The week gone saw the indices making highs of 2009 and closing above 16000 levels.
Technically the indices are in over stretched zones and in vicinity of resistance of 16500 – 600 levels on sensex front , which is not easy to deal with and is likely to see some pressure and reaction from this levels.
On the lower side some intermediate supports could be witnessed at 16010 levels , and strong supports at 15700 levels.
Until then the indices looks in a range and consolidation move , for any broader move the indices needs a sustained closing above 16660 which will imply a broader move into over stretched zones of 17600 levels.
Structurally the pattern is indicative of exhaustion , choppiness and volatility and the coming session is likely to swinging with a probable two sided move.
From a trading point of view , yet again one needs to concentrate on stock specific activities and look at the crucial levels mentioned.
The supports for the nifty is at 4710 levels and resistance at 4950 levels.
The supports for the sensex is at 15900 levels and resistance at 16600 levels.
Stocks to watch
Hinduja ventures , mrotek , allahabad bank looks good
Friday’s calls sent via sms and messenger
Fii Mrotek – buy at cmp 36.90 sl x targets x – 3 days (booked full profits at 41.75 the same day)
Punter Pnb gilts - buy at cmp 26 sl x targets x - holding
Jackpot Central bank – buy at cmp 114.35 sl x targets x – 3 days (booked full profits at 121 the same day)Dii Mudra life – buy at cmp x sl x targets x - holding
Wednesday’s Dii Sesa goa – booked full profits at 239 , long from 225
Monday’s Fii Ranbaxy – booked full profits at 338 , long from 326
Nifty – sell at cmp 4840 sl 4860 targets 4810 , went 4795.05
Nifty 4800 pe – buy at cmp 87 sl 78 targets 105 , went 104.90
Rnrl 95 ca – buy at cmp 3.90 sl 3.45 targets 5.90 , hit sl
Tisco – sell at cmp 476 sl 480 targets 465 , went 460.90
Dlf – sell at cmp 410 sl 414 targets 402 , went 394.20
Rnrl – buy at cmp 91.20 sl 89.50 targets 95 , hit sl
