Technical Analysis_05Nov10

Muhurat Trading Deepavali 2010 - Happy Trading

The pre-opening session of the market begins for mahurat trading with the Nifty and Sensex indicating a strong start today. Normal trading will start at 6.15 pm.Market may open with a positive note, Due to overbought situation profit booking can be expected and this can cause volatility.

Sensex (20893)

Sensex has resistance at 21012, 2119. Support at 20744, 20698 and 20562.

NIFTY (6281)

Resistance at 6301, 6325 and 6353. Support at 6256, 6246, 6230 and 6210.

RECOMMENDATIONS

1)    JINDAL STEEL(719)

Support at 715 and 710. Resistance at 721 if moves up with volumes then it can test 728 and 732. (Buy at declines)

2)    STERLITE (181)

The stock has resistance at 183 above 188. Support at 178 and 175 levels. (Buy at declines)

3)    BHEL (2525)

.     Support at 2513 and 2498 (Buy at declines). Resistance at 2533 above it can test 2550, and 2560.

4)    INFOSYS (3077)

Support at 3065 and 3047 levels. Resistance at 3085 above  3099 and 3130. (Buy at declines).

5)     HDFC BANK (2389)

   Support at 2375 and 2363 levels (Buy at declines). Resistance at 2397  if moves up then it can test 2425 and 2450.


DERIVATIVE STRATEGIES
BUY KOTAK FUTURES AT 483