Technical Analysis 04-Feb-11

Our markets are expected to open with a downside gap and are expected to trade sideways. Buying can be seen by noon.

Sensex (18449)

Sensex has resistance at 18520. Support at 18411, 18356, 18300 and 18220.

NIFTY (5526)

Resistance at 5534, 5555 and 5565. Support at 5502, 5488 and 5421.

RECOMMENDATIONS

1) NALCO (421.7)

The support at 415 and 408. Resistance at 425 above it can test 432 and 445 (Buy at declines)

2) TISCO (638.1)

Support at 633 and 625. Resistance at 640 above it can test 645 and 665. (Buy at declines)

3) CIPLA (329.4)

The support is at 325 and 322 if moves down further selloff is likely. Resistance at 333 above it can test 341 and 344.

4) DB REALTY (155.45)

Support at 152 below 148 if moves down it may test 138. Resistance at 158 and 165. (Sell at higher)

5) FINANCIAL TECHNOLOGIES (752.95)

The stock is technically looking positive. Resistance at 765 above it can test 777 and 785. Support at 742 and 735. (Buy at declines)

DERIVATIVE STRATEGIES

BUY L&T FUTURES AROUND 1610 LEVELS

SELL PNB FUTURES AROUND 1094 LEVELS