NEWLETTER

(NOORESH)

Sensex Technical View :

There was no follow up to the sustained drop of yesterday with sensex inching above 14600 in the morning hours. The closing has been strong and yet again its in striking distance of 15250 recent top.

Simply put the strategy remains the same wait for 2-3 sessions of closing below 14600 to call a trend change or above 15300 for a spike to 15580/16200. Its not a market to make quick conclusions.

Continue to be stock specific and trade with strict stoplosses as volatility will continue to be higher then usual.

Stocks to watchout for :

ITC jumps up to 191 continue to hod for more. Nestle,Saksoft,Uflex,classic diamonds maintain hold.

ICICI above 765 , Kotak Bank above 705 could see day moves.

Cummins , ITC and Kotak charts posted below.

(Inder Bhatia)

The Indian market opened on gap-down and see rebound from the lower levels and close with handsome gains . For coming session trading above 4570 it will likely to test 4618-4652 zones .On the lower side trading below 4490 it will test 4460-4430 zone .Rsi is still showing negative divergences .

(Azad)

NIFTY : (4550.95) Today Nifty face resistance at 4620, if cross 4620 then goes up to 4650 and 4690. Nifty find support at 4490, if 4490 break then fall up to 4423 and 4350.

ABAN : (1145.35)

Buy Above 1145 target 1-1203, target 2-1261, stop loss 1114
Sell Below 1114 target 1-1056, target 2-996, stop loss 1145

ABB : (735.15)

Sell Below 730 target 1-713, target 2-687, stop loss 756

AXIS BANK : (726.05)

Sell Below 730 target 1-707, target 2-698, stop loss 753

WIPRO : (423.60)

Buy Above 423 target 1-440, target 2-456, stop loss 409

BEML : (939.25)

Sell Below 920 target 1-883, target 2-825, stop loss 945

ICICI BANK : (737.85)

Sell Below 725 target 1-712, target 2-694, stop loss 744

JSW STEEL : (555.10)

Sell Below 550 target 1-528, target 2-506, stop loss 560

SIEMENS : (486)

Sell Below 484 target 1-463, target 2-428, stop loss 500

STERLITE : (653.35)

Buy Above 655 target 1-672, target 2-690, stop loss 646
Sell Below 646 target 1-634, target 2-615, stop loss 655

THERMAX : (401.75)

Buy Above 402 target 1-413, target 2-420, stop loss 392
Sell Below 392 target 1-383, target 2-376, stop loss 402

TECH M : (744)

Buy Above 730 target 1-812, target 2-897, stop loss 710
Sell Below 710 target 1-690, target 2-623, stop loss 730

BARTRONICS : (159.05)

Buy Above 160 target 1-167, target 2-174, stop loss 153

INFOTECH ENT : (180.20)

Buy Above 180 target 1-190, target 2-198, stop loss 170

Yesterday market open huge downtren and Nifty fut and spot bounce back at 4380 levels. The Nifty bounced upto 4565 levels. Today also market will continued further uptrend upto 4580,4590,4620,4635,4650,4670,4690 and 4720 levels. We expect last month 18th Nifty high 4640 level today will break today.The market bullish upto 4920 levels. Today to this month end upto we expected small correction for higher level profit booking in market's. This correction 200 to 300 points in nifty. Plz partially invest this level in market's. Anytime the correction we expected in before budget.

Nifty Spot

R-4493/4620/4690.
S-4423/4296/4226.

Nifty Fut

R-4503/4622/4687.
S-4438/4320/4254.

Sensex

R-14938/15350/15572.
S-14716/14304/14082.

Yesterday our sell call two target achived andalso buy call four target's achived.N'joy the profit's. Today Nifty Buy abv 4500 SL 4460 tgt 4520,4535,4550,4570,4590,4620,4650, 4680 and 4720 levels. Nifty Sell Below 4460 SL 4500 tgt 4440,4420,4380,4360 and 4320 levels.

SantyToday nifty did react to previous day European and US sessions and as expected found nice support at 4420/35 level after early morning pull back and closed high at 4550. Hence BUY order from 4435 to 4535 target met for intra-day trade opportunity. Nifty is in a nice uptrend in Daily time frame, so Buying near pullback/support is a better idea in this current scenario. Market is expected to go higher above 4650/4700, but before that a minor pullback is expected. For tomorrow watch the opening price level. If it opens near today’s close ( 4550) but turns down in early hours then wait for proper support level before entry. If it pulls back to 4515/4500 level (until 38.2% fibonacci retracement), then goes higher then BUY above 4530 with stop loss at 4490 for target at 4590/4600. However in the case of a major pullback, wait for next support level at 4480/4460 and BUY from this level with confirmation ( Higher highs and higher lows in 5/15 minutes time frame).

(Ilango)

LOOK AT CHART AND COMMENTS ON IT.
WATCH RELIANCE IND TOMORROW. IT CAN GIVE DIRECTION TO MARKET.

(Lakshmi Ramachandran)

Nifty Daily Chart



Nifty Half Hourly Chart

Expected a bounce/resumption of uptrend around 4334-4315 levels, but we got it much above that at 4365 ! This indicates money is waiting to get in. Today's action has retraced and closed above 61.8% fibonacci retracement levels of the fall upto 4365. Thus a test of earlier high 4636 is possible.

The half hourly line chart shows the nifty retested breakout level at 4428 and moved up again. This shows that there is strength to take the Nifty to it's target of 4758 shown on the chart and 4428 becomes a strong support and short term reversal point.

Meanwhile a rising wedge has appeared on the Daily charts. It offers resistance at 4656. This may prove a dampner to the upmove. Watchout for support of the wedge at 4393.