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Saturday, April 16, 2005

Expect further weakness


The Nifty breached its recent low of 1970. On the downside the index could decline to 1930 or 1900. On the upside the Nifty faces resistance in the 1992-2004 range. Any intra-day bounce will face resistance around the 1992-2004 range and in the short-term the index could decline to 1900. Intra-day the Nifty faces a resistance at 1972 and on the downside it could decline to 1930. The intra-day bias is down as long as the Nifty stays below 1972.

Maruti faces a resistance at Rs412 and on the downside the stock could decline to the Rs398-390 range. SBI faces a resistance at Rs636 and on the downside the stock could decline to Rs605. Satyam could see intra-day weakness below Rs381. Intra-day Tata Motors is likely to test Rs403. A break below Rs403 is likely to see further weakness in the stock. The stock faces a resistance at Rs419.


Time : Short Term (Nifty)
Target : 1900
Trend : Down
Reversal : Up Above 2004
Support/Resistance : 1930/1952


Source : Sharekhan