Markets On 07-08-2008

Because of strong overnight positive sentiment, Nifty opened on a positive note, but it found some profit booking at higher levels. Finally it closed 15 points up from its previous day’s close. On chart it has formed a shooting star pattern. On intra day basis Nifty had tried to close above 4600 but was unable to close above it. So for further up move, Nifty should give a weekly close above 4600, otherwise it may comedown to 4360-4400 level. Sector wise, Auto sector is looking good. Otherwise rests of the sectors are looking a bit tired. So it will be a better idea to wait for 1-2 days before taking any action. For Thursday, support exists at 4470 and then at 4410. On upside, resistance exists at 4555 and then at 4590

Today if Nifty Future crosses the level of 4545 then it can go up to the level of 4615 to 4695 but its very difficult to happen but if Nifty Future trade below the level of 4535 then it can go below the level of 4480, 4420 to 4190.

Opening is flat to down,stay short below 4535 sl abv 4560 tgt 4480-20.sustain abv 4545,Buy with SL below 4530 tgt 4590-4615.

RES 1-4615 RES 2- 4695 SUP 1–4480 SUP 2-4420

NIFTY FUTURE : Now major support at 4480 below this slide up to 4420. At upside if start trade above 4545 then it go for 4590 to 4650 level.

BSE SENSEX : For a day trader, it has a good support around 1493 and if break this then slide up to 14780 to 14540. At upside face hurdle around 15175 and if cross this then it go for 15320 to 15565 level.

RELIANCE : It has a strong resistance around 2350 so for further rally it is required to close above 2350. For a day trader, it has a support around 2273 and then 2248. At upside if cross 2311 then it go for 2336 to 2374 level.

SBI : Now major support at 1470 if break this then slide up to 1422 to 1338 level. At upside it has a resistance around 1554 above it go for 1602 to 1686.

TATA STEEL : Now if break 628 then it slide up to 611 to 581 level, At upside it face hurdle at 658 if cross this then it go for 675 to 705 level.

L&T : Use 2717 and buy this stocks, above 2769 it zoom to kiss 2813 to 2865 level. At downside below 2717 it slide up to 2673 to 2621.

INFOSYS : Now if break 1690 then it slide up to 1655 to 1610 level. At upside it face resistance around 1735 and if cross this too then it go for 1770 to 1810+.

Buy INFOSYS Above @ 1705 Target 1735-1770-1855.

ONGC : Ready to up move if cross 1025 then it go for 1040 to 1055 level. At downside support around 1005 and if break this then slide up to 995 to 980.

Sell ONGC Below @ 1015 Target 995-970-960.

REL CAPITAL : If cross 1396 then it go for 1441 to 1513 level. At downside support at 1324 and then 1280. Buy this stocks on every decline.

REL INFRA : Good support at 980. Every decline buy this stocks if cross 1036 then it go for 1068 to 1124 level. below 980 it slide up to 948 to 892.

BHEL : For a day trader, it has support around 1788 and if break this then slide up to 1748 level. At upside above 1831 it go for 1871 and then 1914 to 1954.

DLF : Now major support exist at 533 and if break this then slide up to 521 to 501 level. At upside it face resistance at 553 if sustain above this then zoom to kiss 565 to 585.

Buy ACC Above @ 645 Target 655-670-700.

Buy BHARTI Above @ 875 Target 890-910-950.

Buy COLGATE Above @ 435 Target 450-475-520.

Buy M&M Above @ 565 Target 580-600-640.

Buy TCS Above @ 860 Target 880-890-930.

Sell WIPRO Below @ 450 Target 430-405-395.

Sell SUZLON Below @ 245 Target 230-215-210.

Sell RCOM Below @ 450 Target 435-425-420.

Sell JPASSO Below @ 185 Target 175-165-160.

Sell INDIACEM Below @ 160 Target 150-140-135.

Sell HPCL Below @ 240 Target 225-210-205.

Sell GRASIM Below @ 2045 Target 1960-1880-1840.

Sell CANBK Below @ 215 Target 205-195-190.