Technical Analysis_10Nov10

Markets may open with a downside gap and is expected to trade sideways. Higher level selling is expected.

Sensex (20932)

Sensex has resistance at 21042. Support at 20881, 20797 and 20736.

NIFTY (6301)

Resistance at 6325, 6331 and 6344. Support at 6280, 6265 and 6240.

RECOMMENDATIONS

1)    PANACEA BIOTEC (217.6)

Support at 214 and 209. Resistance at 219 above it can test 224 and 236. (Buy at declines for short term)

2)    ICRA (1443.85)

The stock has resistance at 1460 above 1485 and 1503. Support at 1420 and 1405 levels. (Buy at lower)

3)    SUJANA TOWER (190.35)

.     Support at 183 and 175 (Buy for short term). Resistance at 192 and 197 above it can test 205 and more.

4)    HINDALCO (231.7)

Support at 227 and 223 levels below more selling is expected. Resistance at 235 above 240.

5)     LAKSHMI OVERSEAS (84.3)

   Support at 80 and 76.75 levels (Buy at declines). Resistance at 88 if moves up then it can test 93 and 99.

DERIVATIVE STRATEGIES

SELL HINDALCO FUTURE AT 240