22nd August 2008. NSE / BSE Technical Analysis

22nd August 2008. NSE / BSE Technical Analysis

Further panic will be seen.

Expect 14086 & there after to 13912 & 13727.

Expect NIFTY fut. to fall down to 4252 & there after to 4203 & 4162.


BSE index: (14244) Consider 14316 & 14369 nearest & 14557 a solid resistance, selling on higher levels will be seen keep stop loss of 14584 to your sales.
Downward side it'll fall down to 14086 initially which is a crucial support to watch out for.
Break below 14086 further heavy selling will be seen & it'll fall down further to 13973 & 13912.
In very worst scenario break below 13912 it'll heavily fall down to 13727 & 13630. Cut shorts around 13727 & buy fresh keeping stop loss of 13630.


Nifty Future: (4280) Expect it to fall down further to 4264 & 4252 initially. Consider 4252 a crucial support.
Break below 4252 heavy fresh selling will drag it down further to 4162 & 4124. Cut shorts around 4162 & buy fresh keeping stop loss of 4124.
Upward side 4313 & 4331 nearest & 4393 a solid resistance, sell on higher levels keeping stop loss of 4426.

21st August 2008 Stock Tips

NAGAFERT: (42.75) Buy. Crossover above 45 huge up move will start.

SBI: (1445) 1478 & 1417 crucial trend deciders.

AXIS Bank: (674) Selling on higher levels will be seen.

ICICI Bank: (678) 690 & 650 crucial trend deciders for the day.

ONGC: (1036) Looks very weak. Sell.

RNRL: (99) 103.25 a solid resistance.

21st August 2008 F&O Watch

ABG SHIPYARD: (395) Buy short to medium term delivery considering 362 a solid support keeping stop loss of 325.

All set to flare up to 543 & 630 in short to medium term.

KSOIL: (68.75) Buy very short term delivery keeping stop loss of 63.

All set to shoot up to 98-101 in hours only.

21st August 2008 Market Today

Sideways moves to continue in frontlines.

Stock specific approach advisable.

New FO entrants look hot.


BSE index: (14678) Consider 14665 a nearest & 14584 a crucial support; keep stop loss of 14557 to your buys.
Upward side 14825 a crucial hurdle to watch out for crossover above which it'll surge up to 14888 & there after to 15013 & 15143. Sell on higher levels keeping stop loss of 15143.
Downward side break below 14557 it'll turn weak & fall down to 14483, 14421 & 14321.


Nifty Future: (4435) 4459 a nearest hurdle to watch out for crossover above which it'll surge up further to 4490, 4505 & 4548. Sell on higher levels keeping stop loss of 4548.
Downward side 4425 a nearest & 4392 a crucial support.
Break below 4392 it'll turn weak & fall down to 4360, 4338 & 4302.

Weekly Trading Highlights. 18th August 2008.

Watch out for crucial supports at 14650-14593 & 4403-4375 in initial panic.

Selling in frontlines on higher levels will be seen.

A close below 14653 & 4403 further down side will be seen.


BSE index: (14724) Consider for this week...Watch out for crucial support at 14653 & 14593 in further initial panic where some buying support not ruled out. If 14593 remain intact then expect corrective up surges.
Upward side 14888 a nearest hurdle crossover above which it'll surge up to 15013, 51143 & 15234. Sell on higher levels keeping stop loss of 15580.
Downward side a close below 14653 or intra day break below 14593 it'll turn further weak & fall down to 14446, 14344, 14248 & 14096.
In any worst scenario a close below 14096 it'll touch a panic low of 13727. Over all buy on declines keeping stop loss of 13727.

Long term investors can accumulate considering now 13727 a solid support keeping stop loss of 12500.

Nifty: (4430) Consider for this week...4403 a nearest & 4375 a crucial support to watch out for in initial panic where some buying not ruled out, if it remains intact then expect corrective up surges.
Upward side 4464 a nearest hurdle crossover above which it'll surge up to 4464, 4497 & 4557. Sell on higher levels keeping stop loss of 4650.
Downward side a close below 4403 or intra day break below 4375 it'll fall down heavily further to 4344 & 4250.
In worst scenario a close below 4250 it'll fall down to 4159. Over all buy on declines keeping stop loss of 4159.
Long term investors can accumulate at around 4159 keeping stop loss of 3790.