SBI - Prefer to short again on rise: Praveen

Daily Market Analysis

Praveen Kumar

08 February 2010, Monday

Mobile no. +91-9822652035

e-mail id - praveen@viecapital.com

Chat line id - talk2praveen2002@yahoo.co.in

SENSEX (Close - 15915.70)

Sensex has tested a low of 15725 marks which is down by more than 2000 points from recent high. Technically of the trades sustain below 15800 marks then we can once again expect further weakness. It will face resistance on rise above 16000 marks. I like to add that we have seen profit taking in almost all rate sensitive stocks. Well, if next round of selling comes then you can have support at 15330 marks only. market is trading with weakness coming closerto budget day. In such a tough time, we need to look for good global cues to sustain or recovery. In my view, global market may see some extended fall in the days to come.

Support - 15850/15725/15600

Resistance - 16110/16360/16500

NIFTY (Close - 4845.35)

Nifty can drift towards 4700 marks now. Technically it will have resistance at 4900 marks for today's trade. If it breaks the technical levels of 4824 then you can expect support at 4766 marks. Break of 4766 will result 4700.

Support - 4800/4766/4700

Resistance - 4890/4950/5000

TATA STEEL (Close - 558.95)

This stock has seen a drop down stracture in daily chart. If gap fill up come then we can expect a move towards 573 but this may not come as dot. if opened higher then we can have opportunity to trade on short side.

Support - 552/540/532

Resistance - 565/574/582

SBIN (Close - 1912.45)

I am strongly recommending short on this stock from last few trading sessions. I have said about the break of 1955 and it has closed below 1955 marks twice onn chart. It seems that it can bounce a little before fruther fall. I will prefer to short again on rise only.

Support - 1888/1870/1850

Resistance - 1955/1980/1999

RELIANCE (Close - 993.75)

This stock is running with technical weakness and under performance from long long time. Now the time has come and we can expect a move towards 960 marks. Its a weak stock as long as it sustain below 1000 marks.

Support - 976/960/924

Resistance - 1010/1029/1045

For subscription, you can SMS at 9822652035.

For Equity - Write "SUB EQ"

For Derivative - Write "SUB DER"

For Commodity (Positional) - Write "SUB COM"

For NIFTY FUTURE (Positional + Intraday) - Write "SUB NIFTY"

PREVIOUS DAY'S TRACK RECORD

EQUITY : SOLD SBIN @ 1900+/ PROFIT BOOKED BELOW 1890

EQUITY : SOLD TATA STEEL @ 552/ PROFIT BOOKED @ 548

DERIVATIVE :SOLD SBIN FUT @ 1903/ PROFIT BOOKED @ 1893

COMMODITY :SOLD MCX GOLD @ 16100/ PROFIT BOOKED @ 16000

NIFTY FUTURE : SOLD NIFTY FEB FUT@4740/ BOOKED PROFIT @ 4710

NIFTY FUTURE : SOLD NIFTY FEB FUT@4700/ BOOKED LOSS @ 4711

To read us first visit our official web at 11 pm daily. Thanks - VIECAPITAL

Mail me at praveen@viecapital.com
Join me on yahoo messenger, id - talk2praveen2002@yahoo.co.in

Official web site - www.viecapital.com

Our services are running for Equity, Derivative and commodity sections.

Days for speculative trades are almost over. You need technical calls to trade with comfort. Its our humble advise to trade with good sense.

For subscription enquiry send just one SMS to 9822652035.SMS service is now available to BSNL, TATA INDICOM And Reliance mobile also.
Contact for Investment Newsletter/Trade Newsletter + SMS. Investment newsletter is only yearly subscription at cheaper rates.
Rather than charting or technical analysis we are doing more on trading system. We are not offering any free trials.
We have launched our trading calls for commodity also. You can send your queries for subscription.

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.