NEWSLETTER

(NOORESH)

Sensex Technical View:

Nothings changed here...Sensex if stays above 15600 could target 16050 for near term. Allthough a move above should be seen with higher volumes and a larger magnitude else it would be a divergent signal.

Continue to be stock specific as the action has clearly shifted as i have been saying everyday.

Stocks to watchout for :

I-flex i.e OFSS has moved up sharply book at 1480-1550. PFC tgt 245 stop now 228.

RCOM buy with a stop of 275 tgt 295-320 in short term.

ROLTA

The stock may be headed to 190 in short to medium term. Only laggard in the IT space is all set to catch up !! ( disclosure : Already recommended to clients at 143 ! )

WE HAVE STARTED NEW SERVICES ---- All performance reports posted on the right sidebar !! ( Consistent performance )

Do check www.analyseindia.com

15% discount only valid till this Sunday.

MY CHART

Nifty :: Exactly match the path which we draw from last one week.. Made strong support at low and turns up sharply.. Day by day volume also increase and its support Inverted H&S pattern.. But still below neckline 4700, and up to neckline be cautious at every sharp up move. Avoid buying at high wait for breakout with strong volume as closing basis.. On 31st July closely watch strong resistance zone 4620 to 4638, and above it next strong resistance 4700...Now 4538 to 4504 zone works as strong support.. Our strategy for 31st July if Nifty open flat buy in deep (S.L 4504) Sell at high (S.L 4700) if open gap up sell at high (S.L 4700) buy in deep (S.L 4504)..Resistance for up move at 4592/4620/ 4631/4638/4700.. Supports at 4538/4528/4504/4474/4436…

(Inder Bhatia)

The Indian market opened on flat note on weak global cues and turned positive zone with volatile session and close with green zones. For coming trading session if nifty trade above 4580 levels it can test 4604-4621 zones .On the lower side trading below 4520it likely to test 4503-4469 zones .

S S Cheema)

We have ended the July expiry and will be ending the month too today and the undercurrent against a majority of expectations remains to be buyout and going forward leaving scores of bears on the wrong side. Yesterdays run up just short of the day end did more than just giving a white candle – it showed that the bulls still rule the roost so as to say. However if the FIIs and the DII activity data (provisional) is to be believed then one can see that the DIIs for the past few days are as convinced as many others that the time is ripe for a correction for whatever it is worth. With each passing day it has become more and more difficult to take positions as the trend has reached a time where it can break out either side – bullish or bearish – but in the same breath let me also add that there is nothing that indicates that the bullish run up is over so far. With the expiry behind us – the markets will take a stance that will show out in next few days. Once the trend is certain then we will take positions. But till then it is always good to see others – making money perhaps some time and loosing other times.

The Global cues are rocking to say the least. Asia yesterday was green with Nikkei 0.51%, Hang Seng up 0.49% and Strait Times up 1.23%. Europe opened flat to negative and then started climbing – never to look back. It finally ended at extremely good levels. The reasons were two fold. Firstly the results have been good there for past few days and secondly the US played its part. FTSE was up 1.85%, DAX up 1.71% and CAC was up 2.08%. US too opened green and then went on to touch the best levels for the year before sobering down a bit before closing. Green neverthless. Dow was up 0.92%, Nasdaq up 0.84% and S&P up 1.19%. The reason for this performance was better than expected earnings, lack of negative head lines. Ofcourse the Asia is likely to open green after all this. Nikkei has started the session 1.07% up.

The technicals that I follow are like this… Candle is white and the highest day before was 4574 and the highest yesterday was 4571. So practically the top has not been taken out. The body of the candle however engulfs the day before’s black candle and that by itself is bullish. We are still nowhere the top edge of the Bollinger bands and it may be a while reaching there if at all. 3 EMA is above the 15 EMA and ideally according to this would be to hold longs. The volumes were 97% of last 50 day average. Now here is a surprise. ADX line has gone down instead of going up. The +DI has also dropped down. ADX is bullish but loosing strength all the same. ADX is at 17 and that is extremely trendless. The MACD is bullish but the divergence has reduced a bit. RSI is bullish and rocking. Slow Stochastic shows overbought and bearish so that is the lone indicator that I follow generating a sell.

Here is the new months option data to start with. For the month of Aug the call build up of 4700 has the maximum open interest. (29.5 million), Then we have build up in 4000 puts, 4500 puts and 4400 puts (21.7, 20.9 and 18.9 million respectively) Finally we have an open interest of 18.7 million in 4500 call. Over all as seen from the put call ratio chart posted above the put build up is slightly more and that will in no way dictate the direction as of now. The levels to watch out for are 4700 and 4500 on the upside and the 4000, 4500 and 4400 on the downside. reliance – that is in a bearish trend on charts has extremely high call build up as seen in the chart and as far as ICICI bank is concerned the call put build up is almost the same with slight favour of calls.

So all in all we to summarise the Global cues are good and rocking. The candles showed a break in upswing might now resume the upswing and are bullish with exception of ADX (weak and trendless) and Stochastic (overbought and bearish) The option data is yet to build up to a level where there will be too much to read into it. Ideal strategy is to hold long with stoploss of 4475 and if short do not hold above above 4585 at closing.

Yesterday market will open huge downside and heavy volatile in maket's. And Second off the market will pickup it will trade and close the Nifty will 4570 levels. Today we expect market will open hugeup for 20 to 30 points and the nifty will trade above 4620 levels the nifty will another positive trend it will go uptrend for 4680 to 4720 levels. Suppose the nifty will trade 4550 to 4520 levels the nifty come small downside for 4480,4460,4445 to 4420 levels only . Today are coming monday nifty will tuch new high for 4720 levels. This day and coming week market will technically bullish trend only.

Nifty Spot

R-4545/4610/4650.
S-4505/4436/4396.

Nifty Fut

R-4545/4612/4645.
S-4513/4449/4415.

Sensex

R-15288/15510/15633.
S-15165/14943/14820.

Yesterday our sell call not active. But call four target achived. Today Nifty Buy abv 4545 SL 4515 tgt 4560,4570,4590,4620,4650,4680 to 4720. Nifty Sell below 4515 SL 4545 tgt 4500,4480,4460,4445 to 4420 levels.

Cummins India Ltd.
500480 CUMMINS Group (A)
CMP 273



The stock has broken its recent bearish trend with support at 261.
However it has a lot of resistance in the range of 275-290.
If it breaks 290 it could go to 325.

Half Hourly Chart

Daily Chart Showing Channel Target

Daily Chart

• Rangebound and volatile between 4500 and 4600 since last 5 trading days. I am not counting the lows till 4421 as they were swallowed without leaving much trace.
  
• Daily stochastics in sell , Macd in buy and above zero line and RSI14 turned up again and above 50 level. Intraday oscillators strong .
  
• Back above the downtrendline from January 2009 highs. If maintains above it then Nifty could target 5225.
• Moving averages on all time frames are bullishly aligned .
  
• Today was a bullish engulfing candle, which, though appears bullish could be a signal that the trend is about to end as the last of the herd may be buying from the smart traders who are selling. "A big bullish Engulfing pattern observed at the top of a trend usually represents the last gasp of the trend." Tomorrows action should confirm whether it is the last gasp or a fresh breath of air.

Tomorrow is a weekly as well as monthly closing which would help us get a broader view of the action of this month. All time frames are bullish now and i would remain long with a stop at 4380 on closing basis. Keep light till the 4600-4693 levels are taken out decisively.

MUNJAL SHOWA closed up 9.500 at 57.000. Volume was 1,281% above average (trending) and Bollinger Bands were 80% wider than normal.

Technical Outlook
Short Term: Neutral
Intermediate Term: Bullish
Long Term: Bullish

• HERE
• We are only interested in a long position.
• The momentum is up.
• The upward momentum is accelerating.
• If not already long this is a good place to look for a valid signal to buy.

Bharat Mudgal’s comments:

HERE

MUNJAL SHOWA has gained strong upside momentum and is looking good on charts. Buy at current level and on any decline up to 46 with stoploss at 43.50 on a closing basis. Target 59.85 > 62.80 > 68

Nifty Chart - Daily:

Nifty formed an Inside bar with low volumes in daily charts yesterday, and closed at day's high. If high of 4571 is taken out today, then this 4571 level may act like good support. Nifty formed a tweezer top at 4608 levels which may give good resistance for today.

Nifty Chart - Hourly:

On the higher side Nifty may take resistance at 4608 levels, also the trend line joining the peaks of 12th June and 28th July which is at 4623 levels may give immediate resistance. If Nifty breaks above then it may reach up to 4680 levels. If 4700 is broken decisively then bulls may ride the market further up.

On the lower side yesterday's low of 4475 is important, If it is broken then we may see Nifty moving towards 4416 levels. If the support line at 4416 level is broken we may see bearishness in the market.

PS : Moving my Stop loss for 25% of my holdings to 4475 - filter from 4387 levels. If 4700 is taken out decisively then will add to my present holdings.

(ss)

Reliance is likely to find support around 1900~

(ss)

The 5 day ATR (green line above) has dropped to 99.92 the lowest since 11th May. A contraction in volatility is almost invariably followed by an expansion so we can expect a big move - probably upwards - in Nifty Futures.

NEWSLETTER

(NOORESH)

Sensex Technical View :

Sensex has given the first little weak signal by breaking the recent bottoms around 15200 in the day but managed to recover back close to those levels. On the downside important supports are placed around 14750 which is a decider for the short trend till then continue to trade with positive bias on specific stocks.

Till it doesnot cross 15600 i would continue to stick to the cautious line of not being leveraged !!

Stocks to watchout for :

Have been consistently mentioning about booking partial profits and keeping strict stoplosses to conserve gains . This strategy helped us to clean our trading positions little early as well as clearing the trading positions to minimal helps taking a fresh perspective.

So the crack in the day actually makes lot of leverage traders cautious which is a good thing to take in ur stride.

Welspun,Unitech,NTPC gave good gains. Got stopped out in Neyvyeli, Nagar const. Henkel,Emami maintain bullish stance.

Some of the super client trades: Welspun 205 to 220/230. NTPC 205 to 220. Rico Auto 18 to 30, Satyam 80 to 100-110. Unitech 77 to 92 .... the list goes on ..............

Report for the month of July will be posted in 1st week.

CROMPTON GREAVES

Stock has multiple tops around 310. Buy if stays above 310 for a tgt of 330-350 in extreme short term. Stop of 299.

Power Finance

Day trading buy above 232 stop of 225 tgt 245. or buy around 225 stop of 220 tgt 232.

Kingfisher Airlines 55.5 and Tech Mahindra 834 are levels above which quick traders can look for momentum move.

Investment Picks which fundamental people can have a look i am still to look in deeper. Technical Bias as of now.

ION Exchange

Hindustan Tin works

Ganesh Housing

Dow Jones is nearing for GANN Resistance trendline near 9200-9250 Zone. Trend reversal is nearing for Dow Jones

However breakout above 9300 will target 11000-11500 in Dow Jones

MY CHART

Nifty :: And finally Engulfing bear candle pattern work.. Nifty move down sharply from supply zone.. Still midterm momentum is up and that’s why buying seen in every decline.. But short term momentum turns negative after today’s candle.. Slowly-slowly as we say volume increase, and its good sign for our long bullish Inverted H&S pattern as far as Nifty stay above 4150.. Till then for short term our strategy for 30th July Sell at high (S.L 4625) buy in deep (S.L 4420).. Resistance for up move at 4529/4548/4594/ 4600/4625.. Supports at 4462/4420/4390/4338…

(Inder Bhatia)

The Indian market opened on weak note on weak global weak cues and close with negative zone .As we had mention below 4529 rising wedge will crack and kiss low 4410 levels .For coming session 4542-4560 zone will act resistances and if nifty trade below 4463 it likely to test 4427-4342 zones .



vindakrishna)

Tata chemicals is now at a zone where previous support has now become a resistance.
260-275 is a uncertain zone.Once that is crossed it could go past 300.














NIFTY VIEW :- ABOVE : 4615.80 - 4655.55 - 4707.70BELOW : 4541.00 - 4508.80 - 4481.00

RIL IND VIEW :- ABOVE 1955 - 1988 - 2023 - 2079 SUP 1919 - 1881 - 1818 - 1777



GSPL ABOVE 71.20 - 77 - 84 ONE WAY MOVE BIG BLAST

JP HYDRO RADY FOR BIG BLAST ABOVE 86.60 - 92.20 - 99.80 - 110

MAHINDRA HOLIDAY ABOVE 394 - 418 - 455 WHO IS BUYINGG ??? DID U KNOW


Nifty Intraday Chart - 5 mins:

Nifty clearly formed a trading range from 27th July till yesterday, demonstrating price distribution. It gave a break down from the range giving hints to the change in the short term trend. Now 4527 - 4533 may act as good resistance.

Nifty - Hourly Chart:

On the higher side 4527 - 4533 may give initial resistance. Nifty has to cross this range decisively to give some strength to bulls. If this range is taken out with confirming volumes then the chances of reaching the top line (4608 levels) is prominent. 4680 may act as next major resistance.

At present Nifty is looking weak, it has to move up with good volumes or gap up above the resistance levels (which is unlikely for tomorrow) to resume the up move. On the lower side it may face resistance at 4460 levels. Below that it may reach up to yesterday's low. 4390, 4340 may act as next support levels.

NEWSLETTER

(NOORESH)

Sensex Technical View ;

Sensex has been a very small range for last 3-4 sessions indicating a pause before it decides its next move. On the upside there are exact tops at 15463 and on bottom side 15220-15240 for last 2 sessions.

15150/14750 are support levels below which i would get cautious on the index. A move beyond 15600 would take us to 16050.

Simple strategy is be stock specific and STRICT with stoplosses. If hit be ready to get to CASH position simple :)

Stocks to watchout for :

Nagarconst , Alstom charts posted

Unitech 80 to 98 rocked !! , Welspun 205/211 to 230 !! , NTPC 220 ! .. .......... Many more trades in our advisory service though :)

Neyvyeli stop 130. Compact 59-60.Henkel hold. Madras only on sustained closing. Renuka crosses and shoots up ( Renuka at 120 and Balrampur at 90 recommended to clients )

I-Flex buy with a stop of 1345 for a tgt of 1480-1550 only for quick and lion hearted traders. Nice lil breakout on charts.

Astra Zeneca Pharma and Abbott are 2 pharma stocks which are illiquid but seeing more volumes but difficult to trade so just a watch.

Sterlite Inds if able to cross and stay above 672 can touch 695-710 in short term. Quick traders can keep a watch.

Nitin Fire and Mahindra Lifespaces is what traders can watch for volume increase or breakout.

MY CHART

Nifty :: Supply zone again works as strong resistance for up move.. Nifty last candle made An Engulfing bear, Spinning top candle pattern, a bearish sign near top. Positive sign is volume, gradually moving up even in side way movement, given support for breakout of Inverted H&S pattern. For 29th July Watch two strong support 4528/4507.. Still higher level works as strong resistance and that’s why our strategy for 29th July sell at high (S.L 4700) buy in deep (S.L 4507).. Resistance for up move at 4615/4632/4652/ 4700.. Supports at 4528/4507/4490/4464…

(Inder Bhatia)

The Indian market opened on marginally up and after opening turned in to negative zones and end session with red zone. Nifty was trading in narrow range on hourly chart nifty is forming rising wedge pattern and trading below 4529 it will confirm sell pattern .If nifty trade above 4587 it can test 4602-4624 zones on the lower side below4530 it will test 4460-4410 zones .

(S S Cheema)

Like I have been saying for past so many days – the markets are not going anywhere in a hurry this expiry. The reason too has been listed as the open interest of the options. The data is simply to hard to refute. The markets will not go where there is exceptional pain for the option writers. That is what is happening every particular day – no it is not that it is sacrosanct that it will shape up this way – but as of now the fact is that the markets are being kept to make the options expire worthless while keeping that – I might still make it factor dangling in front of option buyers. The same story repeated over and over again. Another thing that I see over and over again is that Fiis and DIIs taking opposite stances at the same period of time – who makes money? FIIs or DIIs? GOD only knows. The news form the good news here, good news here.. has started dying down and we now have hints of bad news here… bad news here… popping off and on. monsoons remain deficient, it is now certain that Swine flu is not likely to leave us any time soon and the India’s tally rises to 475, the results remain mixed at the best, unemployment remains at pretty high levels.

The Global cues remain the same – neither here nor there variety. Asia had a mixed day with us and Nikkei flat and Hang Seng and Strait Times both up 1.84%. Europe started absolutely flat and then as the US opening came closer started loosing ground finally ending – red like in red. FTSE down 1.25%, DAX down 1.46% and CAC down 1.23%. US opened red – came to the flat line and then sunk again only to start a recovery close to the end session and Dow presently is just 0.29% in red. Nasdaq already in green and S&P 500 down 0.49%. the stocks had fallen on earnings and confidence data. It will be interesting how the US markets close tonight.

On the charts this is the second day of the Doji and it conveys extreme confusion still persisting. Every moment spent at these levels will only make the coming trend more stronger. The candles are no longer trailing the upper edge and the markets may require something extraordinary to continue going up. The volumes of nifty were 97% of the 50 day average. On ADX I have got totally confused as the data presented on iCharts is conflicting with the one on my software that I use. All the same the +DI line has definitely come down and the ADX line is still at 19 giving no credence to the present trend. The MACD remains to be bullish with exactly the same divergence. RSI is bullish but is now showing the signs of getting exhausted. Slow Stochastic is overbought but the %K line being above the %D line still trailing bullish. The TRIX too is looking up and seems in bullish mood.

I am not posting the put call options chart for nifty as it remains more or less there only. Only thing that I notice is that slowly and steadily the next month is mirroring this months doings in the sense that the Put build up is so far more than calls. If it continues like this only then the chances are that the markets will not have the expected fall in Aug. Any way that is some time away and we will see it when the time comes.

All in all the global cues are turning weak, the fundamentals are also tumbling. The technicals are bullish with exception of ADX being weak and Stochastic being overbought. Another dark cloud in the sky would be the appearance of two Dojis one after the another. The fall if it comes can be quite huge. The options data is the one preventing the markets from going down. Ideal strategy would be to come out of longs and wait for re-entry. For intraday do not hold long below 4521 and do not hold shorts above 4592. The range is constricting and the breakout can be vicious.

Bramesh

An excellent case of Multiple tops Recatangular pattern tgt 355 362

Bramesh

SBI The PSU behemoth charts are presented:

Technical Observation:
Stock is at its resistance zobe of 1740 once thats is crossed can bounce till 1766 and 1793

Support for stock comes at 1672 and if thats get broken can fall easily till 1630 1570 1500

Yesterday market high volatile and nifty it will not cross 4600 levels. And the closing of market marginal negative. Today the market will open huge uptrend for 20 to 30 points. The nifty will cross 4620 levels the market will further bullish trend for 4640 to 4720 levels only. Today and tommorrow nifty will trade new high for 4720 to 4820 levels. Suppose the nifty will trade below 4550 levels small correction in market's the nifty it will come downside for 4480 to 4445 levels. Then the nifty 4445 level break the nifty will come 4420 levels only. Tommorrow Future and option closing this month , So we expect short covering coming in market's. So the nifty will trade new higher levels.

Nifty Spot

R-4564/4600/4635.
S-4530/4493/4458.

Nifty Fut

R-4570/4602/4642.
S-4530/4496/4456.

Sensex

R-15345/15450/15570.
S-15227/15121/15003.

Yesterday our sell call not active , but buy call two target achived. Today Nifty Buy abv 4570 SL 4530 tgt 4590,4600,4610,4620,4650,4670 to 4720 levels. Nifty Sell below 4530 SL 4570 tgt 4510,4500,4480,4460,4440 to 4420 levels.

For the past few weeks global markets have been supportive and domestic results have been good.Liquidity has been high with FII's buying.Now things have changed a little.
The market has paused with heavyweights like RIL and Hindustan Unilever reporting poor results.However liquidty has still remained high.

Is this pause a consolidation to move up and cross 4650 or move down only time will time.It can be safely said that Nifty was stopped on its way up with sudden delivery based selling in RIL and now Hindustan Unilever.More such delivery selling of heavyweights can keep Nifty under pressure.

Trading below 4550 is the first sign of weakness with supports likely to be 4530-4495.4580-4600 continues to be resistance and supports are rising everyday which may make the breakdown easier.

If 10 DMA which is 4485 holds on any downward movement or if 4505-4525 area holds, further upmoves are possible.




Here's a look at the daily % change in Nifty Futures.
June and July have been relatively quiet months.
There is only one instance of a 6% change and 5 instancess of a 3% change.
What is normally interpreted as "volatile" by the media is actually choppyness.

SantyToday nifty found support near 4530/40 level and traded higher touching high at 4590 but closed just below opening level at 4564. Today’s candle is a bearish bar and past 6 sessions daily candles shows indecisiveness between buyers and sellers. As we had discussed in my earlier post, nifty has broken the pink trendline and closed below it. So, if tomorrow market moves to down side, then watch the price action and volume. If market moves down by making lower highs and lower lows pattern ( in small time frame, 5/15 min frame), then SELL at 4525 with stop loss at 4560 for target at 4480.




Half Hourly Chart

Daily Chart showing rising wedge

Daily Chart

• We have twin dojis on daily charts.
  
• Yesterday's lows held and highs were scaled by just a whisker.
  
• The Nifty is moving up in a rising wedge and the lower trendline has been broken but there is a only a sideways movement till now. Anticipate a sharp fall if continues to trade below the trendline.
  
• Oscillators on Daily charts are strong but intraday charts continues to show negative divergence.
• The neckline of the inverse head and shoulder show in green is proving strong resistance.
• Nifty maintains for the third consecutive day, the breakout from the downtrend line drawn from all time highs shown in green on daily charts.
  

Uptrend is intact. However one needs to be cautious considering the fast and steep runup without meaningful corrections, break of lower trendline of the rising wedge and the warning negative divergences on intraday charts.

Resistance and support levels marked on charts.



(SVShah)

It was another volatile day for the Indian markets as the Sensex made swings through negative and positive zones. After opening in a positive zone, it immediately entered the negative zone. Sensex managed to recover in the afternoon session but only to decline in the fag end of closing. While Sensex closed at 15331 .94 down 43.10 points Nifty closed at 4564.10 down 8.20 points. Real Estate and Automobile Index were up with RBI maintaining status quo But Banking index witnessed a decline of 1.22 per cent. Other sectoral indices remained out of the limelight and ended on a flat note. But the mid-cap and small Cap indices managed to outperform the Sensex with significant gains. Market breadth was positive with 1709 advances and 945 declines.

NIFTY (4564.1)

Resistance : 4600 / 4635 / 4655 / 4685

Support : 4530 / 4515 / 4485 / 4460

SENSEX (15331.94)

Resistance : 15450 / 15585 / 16045

Support : 15280 / 15205 / 15105

NIFTY FUT (4566)

Resistance : 4605 / 4645 / 4680

Support : 4535 / 4490 / 4450

MKT COMMENTS

NIFTY FUT OI (both series) up with increasing volumes indicating forming of short positions at higher levels.

We expect NIFTY FUT to trade volatile.

On Wednesday,Opening Is Flat To Down,

Buy NIFTY Above 4570,Sl Below 4555,Tgt 4600/20/35/60/75

Sell NIFTY Below 4545,Sl Above 4560,Tgt 4530/05/4480/65/40

BUY

IVRCLINFRA Above 345,Sl 340

APIL Above 540,Sl 530,Tgt 545/50/55/60

KFA Above 50,Sl 47,Tgt 53/55/57

SCI Above 125,Sl 120,Tgt 130/35/40

RELINFRA Above 1180/85,Sl 1170,Tgt 1210/20/30/40

SELL

RELCAP Below 905/900,Sl 915,Tgt 890/80/70

SBIN (1682),Sl Above 1700,Tgt 1665/55/45

INFOSYS Below 2010,Sl 2035,Tgt 1990/80/70

FUTURES July

SAIL (177.5)

Support : 175/173

Resistance : 178/180/182/185

RELINFRA (1210) : Buy@ 1195,Sl 1170,Tgt 1215/30/40+

ICSA : Buy@ 186,Sl 184,Tgt 188/90.6/92.5/94.3/96/98++ (Lot Size : 1200)

INFOSYS(1995) : Sell@ 2010,Sl 2035,Tgt 1995/85/75/65

RELCAP (892) : Sell@ 900,SL 915,Tgt 890/80

BANKINDIA : Sell@ 322,Sl 325,Tgt 319/17/15/13/10/06/04++ (Lot Size : 950)

Spot Nifty Intraday Chart - 5 mins:

Sensex Intraday Chart - 5 mins:

Both the sensex and spot Nifty are moving in channel, break out or break down of which may give the direction the next trend.

NIFTY(4564)-

We wrote here yesterday one should concentrate

on quality stocks and not to bother about the Index

movement. Tuesday(28 th July) was yet another day

of volatile and aimless movements, the benchmark

index failed once again to sustain at the top. Today

we will definitely trade above 4600 for some time and

will take support at yesterdays close(4564) and dipping

below 4550 trading there for considerable time will be

indication of further correction. We have said earlier and

we repeat that correction will be in healthy for the market

and there is no reason (as on today) to fear a sell off of any

kind. For Nifty 4400-4750 will be the market range in

coming days.

UNITECH(95.7)-

Support 94 and 92 SL 90.Target 100 and 104.

ROLTA(142)-

SUPPORT AT 140 AND 137 SL 135.Target 150.

YESBANK(162.65)-

Support at 160 and 158 SL 156.Target 169.

MOSERBAER(85)-

Support 84.5 and 82 SL 80.Target 89.

RNRL(82.7)-

Support at 81 SL 79.Target 85.