Technical Analysis 23-Dec-10

Our markets are expected to open with a positive note and are expected to trade sideways. Selective buying can be seen during the day.

Sensex (20015)

Sensex has resistance at 20166, 20195 and 20242. Support at 19930, 19803 and 19703.

NIFTY (5984)

Resistance at 5991,6028 and 6035. Support at 5956 and 5944.

RECOMMENDATIONS

 

1)    NITIN FIRE (77.9)                                                                                                                                                                                                                                                                                                     Support at 75.1 and 73.5. (Buy for short term) Resistance at 78.5 above it can test 80 and 83.

2)    SESAGOA (304.55)

Resistance at 306 above it can test 308 and 314. Support at 300 and 296. (Buy at declines)

3)    BHARTI (343.25)

Support at 340 and 335. Resistance at 346 above it can test 349 and 353. (Buy at declines)

4)    SYNDICATE BANK (129.3)

Support at 127 and 125.5. Resistance at 131 above it can test 134 and 136. (Buy at declines)

5)     TATA CHEMICALS (383.5)

Support at 383 and 379. Resistance at 389.9 above it can test 392 and 398. (Buy at declines)

DERIVATIVE STRATEGIES

BUY SYNDICATE BANK AT 127.

BUY BHARTI AT 337 LEVELS