FUTURE PAISE: Mar 29, 2012

Thursday, March 29, 2012

Today Market Movements 29-03-2012.

29 March 2012

SENSEX (Close - 17121.60) Sensex brutally drag lower even yesterday but saved 17000 marks somehow. We are on derivative expiry and this is going to be 'make or break' day. There is no sign of revival and concerns are coming from all over. Global market are down and even bond market is turning extremely critical. Gap down is very likely today. Technicals are strongly suggesting for trouble below 17000 marks. Major concern is slowing growth in China, although its not new but market is noticing those now. Expect wild expiry today. We can just hope for some rebound after initial fall. There is no good clarity on GAAR.

Support - 17000/16850/16700 Resistance - 17210/17360/17480

NIFTY (Close - 5194.75) Nifty has broken 5170 levels for second and then rebounded near closing minutes. It very likely to open below 5170. Next levelsto watch out will be 5150 levels. There will not be any major levels below 5150. It can just give blood bath towards 5050.

Support - 5150/5100/5050 Resistance - 5220/5252/5299

LT (Close - 1307.80) We can expect initial pressure on this stock in gap down. We may see levels below 1290. I feel that one should try to trade long after gap down. Pick below 1290 and keep stop loss at 1274. We may see impulsive rise to see gain of Rs 15-20. Below 1274, it will be a strong sell.

Support - 1290/1274/1245 Resistance - 1323/1348/1370

TATASTEEL (Close - 455.10) Its for sure that it is going to take out all its early gain in morning gap down only. We may see levels near 442. I suggest to buy near those levels and keep stop loss at 438 only. Break below 438 will give us selling towards 426.

Support - 442/438/429 Resistance - 461/467/472

RELIANCE (Close - 725.70) I am maintaining constantly bearish on this stock from long time. Technicals are suggesting for the test of 708 to 700 levels today. It seems to be a short trade with stop loss just at 732 for the move owards 708 or 700.

Support - 719/708/700 Resistance - 732/740/750

SAIL Below 93 selling opportunity Once break 89 more downside

SBI: (2082) Sell considering 2098 & 2105 solid resistances keeping stop loss of 2124. Downward side it'll fall down to 2053, 2025 & 1980.

ICICI Bank: (859) Break below 852 it'll heavily crash down to 840, 832 & 819. Upward side 868 & 874 crucial resistances.

AXIS Bank: (1118) Break below 1102 it'll heavily fall down to 1091, 1075 & 1049. Upward side 1130 & 1140 crucial resistances, keep stop loss of 1145 to your shorts. Crossover above 1145 it'll turn positive & surge up to 1156, 1167 & 1185.

TATASTEEL ( Tata Steel Limited )