"SELL NIFTY BELOW 9190 TGT 9165/9140 SL 9240"
"BUY TATASPONGE ABOVE 810 TGT 850/870 SL 780"
The week
has kicked off on bullish note, but after opening on positive note suddenly
came down & trading in negative throughout the day. The Sensex ended the day
130 points lower at 29575 while the broader Nifty settled the day 18 points
lower at 9181. Liquor stocks were under pressure after the Madhya Pradesh Chief
Minister said that liquor stocks will be closed in a phased manner. Madhya
Pradesh is headed towards total prohibition with Chief Minister Shivraj Singh
Chouhan announcing that all liquor shops would be closed across the state in a
phased manner.
Chances are we would have to deal with another limited
scale gyrations filled pro. Today, being the penultimate day for the market, we
don’t feel we would see any major fireworks either here upside or downside. The
important levels to watch out remain the same as it was today; however, we tend
to think that it is not falling below 9150 or not to be able to get past 9275
decisively. A strong break (close) below 9100 will increase the
downside pressure and drag it to 9050, 9000. Traders can go short on a break
below 9150 with a stop-loss at 9200 for the target of 9100.
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Supports: 9150 and 9100
Resistances: 9250 and 9300
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