Technical Analysis 22-Nov-10

Market may open with a positive note and is expected to show some recovery in the initial session but higher level selling is expected along with high volatility.

SENSEX (19585)

Sensex has Resistance at 19641, 19704 and 19757. Support at 19504, 19421, 19325.

NIFTY (5890)

Resistance at 5910, 5921, 5933 and 5947. Support at 5875 and 5853

RECOMMENDATIONS

1)    ICICI BANK (1148.7)

Support at 1135 if moves down then it can test 1121 and 1105. Resistance at 1160 and 1175. (Selling can be expected by noon)

2)    TATA POWER (1312.05)

Resistance at 1320 above it can test 1335. Support at 1305 and 1285 (Sell at higher)

3)    UFLEX (246)

Support at 240 and 234. (Buy at declines) Resistance at 249 above it can test 248 and 255.

4)    GRAVITA INDIA (225)

The stock has support at 220 and 216. Resistance at 227.5 above can test 235 and 240 or more. (Buy at declines)

5)    ACC (1019)

Resistance at 1032 and 1043. Support at 1012 below it may test 996 and 980 or more. (Sell at higher)

DERIVATIVE STRATEGIES

SELL RPOWER FUTURES AT 172

SELL BAJAJ AUTO FUTURES AT 1580