Technical Analysis_18Nov10

Market may open with a flat note and is expected show some recovery but as the overall outlook is still weak, we may see markets finding it difficult to stay at higher levels.

SENSEX (19865)

Sensex has Resistance at 19966, 20094, 20175. Support at 19742, 19650 below further downside.

NIFTY (5988)

Resistance at 6009, 6027 and 6049. Support at 5970, 5950 and 5913

RECOMMENDATIONS

1)    CREST ANIMATION (93.5)

Support at 91 AND 88.5.Resistance at 95 if moves up then it can test 98 and 102 and more. (Buy for short term)

2)    BOSCH (6428)

Resistance at 6438 above it can test 6451, 6650 and 6800 in the short term. Support at 6396 and 6325 (Buy at declines)

3)    BPCL (725)

Resistance is at 731 above it can test 738 and 745 (Buy at declines). Support at 718 and 711.

4)    RELIANCE CAPITAL (749.25)

The stock is weak below 756, if trades below 745 it may test 738 and 732. Resistance at 760. (Sell at higher)

5)    HINDUSTAN COPPER (359)

The stock is weak below 370 and support is there at 355 below it may test 352 and 343. Resistance at 375. (Sell at higher)

DERIVATIVE STRATEGIES

BUY COAL INDIA AT 312