ONGC: Buy with stop loss at...: Praveen Kumar

Daily Market Analysis

Praveen Kumar

09 April 2009, Thursday

Mobile no. +91-9822652035

e-mail id - praveen@viecapital.com

Chat line id - talk2praveen2002@yahoo.co.in

SENSEX (Close - 10742.34)

Sensex has closed on highest note of nearly six months. Technically, as it is breaking 10750 resistance, it can try to take a test of 11000 marks. Suddenly momentum has turned the table from last one month and surprise even the bigger bulls. Technical support will be at 10500 marks. In last trading session is has jumped more than 600 points from its intraday low. Strong rebound after a weak opening came from blue chip stocks. This kind of rise always denies correction as run remains based on momentum so it is very to put the target. A trader can just do one thing i.e. buy and hold. Let us see how market shapes today.

Support - 10618/10504/10380

Resistance - 10854/10999/11100

NIFTY (Close- 3342.95)

Nifty is above 3300. Now what next? Surely it is eyeing towards 3400 marks, which is a bigger surprise as rise came very sharper and deny all possibility of correction. Technical support will be at 3300. Just up - nothing much can be said.

Support - 3300/3274/3248

Resistance - 3368/3399/3434

ONGC (Close - 905.25)

This stock remains stronger through out the rally. Technically one can buy this stock in any fall with stop loss 894 for the target of 924 to 930 marks. It may not be weaker even at lower levels. Let us see, index direction will be guided by this blue chip stock also.

Support - 894/882/875

Resistance - 922/933/940

IDEA (Close - 55.25)

This stock was recommended by us to buy at 49 and we put the target near 60 marks. If not the target then also we must go close to the target. Hence buy this stock with stop loss of 54.50 for the move towards

Support - 54.50/53.60/53

Resistance - 56.50/58/60

RELIANCE (Close - 1725.15)

Further rise towards 1800 is possible when this stock go above 1742 marks. It seems that momentum will drag this stock up to 1745 then technical buy can push this stock further. So one should buy it with stop loss of 1705 for the good move towards 1760 at least.

Support - 1706/1682/1665

Resistance - 1743/1761/1789

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Track record of 08 April 2009

SOLD BHEL @ 1487/ STOP LOSS DONE @ 1500

SOLD INFOSYS @ 1367/ STOP LOSS DONE @ 1375

SOLD SBIN @ 1075/ STOP LOSS DONE @ 1083

BOUGHT RELIANCE @ 1670/ TARGET 1700 [DONE]

BOUGHT SAIL @ 107/ TARGET 110 [DONE]

BOUGHT BHARTI @ 653/ TARGET 664 [DONE]

BOUGHT ONGC @ 881/ TARGET 898 [DONE]

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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.