seen & it'll fall down to 1242, 1223 & 1210. Upward
side crossover above 1275 it'll surge up further to 1310-1315.
