NEWS

Inder Bhatia)

The Indian market opened slightly higher but slip in red territory and close in red zone. Market are witness selling pressure on higher levels near 2830 -2870 zones and trading in narrow range 2830 levels on upside and 2750 on the lower side .

(Ilango)

Nifty went up in this "e" wave from 2662 to 2882 taking 4 days and it has spent 4 days correcting the same. It might make a new low tomorrow morn if there is negative cues towards 2745 area or 2710 and the last support of Triangle's "b--d" line at 2695.
The levels of possible supports & resistances are mentioned and drawn.
If this triangle scenario is not playing out, then we might break 2660 and fall in the 5th down of the larger "A" wave.
So far the pattern of the last 4 days suggests that it is a corrective to the rise from 2662 - 2880.
Our markets are looking westwards for direction to go "South or North".
My heart sank a bit but "hold on for one more day..."









MY CHART

Nifty :: As per our yesterday post momentum turn down hole the day below 2783.. Nifty take good support near last bottom 2752 and manage to close above it.. For 6^th Feb 2752 works as strong support..Watch tow strong resistance 2805/2816 & support 2752.. In one level above 2790 momentum seems up and above 2816 momentum turns strong, below 2790 momentum down.. Our strategy for 6^th Feb below 2890 sell at high (at resistance S.L 2890) buy on deep (S.L 2752).. Resistance for up move at 2805/2816/2844/2873/ 2880/2890.. Supports at 2752/2715/2695/2660..

padiyara)

STOCKSTAR)

INDEX GAME-
BUY NF ABOVE 2777 SL 2730 TARGET 2840/2880
SELL NF BELOW 2777 SL 2840 TARGET 2730/2650

STOCKS GAME-
BUY ASHOKLEY ABOVE 14 SL 13 TARGET 15/16
BUY BRFL ABOVE 102 SL 100 TARGET 104/106
BUY DCB ABOVE 19 SL 18 TARGET 20/21
BUY DENA BANK ABOVE 37 SL 35 TARGET 39/41
BUY LUPIN ABOVE 588 SL 583 TARGET 593/598
BUY PATELENG ABOVE 152 SL 148 TARGET 156/160
BUY SIEMENS ABOVE 205 SL 200 TARGET 210/215
SELL HINDPETRO BELOW 290 SL 295 TARGET 285/280
SELL INFOSYS BELOW 1255 SL 1275 TARGET 1235/1215
SELL OFSS BELOW 620 SL 630 TARGET 610/600
SELL ONGC BELOW 660 SL 675 TARGET 645/630
SELL POLARIS BELOW 49 SL 51 TARGET 47/45
SELL RELIANCE BELOW 1280 SL 1300 TARGET 1260/1240

(NOORESH)

Sensex Technical View :

The trading range in the index has been contracting for last few weeks. Earlier we had a range of 8950-9400 then a break which took us to 8630.

Yet again index is back into a new range of 9000-9400. A move out of the range could give a move up or down of 300-450 points technically. Only a move backed by volumes could lead to a larger confirmation.

So continue to use the range to trade with strict stops or wait for a move out of the range.

Stocks to watchout for :

No fresh moves as of now so just pasting levels of few days back.

AXIS BANK

One can take two sides of a trade in this as per mkt conditions buy arnd 385-388 with a stop of 378 for bounce or short below 376 for a quick downmove. Could give 5-10 % move on either side.

IDFC

If the stock stays below 53 it could retest the low of 48-45 also. Traders can look for volume support in case that happens.

Reliance

This heavy seems to be the stock which would decide the next move in the index. 1380-1350 zone on upside and 1240-1270 on downside are critical levels in short term. A move on either side could set the tone for the index.

LnT

The stock continues to remain under pressure. Short term support at 610-625 which if broken could lead to another 10% drop possibly.