SBI - Go short on this stock: Praveen

Daily Market Analysis

Praveen Kumar

09 February 2010, Tuesday

Mobile no. +91-9822652035

e-mail id - praveen@viecapital.com

Chat line id - talk2praveen2002@yahoo.co.in

SENSEX (Close - 15935.60)

Sensex has seen marginal gain after a very strong pull back in last trading session. Technically the bounce came little before the support of 15600 marks. We can expect another strong pull back if trades sustain above 16060 marks. Inmy view support will remains at 15650 to 15600 marks. Pull back has seen in many bluechip stocks but still stocks are just not above the critical marks. Still I will prefer to trade on long side if global cues turn supportive. On other hand fear of the possibility that government may start to unwind its fiscal stimulus in forthcoming budget. I can expect selling again from higher levels.

Support - 15850/15725/15600

Resistance - 16110/16360/16500

NIFTY (Close - 4760.40)

Bounce came from a level which was very near to the technical support of 4660. Its almost 100 points higher from the technical support. Technically rise is still expected towards 4800 marks. If trades sustain then you can even expect 4850 marks.

Support - 4730/4700/4666

Resistance - 4800/4848/4876

LT (Close - 1444.45)

This stock has seen support at 1390 marks. Technically a cross above 1463 marks will result a move towards 1500 marks. Technically we can buy this stock in fall towards 1430 with stop loss of 1412 marks for the gain of 2%. I am not denying the fall from higher levels.

Support - 1431/1412/1390

Resistance - 1464/1478/1494

SBIN (Close - 1936.55)

I am strongly recommending short on this stock from last few trading sessions. Now it has seen first positive close after a real long time. In such case if index has to recover then buying must be focused towards this stock. let us see.

Support - 1919/1900/1885

Resistance - 1955/1980/1999

TATA STEEL (Close - 533.85)

This stock has seen weak trades in last trading session. It has technical support at 525 marks. Do not short this stock unless it go below 525 marks. It gives me a sense of buy with stop loss of 525 for first half.

Support - 525/517/505

Resistance - 542/550/558

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PREVIOUS DAY'S TRACK RECORD

EQUITY : SOLD SBIN @ 1913+/ LOSS BOOKED @ 1923

EQUITY : SOLD SBIN @ 1920/ PROFIT BOOKED @ 1890

EQUITY : SOLD RELIANCE @ 991/ PROFIT BOOKED @ 979

EQUITY : SOLD TATA STEEL @ 556/ PROFIT BOOKED @ 549

EQUITY : SOLD TATA STEEL @ 541/ PROFIT BOOKED @ 533

DERIVATIVE :SOLD SBIN FUT @ 1922/ PROFIT BOOKED below 1890

DERIVATIVE :SOLD RELIANCE FUT @ 990/ PROFIT BOOKED below 978

COMMODITY :SOLD MCX COPPER @ 299/ PROFIT BOOKED @ 297

COMMODITY :SOLD MCX COPPER @ 24300/ target 24000

NIFTY FUTURE : SOLD NIFTY FEB FUT@4735/ BOOKED PROFIT @ 4680

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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.