Buy ACC using dips towards 1002 levels keeping the stop loss below 994: Praveen

Daily Market Analysis

Praveen Kumar

09 December 2010, Thursday

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e-mail id - praveen@viecapital.com

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SENSEX (Close - 19696.50)

Sensex has slipped again due to weakness in banking and reality stocks. Fall was much inspired by news report that oil marketing companies may hike fuel price. Market is concerned about inflation rate also. Technically it seems that weakness is not over yet. Technical support will at 19600 levels. Small break below 19600 may result a sharp fall towards 19400 levels. In my view market should consolidate in this zone. I will not prefer to trade short as long as 19600 levels sustain. On higher side any recovery will face resistance at 20000 to 20100 levels. I suggest to keep your mind open to trade in any direction. Yesterday FII has sold more than 1400 crs. This is not a huge figure, let us hope that it will not get same kind of follow up.

Support - 19600/19343/19180

Resistance - 19808/19950/20100

NIFTY (Close - 5903.70)

Nifty has a low of 5878 levels yesterday. Technically it will have trading support at 5978 only. If trades sustain below 5878 then we will see further panic selling. 5800 will be next traing support below 5878. On higher side 5960 is a level which can be tested.

Support - 5878/5831/5800

Resistance - 5934/5959/6000

TATAMOTORS (Close - 1336.10)

Auto stocks has seen stronger trade in a weak market. This stock has counces stronger in last hour of trade. Technically use any intraday fall to buy this stock. On higher side 1348 is a trading resistance, cross of 1348 will result a sharp bounce.

Support - 1321/1305/1293

Resistance - 1348/1362/1380

ACC (Close - 1010.50)

Cement stocks are coming out from its recent lows. It seems that this stock can inch higher for today's trading session. Use a small dip towards 1002 levels with stop loss below 994 levels. On higher side it can test 1036 levels.

Support - 1000/994/982

Resistance - 1021/1036/1049

SBIN (Close - 2805.00)

It has slipped too sharper in past five day's of trade. Well, it has two stong supports, one is 2775 and other is 2730. I can expect a bounce on this stock from support levels. So I will prefer to buy this stock near support. On higher side 2900 may come during trading hour.

Support - 2775/2730/2660

Resistance - 2855/2900/2945

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YESTERDAY'S TRADING CALLS

BUY ALBK@214/LOSS@212

BUY TATAMOTORS@1308/PROFIT@1319

BUY TATASTEEL@625/FLAT

BUY TATAMOTORS@1315/PROFIT@1330

Few of recent updates [Short term INVESTMENT BUY]

# Most recent - On Diwali Muhurat trading we have recommended

HEXAWARE @ 88 - traded 94

TATA MOTORS @ 1245 - traded 1345+

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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 earned 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. We are trying to consider the fundamental validity of stocks as far as possible, but demand and supply affects it with vision variations. This analysis is provided to you by viecapital.

Discloser- I do not have any personal position in any stocks. It is safe to assume that my clients could have some positions and hence I am interested in above written stocks.