20 March 2012
SENSEX (Close - 17273.40) Sensex slipped another 200 points
in the last trading session. Charts are still not showing any sign of revival.
We are already moving against all major positive global cues. FII buying is
going to moderate now. As I said yesterday, it seems that we are going to move
near to 17000 marks. It seems that only Q 4 will be the next trigger for
market. Stocks movements are showing nervousness after budget. Sensex will now
face some stiff resistance at 17500 levels. On lower side break below 17000
will trigger fresh round of sell off. Liquidity was key driver of recent rise
and as long as those kept on coming, we can hope for revival from any lower
levels.
Support - 17189/17100/17000 Resistance - 17360/17500/17610
NIFTY (Close - 5257.05)Nifty has traded near 5250 zone and
somehow manages to close just above those. Well, but how long those sustain? If
Nifty start trading below 5238 then we can expect levels of 5200 and then 5170
too. On higher side it will have stiff resistance at 5300 levels.
Support - 5238/5200/5170 Resistance - 5290/5330/5360
TCS (Close - 1122.O0) Technology stocks are also
disappointed after budget and some stocks are under pressure. Close below 1145
is first sign of weakness. I am suggesting to trade on short side on any rise
and keep stop loss just above 1136. Expect 1100 to 1080.
Support - 1111/1100/1080 Resistance - 1128/1136/1145
TATASTEEL (Close - 448.20) If further fall continues on
index then we can see some remarkable fall on metal stocks now. Technical is
suggesting that this stock can dip towards 440 levels. I suggest to trade short
on rise near 452 with stop loss above 456. Break below 440 will cause further
fall.
Support - 442/438/432 Resistance
- 453/457/462
BHEL (Close - 260.15)
Break below 280 has given a target of 260 levels. It was updated on
Budget day itself. Now if this stock sustain below 260 then one can expect fall
towards 240 levels too. Hence trade short below 260 only. Support - 256/252/248 Resistance
- 264/268/272
TISCO As long as below 460 Downside target...? Sell on rise
strategy
ICICI BANK Today 900 and 927 are a crucial level Break out
or break down... Will move in either side...
RELIANCE Near to very strong support Zone 740-750... Close
below further weakness Otherwise - sharp recovery likely
SBI Today watch 2140 - If stays with volume Do not think to
short sell...
L&T: (1297) Sell considering 1308 & 1316 solid
resistances keeping stop loss of 1330. Downward side it'll fall down to
1281-1277 & 1257, cover shorts around 1257 & buy keeping stop loss of
1246.
|
Action
|
Trigger Price
|
Stop Loss
|
Target-1
|
Target-2
|
|
BUY ABOVE
|
367
|
362
|
370
|
375
|
|
S.SELL BELOW
|
361
|
365
|
359
|
352
|
|
Action
|
Trigger Price
|
Stop Loss
|
Target-1
|
Target-2
|
|
BUY ABOVE
|
168
|
164.5
|
172.5
|
178.5
|
|
S.SELL BELOW
|
164
|
166
|
160
|
152
|
|
Action
|
Trigger Price
|
Stop Loss
|
Target-1
|
Target-2
|
|
BUY ABOVE
|
392
|
377
|
405
|
422
|
|
S.SELL BELOW
|
375
|
380
|
363
|
335
|
