Monday, November 8, 2010

Technical Analysis_08Nov10

Market may open with an upside gap and is expected to trade higher. Minor profit booking can be seen throughout the day.

Sensex (21004)

Sensex has resistance at 21063, 20243 and 20394. Support at 20881 and 20748.

NIFTY (6312)

Resistance at 6328, 6336 and 6361. Support at 6295, 6286, 6270 and 6244.

RECOMMENDATIONS

1)   CIPLA (352.95)

Support at 349.9 and 345. Resistance at 355 if moves up with volumes then it can test 359 and 362. (Buy at declines)

2)    ONGC (1379)

The stock has resistance at 1386 above 1405 and more. Support at 1368 and 1359 levels. (Buy at declines)

3)    CAIRN (332)

Support at 328 and 253 (Buy at declines). Resistance at 265.5 above it can test 338, 343 or more.

4)    VIDEOCON INDUSTRIES (262)

Support at 258 and 120.85 levels. Resistance at 265.5 above 271 and 278 and more. (Buy at declines).

5)     TISCO (623.55)

Support at 618 and 613 levels (Buy at declines). Resistance at 628 if moves up then it can test 631 and 636.


DERIVATIVE STRATEGIES
BUY CAIRN FUTURE AT 328

SELL BPCL FUTURE AT 768

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