Technical Analysis_01Nov10

We are going to see a positive opening for our markets and is expected to remain with a positive bias. All eyes on the RBI policy meet schedules tomorrow.

Sensex (20032)

Sensex has resistance at 20176, 20199, 20240 and 20311. Support at 19821, 19787 and 19705.

NIFTY (6017)

Resistance at 6032, 6055 and 6087. Support at 5999, 5980 and 5968.

RECOMMENDATIONS

1)    RELIANCE (1096)

Support at 1090 and 1083 below it will have strong support at 1075. Resistance at 1106 if moves up with volumes the it can test 1114 and more.

2)    ITC (171.2)

The stock has resistance at 172.5 above 176.7 and 183. Support at 168 and 166.5 levels. (Buy at declines)

3)    AREVA T&D (294)

.     Support at 290 and 284 (Buy at declines). Resistance at 300 above it can test 306 and 327.

4)    MTNL (67.4)

Support at 65.5 and 63.9 levels. Resistance at 69 above 72, 75 and 80. (Buy at declines).

 5)     MOTHERSON SUMI (183)

   Support at 179 and 175 levels (Buy at declines). Resistance at 185.5 if moves up then it can test 190, 193.75 and more.

 DERIVATIVE STRATEGIES

BUY ITC FUTURE AT 168

BUY AXIS BANK FUTURE AT 1460