Short ONGC with a stop loss above 1260: Praveen

Daily Market Analysis

Praveen Kumar

30 July 2010, Friday

Mobile no. +91-9893369889

e-mail id - praveen@viecapital.com

Chat line id - talk2praveen2002@yahoo.co.in

SENSEX (Close - 17992.00)

Sensex has managed little positive even after the weakness on Reliance. It was a 'mute' expiry for July month contract. Despite the volatility we have seen Sensex moving in small range only. On the expiry day we have seen short covering in banking stocks only. Technically Sensex is still above 17800 marks so we should not expect any big threat as of yet but it may not be impressive on rise also. Idea is that one need too work hard to find the trading opportunity. If Reliance keep on disappointing like this then we can see the support breaking sooner. ONGC has also came out with poor set of number, joining hand with Infosys, HDFC and Maruti. You can expect hammering on ONGC too.

Support - 17849/17700/17525

Resistance - 18170/18238

NIFTY (Close - 5408.90)

Again near 5400. Choppy session continues as of past. Well, nothing great too add right now. Nifty has technical support at 5382. If it breaks 5382 then we can expect a slide towards 5350 to 5330. On higher side 5454 will be a tough resistance to cross.

Support - 5382/5350/5330

Resistance - 5430/5454/5480

RELIANCE (Close - 1010.15)

Very few people would have expected this type of fall on this stock. Well, technically fall is nt over yet. Wecan see as low as 980 in few short time. On the higher side onemust avoid buying unless it go above 1046 marks.

Support - 1005/992/980

Resistance - 1022/1034/1046

ONGC (Close - 1246.55)

This stock can see selling in post result session. Technically it is a short call to trade with stop loss above 1260. You can expect 1200 in the lower side. If it breaks 1200 then you can even expect 1150 in the days to come.

Support - 1224/1208/1188

Resistance - 1259/1274/1289

RENUKA (Close - 63.20)

It has already see a sharp fall from 72 levels and then seen a technical bounce. Now it is again showing weakness. As today is the derivative expiry so optimistic bulls will off load their long. So short on rise with stop loss above 64.50. It can hit 60.

Support - 63/62/60

Resistance - 65/66

For subscription, you can SMS at 9893369889.

For Equity - Write "SUB EQ"

For Derivative - Write "SUB DER"

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

YESTERDAY'S TRADING CALLS

SELL RELIANCE @1024/PROFIT@1014

SELL RELCAPITAL@786+/PROFIT@784

SELL RENUKA@63.90/PROFIT@63.45

BUY SBIN@2457/PROFIT@2473

Visit at 11 o'clock night to read the next days trades

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 9893369889.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.