09 May 2011
SENSEX (Close - 16546.20) Sensex
has again knocked at 16500. This is alarming but do not blame global cues. What
ever problem stock market is facing now a day is due to domestic development.
When political statement kept on fluctuating then what else can you expect. On
other hand, corporate earnings are not up to the marks with stock price. From
now onwards even 17000 (16950) will act as tough level to cross on higher side.
Technical charts are suggesting that slowly we will drift lower towards 16000
or may break too. I have said not to buy banking and reality stock. Look at the
price now. Is it worse? Surely not. Expect more damage in coming
days/weeks/months. Do remember that Indian indices are worse performing indices
of the world. Only Greece is at the lowest levels of past 20 years. The outcome
of european election will be another round of painful mess.
Support - 16500/16380/16290 Resistance - 17370/17410/17530
NIFTY (Close - 4999.95) Nifty has
slipped and broken the crucial 4986 levels in last seconds of trades. It has
closed just below 5000 marks. Technical charts are suggesting for further dip.
You can expect levels of 4950 to 4930 levels. On higher side 5050-5070 will act
as stiff resistance.
Support - 4950/4930/4880 Resistance
- 5262/5272/5299
AXIS BANK (Close - 983.45) On May
2, 2012, it was suggested to prepare for remarkable fall when it was trading at
1120. Just today we are well below 1000 marks. Situation is not improving. This
stock is preparing for the test or the break of 950. Trade short on any rise
and keep stop loss at 1000 marks. Will it rebound from low?
Support - 972/960/951 Resistance
- 992/1000/1013
TATASTEEL (Close - 427.20) Steel stocks kept on trading lower yesterday
too. Technical charts are suggesting for furhter dip. One can trade on short
side with stop loss above 434 and expect a level of 418. I ust say that 418 is
the last bext support for even short term chart.
Support - 422/418/411 Resistance
- 434/440/445
BHEL (Close - 215.45) Recovery
died in a single day. It seems that it is going to be retested at 209 levels. I
am expecting those. Trade on short side with stop loss above 218 levels.
Support is at 209-208. Break below 208 (which will come sooner or later) then
you can expect levels towards 180 in coming days.
Support - 211/209/208 Resistance
- 218/221/224
LT Trade and sustained above 1200
only buying opportunity Downside target 1088-1020 in coming days
M&M: (677) Sell considering
691 a solid resistance keeping stop loss of 699. Downward side it'll fall down
to 665 initially. Break below 665 it'll crash down to 651.
SBI: (1959) Sell considering 1966
a nearest & 2012 solid resistances keeping stop loss of 2050. Downward side
it'll fall down to 1900 initially, which is a crucial support. Break below 1900
it'll crash down to 1856.
INDIAN Bank: (201) Sell
considering 207 a solid resistance keeping stop loss of 212. Downward side
it'll fall down to 190.
|
Action
|
Trigger Price
|
Stop Loss
|
Target-1
|
Target-2
|
|
BUY ABOVE
|
435
|
431
|
438
|
441
|
|
S.SELL BELOW
|
429
|
434
|
427
|
423
|
|
Action
|
Trigger Price
|
Stop Loss
|
Target-1
|
Target-2
|
|
BUY ABOVE
|
251
|
247
|
257
|
261
|
|
S.SELL BELOW
|
244
|
249
|
238
|
231
|
|
Action
|
Trigger Price
|
Stop Loss
|
Target-1
|
Target-2
|
|
BUY ABOVE
|
558
|
554
|
560
|
570
|
|
S.SELL BELOW
|
548
|
556
|
546
|
540
|
