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Market Commentary By SMC
September 3, 2010
 
"Read Ben Graham and Phil Fisher read annual reports, but don't do equations with Greek letters in them."
- Warren Buffet
 
 
IndiaNotes Blog
 

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 Daily Market Analysis

Praveen Kumar

03 September 2010, Friday

Mobile no.  +91-9893369889

E-mail id - praveen@viecapital.com

Chat line id - talk2praveen2002@yahoo.co.in

SENSEX (Close - 17238.30)

Sensex has slipped from higher levels but still it has closed in positive. I do not think that market will move in a great shape even today. The momentum that has started near 17800 seems to be cooling off. I must say that it is not a sign of weakness but we can expect choppy trade with negative biasing. Technical support will be at 18110 levels. On higher side 18350 will be a trading resistance. I must say that confident money is not in stock market right now. Weakness in selected index blue-chip stocks remains in troubling zone. I have advised caution at higher levels in previous trading session and this caution is applied even for today.

Support - 18110/18000/17920

Resistance - 18350/18410/18500

NIFTY (Close - 5486.15)

Technically as long as it stay above 5470 one can assume that it can gather upward momentum again. Well, but it is also true that we may see fall if trades goes below 5470 levels which is very close right now and yesterday's closing was also not impressive.

Support - 5450/5418/5390

Resistance - 5499/5532/5550

SBIN (Close - 2759.10)

This stock has technical support at 2740 to 2730 zone. Candle pattern is indicating for the test of support. This will provide us the opportunity for short trades at higher levels. One can keep the stoploss above 2780 marks.

Support - 2742/2730/2709

Resistance - 2770/2782/2800

HEROHONDA (Close - 1695.70)

This stock has slipped by 4% in last trading session and closed below 1700 marks. We have already expressed the concern for this kind of fall from 1920 levels only. Even now it is not looking to take support. If it fails to save 1690 then it will fall again. Short below 1690.

Support - 1678/1664/1650

Resistance - 1710/1732/1748

RELIANCE (Close - 937.45)

This stock has again seen small intrady slip from high the resistance of 945. Technically it seems that stock will not cross 945 to 948 so easily. Traders can prefer to trade short on rise with small stop loss above 950. Sell above 943.

Support - 915/902/890

Resistance - 945/958/970

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-: YESTERDAY'S TRADING CALLS: -

SELL HEROHONDA@1750/PROFIT@1720

SELL SBIN @ 2780/PROFIT@2766

SELL SBIN @ 2762/LOSS@2775

SELL SBIN @ 2769/PROFIT@2760

Few of recent updates

# Constantly recommended 'SHORT' from on RELIANCE from 1050

Watch Reliance, crashing 915 marks

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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.

 

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