DAILY REPORT FOR
NIFTY (4828 -48 pts)
Supp 4790/4745/4700 Res 4890/4925/4960
SENSEX (16086 -130 pts)
Supp 16000/15880/15600 Res 16150/16450/16700
· We could not cross the resistance at 4915 and did correct towards 4800 yesterday. But today is a new day and more importantly it is F&O expiry day for month of March 2008. A lot of short covering has already happened but more is expected in individual stocks. That is why we see these more-than-20% moves in a single day in many stocks. Purva and KPIT were examples of yesterday when they both were up more than 20%.
· 16450 and 4925 are resistances for Sensex and Nifty respectively and supply is not ruled out from higher levels until these are crossed. Stock-specific movement will continue and the range for the Nifty today can be 4745 to 4920.
· This market is not going to be very fast like before and we have to take profits when we get good returns as our stocks may move lower to buy back again.
· JK Cement (152):- Buy around 145-149 with SL 130. The stock can target 168-172.
Disclaimer: These recommendations are based on the theory of technical analysis and personal observations. This does not claim for profit. I am not responsible for any losses made by traders. It is only the outlook of the market with reference to its previous performance. You are advised to take your position with your sense and judgment. I am trying to consider the fundamental validity of stocks as far as possible, but demand and supply affects it with vision variations.