Sensex sustainability above 15000 is one of the major concerns and that seems to be coming true as of now as though the Sensex opened gap and did touched a high of 15369 level it wasnt able to sustain higher level and ultimately started to slip from this level to not only touch a low of 14786 points, but end the day at 14843 points down by 219 points or 1.46 per cent. This more or less was expected considering the fact that the markets have moved up quite sharply prior to that and profit booking was expected at some point in time. Currently the Sensex has broken the support level of 15050 level, which has now turned in to a resistance. Besides the weakness was all around the sectoral indices as none of the indices actually showed any kind of resilience and ended down in the red. We again reiterate on the fact that the Sensex has moved up quite a lot and it isnt able to show that confident upward movement. Besides, on the fundamental side to on trailing twelve months earnings Sensex is available at 19.5x, which is higher than its historical average of 15- 16x.
NIFTY (4398.9)
Resistance : 4435 / 4485 / 4510 / 4625
Support : 4350 / 4335 / 4305 / 4270 / 4245
Resistance : 15130 / 15215 / 15580
Support : 14630 / 14550 / 14425 / 14295
Resistance : 4455 / 4520 / 4565 / 4635
Support : 4370 / 4340 / 4290 / 4255
NIFTY FUT OI down 3.04% with 48% increasing volumes indicating not only unwinding of long positions but forming of short positions for STBT.
We expect NIFTY FUT to trade negative with volatility.
Buy NIFTY Above 4440,Sl Below 4420,Tgt 4520/65
Sell NIFTY Below 4415,Sl Above 4435,Tgt 4340/4290
NTPC Above 185,Sl 180,Tgt 195/200/05/10
UNIONBNK Above 265,Sl 260,Tgt 270/75/80
MOSERBAER Above 80,Sl 75,Tgt 85/90/95
ABB Below 720,Sl 730,Tgt 700/690
ACC Below 820,Sl 830,Tgt 800/790
SBIN (1694),Sl Above 1715,Tgt 1675/60/50
Buy INFY (1919)@ 1890/95,Sl 1855,Tgt 1920/30/40/50 (Close Above 1930,Hold Overnight)
Buy ONGC (1093)@ 1080/85,Sl 1065,Tgt 1100/10/20/30
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