DAILY REPORT FOR
NIFTY (5022 -27 pts)
Supp 4985/4950/4910 Res 5080/5120/5150
SENSEX (16698 -85 pts)
Supp 16560/16450/16200 Res 16890/17140/17350
Outlook for
· Sensex has held on to its support at 16560 for 2 consecutive days and until that is taken out, we can see 17200 being chased. But as today is expiry of derivatives contracts for current month, volatility is not ruled out.
· In case of correction, Nifty has got very good support at 4900-4915 from where it should bounce once again.
· Crompton Greaves (267):- The stock has seen a nice fall from its November 2007 peak at 454 and now it should target 310-315 in short-term. Buy with SL 244.
· Glenmark Pharma (596):- One of the rarest stocks to come near its all time highs of 624. It looks like targeting 650 now. Try to buy in dips. Today is F&O Expiry and one can get chance of picking good stocks in sharp intraday corrections.
· ONGC and Reliance have plenty of weight in both Sensex and Nifty. ONGC has broken out and Reliance Industries has good support around 2500-2530. They hold the key to the market trend now.
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.
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