Technical Analysis 21-Dec-10

Markets may open with a firm note and is expected to trade higher. Profit booking can trim its early gains.

Sensex (19888)

Sensex has resistance at 19944, 19999 and 20193. Support at 19677, 19575 and 19537.

NIFTY (5947)

Resistance at 5963, 5985, 5992 and 6000. Support at 5938, 5922, 5900 and 5879.

RECOMMENDATIONS

1)    TATA CHEMICALS (373)                                                                                                                                                                                                                                                                                                Support at 368 and 361. (Buy at declines) Resistance at 375 above it can test 380 and more.

2)    ROLTA (152)

Resistance at 154 above it can test 158 and 161. Support at 149 and 145. (Buy at declines)

3)    L&T (1978)

Support at 1965 and 1949. Resistance at 1985 above it can test 1999 and 2015. (Buy at declines)

4)    MARUTI (1415)

Resistance at 1419 and 1524 above more buying can be seen. Support at 1403 and 1385. (Buy at declines)

5)     SHIV-VANI OIL (399)

Support at 392 and 385. Resistance at 405 above it can test 410 and more. (Buy at declines)

DERIVATIVE STRATEGIES

BUY HERO HONDA AT 1960

BUY HCLTECH AT 442