08 May 2012
SENSEX (Close - 16912.70) Sensex
rebounded from a level very near to 16500 levels. I have already mentioned this
support yesterday only. Favourable development over GAAR and Gold excise duty
pushed the market higher. It was just first day of bounce and so we can say
that market will try to sustain at current levels. Global marke has digested
the Election outcome at Greece and France. I can tell you that very soon we
will see the beginning of new phase of drama. Technical charts are suggesting for
a move towards 17100 levels. We will have technical support at 16800 for
trading. Well, I must add that short term support will remains at 16500 to
16428 levels only. In my view recovery seems to be done in one day only. Expect
choppy moves now if market remains higher.
Support - 16800/16690/16500 Resistance
- 17010/17110/17250
NIFTY (Close - 5114.15) Nifty has
returned from the zone of 5000 to 4980 as expected. Technicals are suggesting
for a rise towards 5170 now. We will have stiff test at 5200 levels. We will
have strogn trading support at 5080 and 5050 levels. Do not think that we can
test 4988 levels sooner now. We are still of sharp edge.Support -
5080/5050/4986 Resistance - 5135/5170/5200
SBIN (Close - 2028.20) It has a
low @ 1876 and then rebounded to hit 2040 levels. It is already a extreme of
rise. Now it has technical resistance at 2060-2088 levels. It can maximum
extend its gain toward 2088 but it will not cross. I will prefer to trade again
on short side after some rise.
Support - 2008/1978/1952 Resistance - 2045/2060/2088
RELIANCE (Close - 715.70)
Something is not right for this stock. I have already said this after Q-4
result that if management is not ready to excute its buy back @ 750 then we
should not expect much towards rise. This stock is not falling on the hope of
buyback but stock try to be dead. Charts are suggesting for stiff resistance @
726. I will wait for some pullback for fresh weakness to short.
Support - 705/696/688 Resistance - 721/726/753
TATAMOTORS (Close - 308.40) This
is the best performing stock of index. Technical charts are suggesting that one
should prefer to trade long with stop loss at 305. Use initial dip to buy. You
can expect trading target at 313 to 315 levels.
Support - 305/302/298 Resistance - 313/315/319
TISCO As mentioned yesterday we
gone short below 450 And lower level target 420 - which was achieved Now today
resistance 444 to watch out
HDFC Bank: (532) Sell on higher
levels considering 537 & 545 solid resistances keeping stop loss of 553.
Downward side 525 & 516 crucial supports. Break below 516 it'll heavily
fall down to 497.
AXIS Bank: (1023) It'll surge up
further to 1043-1054 & 1075, sell on higher levels keeping stop loss of
1094. Downward side 999 & 969 crucial supports to watch out for. Break
below 969 it'll crash down to 931.
|
Action
|
Trigger Price
|
Stop Loss
|
Target-1
|
Target-2
|
|
BUY ABOVE
|
310
|
303
|
314
|
321
|
|
S.SELL BELOW
|
301
|
305
|
297
|
287
|
|
Action
|
Trigger Price
|
Stop Loss
|
Target-1
|
Target-2
|
|
BUY ABOVE
|
250
|
244
|
255
|
262
|
|
S.SELL BELOW
|
242
|
246
|
238
|
228
|
|
Action
|
Trigger Price
|
Stop Loss
|
Target-1
|
Target-2
|
|
BUY ABOVE
|
166
|
161
|
171
|
178
|
|
S.SELL BELOW
|
160
|
163
|
156
|
145
|
