Market Review for 22 Jan 2010

January 21, 2010 by

The index broke below the wedge on the lower side, pointing clearly that the rally has ended as the ending diagonal pattern is a bearish pattern and signals a

correction. Nifty and Sensex have closed exactly at the up trend line of the overall rise from March and closing below it would accelerate selling. Sensex stocks were down for the day with Dr Reddy’s Laboratories (down 6.55%) and Larsen & Toubro (down 6.85%) being hit the most.

Nifty Close  5094

Nifty Support Levels 5045-5010-4978

Nifty Resistance 5145-5225-5280

• Sell Maruti @ 1448-1452 Sl 1486 Tgt 1422- 1397

• Buy Essar Oil 149-150 SL 147.60 Tgt 153.7- 156- 158

• Sell IDBI 125-126 SL 129.80 Tgt 119-116-113

• Sell ACC 938-939 SL 954 Tgt 925-918-910