20 April 2012
SENSEX (Close - 17503.70) Sensex
retested the range of 17520 to 17530, which is nearest resistance. I can
conclude that Sensex has closed almost on resistance. Global cues are
suggesting for some gap down but then also market will remains in a range. We
will get Reliance quarterly result today after market hours. It can be the
volatility of Reliance which can make the market moving. In the lower side we
have support at 17300 levels. It seems that crossover above 17530 may give us
rise towards 17620-17650 levels. We must note that yesterday was first day when
Sensex closed above strong supply line on daily chart. This is the reason that
market is trying to move up.
Support - 17410/17300/17180 Resistance
- 17530/17610/17700
NIFTY (Close - 5332.40) Nifty has
tested the resistance of 5342 in last few seconds of trade. Technical charts
are suggesting for a gradual move towards 5359 and then 5379 if spend time
above 5342. Nifty may refuse to fall remarkablly as long as it stay above 5290.
Fall can begin from next week.
Support - 5311/5283/5270 Resistance - 5342/5359/5379
RELIANCE (Close - 741.65) Today
will be last trading day for this stock before quarterly result. I am expecting
weakness again. Keep an eye on 732 levels which might be tested today. Break
below 732 will give a fall towards 718 which is next support. I am not
optimistic about the market reaction towards next quarterly result.
Support - 732/725/718 Resistance - 750/757/764
SBIN (Close - 2269.05) Banking
stocks are now forgetting about repo rate cut boost. Technicals are suggesting
for a steep fall if it breaks the support at 2254. I suggest to trade on short
side with stop loss at 2290 for today's trading session.
Support - 2254/2238/2210 Resistance - 2288/2302/2323
BHEL Time to sell side... Below
350 - real weakness and first Target...? Thereafter more downside Remember we
are bearish below 273...
M&M Overall trend is bullish
Trading above 20-39-50 DMA Sustained above 711, it will show real power
DENA Bank: (99) Crossover above
102 it'll spurt up to 1070.50 & 111. Downward side 98 & 96 solid
supports.
ICICI Bank: (882) 893 & 901
crucial hurdles to watch out for. Crossover above 901 it'll spurt up to 913
& 921. Downward side 875 a crucial support break below which it'll fall down
to 865 & 857 on intra day basis, buy in panic keeping stop loss of 852.
AXIS Bank: (1196) 1214 & 1226
crucial resistances to watch out for. Crossover above 1226 it'll spurt up to
1250 & thereafter to 1287. Downward side 1175 & 1169-1165 crucial supports
to watch out for on declines.
TATA MOTORS: (310) Crossover
above 312 it'll spurt up to 323 & 334. Downward side 307 & 305 solid
supports, keep stop loss of 303 to your buys.
|
Action
|
Trigger Price
|
Stop Loss
|
Target-1
|
Target-2
|
|
BUY ABOVE
|
445
|
434
|
452
|
462
|
|
S.SELL BELOW
|
432
|
438
|
425
|
410
|
|
Action
|
Trigger Price
|
Stop Loss
|
Target-1
|
Target-2
|
|
BUY ABOVE
|
228
|
216
|
237
|
248
|
|
S.SELL BELOW
|
215
|
218
|
206
|
185
|
|
Action
|
Trigger Price
|
Stop Loss
|
Target-1
|
Target-2
|
|
BUY ABOVE
|
556
|
548
|
559
|
566
|
|
S.SELL BELOW
|
546
|
551
|
544
|
534
|
