04 May 2012
SENSEX (Close - 17150.20) Sensex
has a low at 17120 levels in the past trading session. I have already mentioned
for the support near 17110, it was very near to those. Technical charts are
still suggesting for weakness and market might try to test the levels like
17000 now. Will it break 17000 and test 16920 levels? These are levels where we
cannot speculate. I am already trading short from levels near 17400 levels and
expecting some decisive break very soon. Banking stocks are already under pressure.
I am hoping for fresh selling in Indian market. Time has come to move from
'ranging' market to a 'trending' market. Be ready for some good trading moves
now.
Support - 17010/16920/16800 Resistance
- 17250/17360/17480
NIFTY (Close - 5188.40) Nifty has
also reacted in the same way as of Sensex. It has closed below 5200 levels.
Stiff technical resistance will be at 5225 and then at 5251. It has already
given signals for fall but not even falling. It is putting on high alert for
short trades too. Hope to break very soon now.
Support - 5170/5135/5080 Resistance - 5208/5230/5251
SBIN (Close - 2084.10) I have
ready recommended to stay short on all prime banking stocks. Technical charts
are suggesting that we will first see the test of 2045 and then may be 2000.
Trade short on any pullback. Stiff resistance will be at 2115.
Support - 2070/2045/2010 Resistance - 2101/2115/2131
ICICI BANK (Close - 857.55) From
past many weeks I have highlighted for short trades on all those banks which
has poor asset quality irrespective od results. Keep an eye on two technical
figures, one is 834 and other at 825. A decisive fall is expected to hit very
soon. I am suggesting to trade short with stop loss above 865.
Support - 845/834/825 Resistance - 865/874/889
TATASTEEL (Close - 448.10) After
moving in the zone of 480 to 460, it has broken the range in expected
direction. Trade on short side for today's trading in any intraday pullback
with stop loss above 455. You can expect the test of 432 levels sooner.
Support - 442/436/432 Resistance - 454/459/466
HINDALCO Time to sell... Below
122... bear favour...
AXIS BANK LTD Decisively break
1050 and stay with volume In three digit mark up to 968
HERO MOTOR Below 2125, strong
bear favour...
MARUTI: (1291) 1280 a crucial
support to watch out for break below which it'll fall down further to 1245.
Upward side 1315 & 1329 crucial resistances.
AXIS Bank: (1059) Sell
considering 1081 a solid resistance keeping stop loss of 1094. Downward side
it'll fall down to 1039, 1030 & 1019-1015.
|
Action
|
Trigger Price
|
Stop Loss
|
Target-1
|
Target-2
|
|
BUY ABOVE
|
297
|
289
|
301
|
308
|
|
S.SELL BELOW
|
287
|
292
|
284
|
273
|
|
Action
|
Trigger Price
|
Stop Loss
|
Target-1
|
Target-2
|
|
BUY ABOVE
|
418
|
412
|
422
|
429
|
|
S.SELL BELOW
|
410
|
415
|
407
|
397
|
|
Action
|
Trigger Price
|
Stop Loss
|
Target-1
|
Target-2
|
|
BUY ABOVE
|
568
|
558
|
574
|
584
|
|
S.SELL BELOW
|
555
|
562
|
550
|
535
|
