03 May 2012
SENSEX (Close - 17301.90) Sensex
hit a high above 17410 + levels which was already mentioned in yesterday's
view. Closing in negative might be the first sign of weakness. I must add that
one day of fall is not sufficient to term it as weakness. We are still in a
range and I am expecting trading to remains choppy for most part of the trading
session. Resistance will be in the zone of 17410 to 17430 levels. Support is
expected to be nea to 17110 levels. Banks and auto stocks are having key for next
trading move. I can suggest for stock specific approach. Technology and FMCG
stocks has already recovered a lot and we do not have any great reason to bet
for further rise. I will not tough any sugar stocks.
Support - 17010/16920/16800 Resistance
- 17260/17350/17480
NIFTY (Close - 5239.15) Nifty has
a high at 5279.60 but it was never be comfortable above 5271 levels. Ithas
resulted selling from higher levels. Stiff technical resistance will be at 5271
- 5279 only. It will be another choppy session with downward bias. Can we
expect 5200?
Support - 5226/5200/5155 Resistance - 5248/5271/5279
TATA MOTORS (Close - 304.50)
After May sales data, this stock has failed to cross above 313 and seen a dip.
Decisive dip came in the last 30 minutes of trade which might be the first
indication for trade below 300. Trade short with stop loss above 308 for the
target of 298-296.
Support - 334/328/324 Resistance - 308/311/313
RCOM (Close - 75.80) I am
recommending short on this stock from the levels of 88-90 levels. I still feel
that this stock will see fall below 70 very soon. Trade short with stop loss
above 77. We should expect the test of 73 levels first and then 70 in coming
few days.
Support - 74/73/71 Resistance - 77/78/79
AXIS BANK (Close - 1103.25) I am
retaining my view that this stock is weak below 1098. I have already started
trading short from higher levels. Technically it is a short with stop loss
above 1115 for the target of 1080-1076. Break below 1076 will cause further
fall. Read details at my blog.
Support - 1090/1076/1058 Resistance - 1115/1126/1135
BHARTI TELE Yesterday closed
above weekly level 308 Now holding above 320 looks positive bias
DENA BANK Looks hot... And
decline to buy side
NTPC Time to sell... Last and
final support exit 160 Thereafter, vertical fall
ITC Looks up-move over... Time to
sell With tight stop-loss... Our Hedging Strategy traders are holding short...
And gained more than 8 points.
HDIL - DLF - JP ASSOCIATES Sell
on resistance level The best Strategy...
TATA MOTORS Time to sell...
Broken weekly support level 313 Ultimate target 290...
|
Action
|
Trigger Price
|
Stop Loss
|
Target-1
|
Target-2
|
|
BUY ABOVE
|
392
|
381
|
400
|
412
|
|
S.SELL BELOW
|
378
|
385
|
370
|
355
|
|
Action
|
Trigger Price
|
Stop Loss
|
Target-1
|
Target-2
|
|
BUY ABOVE
|
194
|
190.9
|
195
|
197.5
|
|
S.SELL BELOW
|
190
|
192
|
189
|
185.5
|
|
Action
|
Trigger Price
|
Stop Loss
|
Target-1
|
Target-2
|
|
BUY ABOVE
|
245
|
241
|
247
|
250
|
|
S.SELL BELOW
|
240
|
243
|
238
|
234
|
