Wednesday, June 1, 2011

Analysis for 1st June, 2011

Past 5500 nifty zoomed to 5572 and stayed above 5500 for the whole day. This is the effect of decisive crossover. 5630-5650 is the level where we could face some resistance.

Ashok Ley stop 50 buy for 52.7-55.5
Axis Bank increase stop to 1250 and now targets would be 1300-1315 and once 1300 is achieved increase stop to 1270. It would be prudent to book profits today
BPCL 636 crucial. Till not crossed use it as stop to short, once crossed buy for 665 with 620 as stop
Bharti appears to be ready for upmove
Canara Bank 550 crucial. Above that 570 and stop would be 540. Till not taken out use it as stop to sell
Cipla buy in dips stop 310
Ambuja stop 137 buy above 140 for 146
HDFC 680 achieved. Those holding increase stop to 678 and hold for 700
Hindalco above 198 stop 196 buy for 204
ICICI Bank 1096 acted as resistance. If crossed next level would be 1130.
IOB same buy above 144
JP 90 resistance
LIC Hsg 233 again acted as resistance. below 228 stop 230 sell for 222
Tata Motor stop 1070 buy for 1135
Tata Steel stop 580 buy for 605
Century Tex stop 320 buy in dips for 345
DLF short stopped
Sesa increase stop to 284

Happy Trading!!!

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