Technical Analysis 27-Jan-11

Our markets may open with a firm note and is expected to trade sideways. Volatility can rise due to expiry.

Sensex (18969)

Sensex has resistance at 19041, 19094 above 19167. Support at 18900, 18865, 18825 and 18764.

NIFTY (5687)

Resistance at 5696, 5764, 5715 and 5745. Support at 5673, 5623, 5613.

RECOMMENDATIONS

1)    KSK ENERGY  (113.2)

Support at 109 and 106. Resistance at 116 above 119 and 125 (Buy at declines for short term)

2)    STERLITE (179)

Support at 175 and 173. Resistance at 187 above it can test 195. (Buy at declines for delivery)

3)    ALEMBIC (69.75)

Support at 67 and 65. Resistance at 71 above 74 and 77. (Buy for delivery)

4)    SIEMENS (743.5)

Support at 735 and 728 below 703. Resistance at 745 above it can test 755 and 760. If the rally continues then it can test 846 (Buy for delivery)

5)     INFOSYS (3259)

The stock is weak below 3305 and 3285. Support at 3236 below it moves down it may test 3226 and 3165. (Sell at higher)

DERIVATIVE STRATEGIES

·   BUY BPCL FUTURES AROUND 621 LEVELS

·   SELL TCS FUTURES AROUND 1210 LEVELS