Technical Analysis 28-Jan-11

Markets may open with a downside note and is expected to trade lower. Selective buying can be seen in the later part of the day.

Sensex (18684)

Sensex has resistance at 18773, 18802 above 18938. Support at 18669 and 18540.

NIFTY (5604)

Resistance at 5622, 5630 and 5670. Support at 5588 and 5550 below further selling.

RECOMMENDATIONS

1)    HINDPETRO - (361.75)                                                                                                                                                                                                                                                                                                            

Support at 355 and 351. Resistance at 365 above 371 and more (Buy at declines)

2)    CIPLA (333.45)

   Support at 325 and 315. Resistance at 338 above it can test 345 and more. (Buy with a strict stoploss below the support)

3)    FDC (107.35)

     Support at 103 and 102. Resistance at 110 above 113 and 121. (Buy at declines)

4)    HDFC BANK (2050)

    Support at 2030 and 2010. Resistance at 2100 above it can test 2122. (Expect wild swings)

5)     SESAGOA (330.4)

      Support at 324 and 314. Resistance at 335 if moves up it can test 346.

DERIVATIVE STRATEGIES

SELL HINDALCO FUTURES AROUND 236 LEVELS

SELL M&M FUTURES AROUND 743 LEVELS