Technical Analysis 22-Dec-10

Markets may open with a firm note and is expected to trade higher. Major resistance is there at 6067.

Sensex (20060)

Sensex has resistance at 20124 and 20249. Support at 19984, 19880, 19750 and 19713.

NIFTY (6000)

Resistance at 6018, 6030 and 6067. Support at 5983, 5958 and 5948.

RECOMMENDATIONS

1)    BAJAJ HINDUSTAN (110.15)                                                                                                                                                                                                                                                                                         Support at 107 and 104.1. (Buy at declines) Resistance at 112 above it can test 116 and 118.5.

2)    EVERONN (590)

Resistance at 601 above it can test 615 and 666. Support at 585 and 575. (Buy for short term)

3)    PATEL ENGINEERING (307.15)

Support at 299 and 291. Resistance at 310 above it can test 320 and 326. (Buy for short term)

4)    DR REDDY (1686.7)

Resistance at 1695 and 1710. Support at 1672 and 1665 below more selling can be seen. (Sell at higher)

5)     STERLITE (176.75)

Support at 173 and 171. Resistance at 177 above it can test 179 and 183. (Buy at declines)

DERIVATIVE STRATEGIES

BUY PATEL ENGINEERING AT 299.

SELL DR REDDY AT 171615)