Technical Analysis 31-Jan-11

Market Trend

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

Sensex (18395)

Sensex has resistance at 18485 and 18587. Support at 18210, 18108 and 18000.

NIFTY (5512)

Resistance at 5530 and 5545. Support at 5485, 5465, 5444 below 5408 and 5348.

RECOMMENDATIONS

1)    MARUTI (1229) Support at 1219 below it can test 1185 and more. Resistance at 1235 and 1260 (Sell at higher) 2)    TISCO (638) Support at 632, 626 and more. Resistance at 645 above it can test 649. (Sell at higher) 3)    L&T (1607) Support at 1600 and 1590 below it can test 1560 and more. Resistance at 1615 and 1638. 4)    ACC (992) Support at 990 below 975. Resistance at 999 above 1018. (Sell at higher)   5)     ONGC (1133) Support at 1103 and 1085. Resistance at 1139 if moves up it can test 1154 and 1163. (Buy at declines)

DERIVATIVE STRATEGIES

SELL MARUTI FUTURES AROUND 1238 LEVELS SELL BAJAJ AUTO FUTURES AROUND 1270 LEVELS