Satyam Computers: Resistance at...: Praveen

Daily Market Analysis

Praveen Kumar

15 April 2009, Wednesday

Mobile no. +91-9822652035

e-mail id - praveen@viecapital.com

Chat line id - talk2praveen2002@yahoo.co.in

SENSEX (Close - 10967.22)

Sensex has gained above 11000 marks but slipped in late trade. Still it was decent enough gain. Technically the up trend remains intact and it should try to take a test of 11100 marks. We are almost 3000 point higher from recent low. On higher side, cross above 11111 may guide Sensex further higher as a momentum market can go towards any levels in that direction. One must note that this market must come under gravity very soon. Long trades must be protected with suitable stop losses. I like to avoid mid cap stocks from buying at these kind of levels. Buying should be focused towards quality stocks.

Support - 10800/10704/10580

Resistance - 11070/11140/11200

NIFTY (Close- 3382.60)

Next meaningful technical resistance will be only at 3450 marks. Technical support will be at 3300 only. Thats the firm reason of wild move on Nifty from past few days. Let us see which direction market favours to trade now.

Support - 3342/3300/3274

Resistance - 3417/3449/3500

Satyam Computers (Close - 48.75)

Are you aiming to buy this stock after being bought by TECH M? Well, I am advising caution as there are fair chances that stock will again go towards 40 or below 40 marks. Avoid buying. Meaningful technical resistance will be at 54 to 56 zone.

Support - 46/44/40

Resistance - 50/52/54

SBI (Close - 1217.90)

This stock has gained almost 7% in last trading session and closed well above the crucial resistance of 1200 marks. Still I will not prefer to trade on long side as it has multiple resistance above 1232 marks. Rather one should prefer short on rise.

Support - 1200/1183/1170

Resistance - 1232/1249/1274

Reliance (Close - 1773.55)

It has tested a high of 1789 in last trading session and so 1800 marks remains untouched. Still it seems that it can try to take the test of 1800 marks. One can keep stop loss near 1750 marks. Trade and break of 1800 is very crucial. If it slips from 1800 then it can fall sharper.

Support - 1756/1732/1718

Resistance - 1793/1812/1830

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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.