Reliance: Buy it with stop loss of...: Praveen

Daily Market Analysis

Praveen Kumar

13 April 2009, Monday

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e-mail id - praveen@viecapital.com

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SENSEX (Close - 10803.86)

Sensex has again closed in positive but looking extended in rise. Well, for today's trade 11000 can be on test. One can expect little higher opening. On rise or on extended rise market will turn volatile in both direction. Technical support for Sensex will be at 10650 marks. Moving on higher side we have a psychological figure of 11000 but actual resistance will come near 11100 marks only. I still advise caution on higher side of trade. We need to see if trading momentum remains up. Global market is still firm but we are coming close to few crucial events which can affect the market. For today's trade also there will be few short opportunity and many buy opportunity.

Support - 10648/10504/10380

Resistance - 10902/10999/11100

NIFTY (Close- 3342.05)

Nifty has almost closed flat in last trading session. Technically 3400 is still not out of reach. As long as it sustain above 3300 one can expect this market moving towards 3400 marks. Technical resistance above 3400 will be at 3442 zone.

Support - 3300/3274/3248

Resistance - 3374/3399/3434

Reliance Capital (Close - 468.05)

This stock remains stronger through out the rally. Technically one can buy this stock in any fall with stop loss 462 for the target of 480 to 484 marks. One must be cautious on higher side as target may not come as dot. Buy with caution.

Support - 462/456/451

Resistance - 474/479/484

SBI (Close - 1140.35)

This stock is still trading with strength. Technically it has crucial support at 1110 marks. It must move in both direction but for first half one can buy this stock keeping stop loss near 1124 only for the gain towards 1160 to 117 marks. Most crucial resistance will be at 1200 marks.

Support - 54.50/53.60/53

Resistance - 56.50/58/60

Reliance (Close - 1735.75)

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 09 April 2009

SOLD RCOM @ 214.50/ TARGET 209 [ALMOST DONE]

SOLD RELIANCE @ 1738/ TARGET 1720 [DONE]

SOLD SBIN @ 1140/ TARGET 1124 [ALMOST DONE]

SOLD ONGC @ 879/ STOP LOSS DONE @ 885

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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.