FUTURE PAISE: Mar 21, 2012

Wednesday, March 21, 2012

Today Market Trends 21-Mar-2012

21 March 2011

SENSEX (Close - 17316.18) Sensex swings in a wild manner in both direction in past trading session and finally we have seen moderate positive closing. Technicals remains same at these levels. We have seen market denying all weak global cues. US and european market sliped on Chinese growth concerns. I still believe that it has technical support only at 17000 levels. On higher side it will have stiff resistance at 17500 levels. We may see some decisive move by toady's trading. It seem that its time to be cautious on all auto stocks. FII were on buy side even yesterday with amount Rs 111 crs. For today's trade we can expect support at 17200 and break below 17200 will trigger selling towards 17000 marks.

Support - 17211/17101/17000 Resistance - 17480/17610/17735

NIFTY (Close - 5274.85) Nifty has tested a low of 5230 and then bounced to break day's in a quicker move. We must note than 50 days moving average is at 5240 levels. I need to conclude that 50 days move average is acting as good trading support. To see further fall we must see Nifty to sustain below 50 DMA. On higher side 5300 is immediate resistance.Support - 5130/5200/5165 Resistance - 5299/5230/5268

HEXAWARE (Close - 121.10) Most of technology stocks are under pressure from past few days but this stock has again rebounded from 113 and coming near to critical 123 levels. Crossover of 123 will give us rise towards 128 to 132 levels. Buy above 123 only with small stop loss.

Support - 119/117/113 Resistance - 123/126/130

TATAMOTORS (Close - 271.40) It has slipped over 4% in past trading session. It has broken support of 279 and then tested 270 levels. Technicals are suggesting that if this stock sustain below 269 then we can trade on short side for the trade towards 262. Short only below 269. This can as as rebound levels if sustain.

Support - 269/265/262 Resistance - 275/279/285

TATASTEEL (Close - 454.80) If world is talking about slower growth in China then I am forced to say for weakness in metal stocks. This stock has technical resistance at 460 levels and I will prefer to trade short on rise near 460 with stop loss above 464. We may expect 445 to 440 anytime anyday.

Support - 450/445/440 Resistance - 460/464/468

RELIANCE Overall looks good... Crossover 765-770 and stay with volume Decent move cannot be ruled out

BATA INDIA Trend is bullish... Now consider support 706... Hold this level time to buy... For target 730...

SBI Today if not break 2156 and stay above 2171 Short-term positive.

INFOSYS Near to strong support 2800-2805... Hold this level Decide your trading strategy

MARUTI: (1358) Sell considering 1362 & 1377 solid resistances keeping stop loss of 1384. Downward side break below 1328 it'll fall down to 1309, 1296 & 1276.

GODREJCP ( Godrej Consumer Products )