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10/03/2010
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CGheewala's Scrip Script
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DISTRIBUTION!!! … Flat opening of Asian markets and our brother SGX Nifty domestic market opened dull. The key benchmark indices registered fresh intraday low in early trade session. However fall acted as buy opportunity and crossed early morning high. After a vertical move PSU stocks succumbed and closed at the lowest point of the day. Oil and Gas stocks edged lower. However banking stocks eked in last trading session. As mixed opening of European markets no specific moves in stocks or in sectors seen in today’s trade. The key benchmark indices succumbed all intraday gains in late trading session and closed at the lowest point of the day. The BSE 30-share Sensex was provisionally down 55.95 points or 0.33% to 17,046.65, off 84.18 points from the day's high and up 15.44 points from the day's low. The market breadth which is health of market was weak. 388 shares were advanced 945 shares were declined while 12 shares traded flat on NSE.
Sensex Price Earning ( P/E ) is 20.85
Technically speaking market trend for short term is overbought. As nifty has given a vertical rise after budget it seems to be stretched now. On intraday charts nifty has given rising trend line breakout with moderate volume. The gap between two intraday moving averages also increasing which confirm the short term for market is stretched and overbought. The intraday short term moving average showing some weakness. On downward side nifty has significant support at 5092. Once nifty manages to trade below it and manages to close below it then sulk bears will come into action. On upward side nifty has significant resistance at 5125 level fresh buying / short covering is expected only above this level. If nifty not breaches support level and crosses resistance levels then we may see sharp short covering for possible upward target of 5160 === 5178. We do not expect any further rise in nifty above these levels. On the contrary if nifty breaches 5092 before crossing resistance level then possible downside target comes at 5037 === 5018 === 4995. The tiff between jittery bulls and sulk bears is at hazard stage.
We advocate to book profits in your long position vicinity of resistance levels or can create fresh short position with closing stop loss of resistance levels. As the key benchmark indices has given vertical rise we expect profit booking may take place in coming days.
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10/03/2010
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BSE Sensex
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Sensex significant resistance at 17112 === 17171.
If sensex trades above 17171 short covering expected in vicinity of
17211 === 17252 === 17292 levels.
Sensex weightage average at 17071.
Sensex significant support at 17012 === 16971.
If sensex trades below 16971 vertical fall expected in vicinity of
16912 === 16853 === 16793 levels.
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10/03/2010
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NSE Nifty Futures
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Nifty Futures significant resistance at 5117 === 5137.
If Nifty Futures trades above 5137 short covering expected in vicinity of
5150 === 5162 === 5175 levels.
Nifty Futures weightage average at 5104.
Nifty Futures significant support at 5084 === 5072.
If Nifty Futures trades below 5072 vertical fall expected in vicinity of
5052 === 5032 === 5012 levels.
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10/03/2010
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NSE Bank Nifty Futures
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Bank Nifty Futures significant resistance at 9166 === 9208.
If Bank Nifty Futures trades above 9208 short covering expected in vicinity of 9261 === 9315 === 9368 levels.
Bank Nifty Futures weightage average at 9112.
Bank Nifty Futures significant support at 9069 === 9016.
If Bank Nifty Futures trades below 9016 vertical fall expected in vicinity of 8973 === 8931 === 8888 levels.
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