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Daily Technical report

In this report dated January 17, 2011, strategist Mr. Amit Chheda from Inventure Growth presents a detailed analysis of the Nifty, highlighting its volatile session with a close below 5700, indicating potential weakness ahead. Key support is observed around 5550-5390, while resistance is at 5840. The BSE-Sensex shows support at 18050 and resistance at 19250. Stock recommendations include a sell for Tata Motors (Close: 1182.40, Targets: 1140-1040) and JSW Steel (Close: 969.90, Targets: 900-750) due to ongoing weaknesses.

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Daily Technical report

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  1. Daily Technical report 17/01/2011 Mr. Amit Chheda (Strategist) www.inventuregrowth.com

  2. Market View(SPCNX NIFTY) • Nifty had a volatile session last Friday and closed below 5700 indicating further weakness. • Key Supports seen around 5550 - 5390 levels • Resistance seen at 5840 on upside.

  3. Market View(BSE-SENSEX) • Supports seen around 18050 • Resistance seen around 19250

  4. Stock View TATA MOTORS: Close 1182.40 ENTRY PRICE: CMP STOP LOSS: 1240 TARGETS : 1140 - 1040 Tata Motors has shown weakness and set to fall in coming days. We recommend sell at Market Price for given targets . Do maintain strict stop loss as markets too volatile in last few days . RECOMMENDATION : Sell @ CMP JSW STEEL: Close 969.90 ENTRY PRICE: CMP STOP LOSS: 1040 TARGETS : 900 - 750 JSW Steel has shown weakness and has been making lower top s and lower bottoms since last 3 months. Traders can take a short position in the stock for given targets and maintained stop loss. RECOMMENDATION : Sell @ CMP

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