SBI - Trade short on rise with stop loss above 2000 marks: Praveen

Daily Market Analysis

Praveen Kumar

03 February 2010, Wednesday

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e-mail id - praveen@viecapital.com

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SENSEX (Close - 16163.40)

Senses has failed to sustain above 16500 marks and the result came as another weak close. Three days of pull back has failed in last session. Technically it seems that Sensex will hit 16000 marks again. Selling has seen in all sectors hence we cannot expect immediate pause. If Sensex start closing below 16000 marks then we need to put stress on our head. There is no great technical signal for pause but we can hope for suopprt near to or little below 16000 marks. In such senario, global cues will have big importance.

Support - 16050/15920/15800

Resistance - 16280/16400/16526

NIFTY (Close - 4830.10)

Yesterday I said, 'trade short below 4830'. We have seen a close on dot support. It forceme to conclude that if market keeps on trading in negative today then we can see intensified selling. Technical resistance will be at 4875 to 4900 zone.

Support - 4800/4766/4710

Resistance - 4874/4900/4924

TATA STEEL (Close - 573.30)

We have seen a sharp fall from 650 to 550 and then rebound towards 594. Today's trade is most crucial. I feel that this stock will fall again due to weakness in technical indicators. Trade short on rise and keep stop loss above 582. It has support at 550 only.

Support - 563/555/548

Resistance - 579/584/590

SBIN (Close - 1978.35)

I am strongly recommending short on this stock from last few trading sessions. Now any technical thrust below 1955 will cause another round of steep selling. Trade short on rise with stop loss above 2000 marks.

Support - 1955/1935/1919

Resistance - 1994/2012/2024

LT (Close - 1396.40)

Well, this stock is slipping from 1700 marks and now closed below 1400 marks. One more close below 1400 will cause the test towards 1360-1350 marks. My calls remains same. Trade short on rise and keep stop loss above 1414. Minimum expected target is 1374.

Support - 1390/1374/1360

Resistance - 1414/1434/1448

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PREVIOUS DAY'S TRACK RECORD

EQUITY : SOLD INFOSYS @ 2485/ PROFIT BOOKED @ 2465

EQUITY : SOLD SBIN @ 2038/ PROFIT BOOKED @ 2003

EQUITY : SOLD BHEL @ 2400/ PROFIT BOOKED @ 2390

EQUITY : SOLD LT @ 1427/PROFIT BOOKED @ 1411

EQUITY : SOLD LT @ 1405/TARGET DONE @ 1390

EQUITY : SOLD SBIN @ 1994/ PROFIT BOOKED @ 1979

EQUITY : SOLD TATASTEEL @ 579/ TARGET DONE @ 572

DERIVATIVE : SOLD SBIN FUT @ 2030/ PROFIT BOOKED @ 1998

DERIVATIVE : SOLD LT FUT @ 1425/ PROFIT BOOKED @ 1410

DERIVATIVE : SOLD SBIN FUT @ 1984/ PROFIT BOOKED @ 1970

DERIVATIVE : SOLD LT FUT @ 1408/ PROFIT BOOKED @ 1390

COMMODITY : SOLD MCX COPPER FEB @ 314.50/ LOSS BOOKED @ 316.50

NIFTY FUTURE : SOLD NIFTY FEB FUT@4930/ BOOKED PROFIT @ 4870

NIFTY FUTURE : SOLD NIFTY FEB FUT@4870/ PROFIT BOOKED @ 4830

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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.