Technical Analysis_12Nov10

Markets may open with downside gap  and expected trade lower till noon. Selective buying can be seen in the second half. Overall trend remains sideways to negative.


SENSEX (20589)

Sensex has Resistance at 20782, 20825, 20901 . Support at 20547,20419,20389,20251.

NIFTY (6194)

Resistance at 6223, 6246, 6261.Support at 6160, 6140 and 6115

RECOMMENDATIONS

1) APOLLO (70.35)
   Support at 68.9 and 66.Resistance at 72.5 and 74.1

2) CIPLA (332)
   Resistance at 336. Support at 330,327 and 324(Sell at higher))

3) WIPRO (429)
   Stock is weak below 434. Support at 427, 425 and 421.(Sell at higher)

4) ICICI BANK(1237))
   Support at1231, 1225 and 1218.Resistance at 1245 and 1262 (Sell at higher)

5) RELIANCE CAPITAL(814)
   Resistance at 821. Above it can even test 825 and more. Support at 811 and 807. (Sell at higher)

DERIVATIVE STRATEGIES

• SELL TATA STEEL AT 638
• SELL DLF AT 349