SENSEX (Close – 9329.57)
Sensex has traded little higher and tested a technical target of 9400 marks but in last 30 minutes of trades it lost major part of the gain. Technically resistance of 9400 will be still valid. It seems that we are close to a fall. We have seen some reversal in europian market after the announcement of second bail out package for banks. One more thing must be noted that market is trading with thin volume and hence we may come close to 9000 support zone anytime. In my view banking stocks may come under pressure again. Index key stocks like Reliance and ONGC may also see profit taking. Well, I am advising my old caution for mid cap stocks. I would not be surprised if we see a gap down opening today. Derivative data is also suggesting for a fall.
Support – 9280/9210/9110 Resistance – 9400/9508/9580
NIFTY (Close- 2846.20)
I am not changing my view even for Nifty. Nifty has bounced from 2700 to 2870 but this rise came with just a hope which may not sustain. It seems that we will test 2700 marks once again. I like to advise caution from long as I feel that Nifty may even drag towards 2600 marks.
Support – 2805/2785/2740 Resistance – 2850/2874/2918
FII ACTIVITY
The most active contracts in FII counter are JP hydro 33 call up by 267%, JP Hydro 30 call up by 134%, TCS 440 put call up by 91%, and allahabad Bank 55 call up by 82%. Total NET BUY / SELL VALUE in the FII’s counter is following – In Index future it is -1016.20CR, In Index Option it is 283CR, in Stock future it is -26CR & in stock options -48CR.
Related posts:
