Nifty 50 Reports For The Week (20th - 24th June '11)

Global Research Limited
NIFTY50
WEEKLY REPORT
20th June - 24th June 2011
ACC
Weekly Pivots
STOCK R2 R1 PP S1 S2
ACC
983.18
971.52
962.33
950.67
941.48
Technical Overview
The stock managed to breach its support level this week and had a bearish trend. One could hold the short positions in the stock as it is expected to continue its bearish trend and may move till the levels of 940-930 in coming trading sessions.
Technical Picture
Figure: 1 : Nifty50 Graph
RESISTANCE
SUPPORT
990
940
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Ambuja Cements
Weekly Pivots
AMBUJACEM
131.55
129.85
127.2
125.5
122.85
Technical Overview
The stock moved in a bearish trend this week. Its next major support is at 122, breach of this level may take the stock further down else it may also bounce back from lower support levels.
Technical Picture
RESISTANCE
SUPPORT
131
122
Axis Bank
Weekly Pivots
AXISBANK
1258.12
1240.33
1226.92
1209.13
1195.72
Technical Overview
The stock is currently consolidating with positive biasness. One can go for buying on dip strategy in the stock till it breaches the level of 1205 in downside as it is expected to move till the levels of 1280-1285 in coming trading sessions.
Technical Picture
RESISTANCE
SUPPORT
1285
1205
Bajaj Auto Ltd.

Weekly Pivots
BAJAJ-AUTO
1379.33
1361.02
1346.13
1327.82
1312.93
Technical Overview
The stock is consolidating currently. One could still hold the long positions in the stock until it breaches the level of 1319 in downside as it is expected to continue its bullish trend and may move till the levels of 1385-1390 in near term.
Technical Picture
RESISTANCE
SUPPORT
1390
1328
Bharat Heavy Electrical

Weekly Pivots
BHEL
1962.7
1949.95
1939.25
1926.5
1915.8
Technical Overview
The stock is currently consolidating from last a few weeks after a sharp fall previously. Now the stock's next support is at level of 1900, breach of this level will continue its bearish trend while it may also bounce back from its major support levels
Technical Picture
RESISTANCE
SUPPORT
1975
1900
Bharat Petroleum Corporation

Weekly Pivots
BPCL
647.63
639.27
629.73
621.37
611.83
Technical Overview
The stock moved with positive biasness this week. Its next resistance level is at 639, crossing of this level will take the stock further upwards.
Technical Picture
RESISTANCE
SUPPORT
639
613
Bharti Airtel
Weekly Pivots
BHARTIARTL
389.98
385.27
377.23
372.52
364.48
Technical Overview
The stock is consolidating currently. It now faces next resistance at 385, crossing of this level may take the stock further upwards else it has support at 370, breach of which may take the stock downwards.
Technical Picture
RESISTANCE
SUPPORT
385
370
Cipla
Weekly Pivots
CIP LA
336.33
332.37
328.18
324.22
320.03
Technical Overview
The stock is currently correcting after having an up rally previously.. One could still hold the long positions in the stock until it breaches the support level of 323 in downside. As it may take a bounce from this level else breach of this level will take the stock further downwards.
Technical Picture
RESISTANCE
SUPPORT
345
323
Cairn India
Weekly Pivots
CAIRN
338.15
331.5
326.8
320.15
315.45
Technical Overview
The stock today managed to breach its support level and had a steep downfall. it is now expected to move till the levels of 319 in downside.
Technical Picture
RESISTANCE
SUPPORT
335
319
DLF
Weekly Pivots
DLF
229.18
226.87
224.53
222.22
219.88
Technical Overview
The stock is currently facing a correction phase from last a few trading sessions. It has support at 225; breach of this level will take the stock further downwards till the levels of 220-215 in coming trading sessions.
Technical Picture
RESISTANCE
SUPPORT
238
225
Dr. Reddy Laboratories

Weekly Pivots
DRRED DY
1569.58
1561.47
1549.23
1541.12
1528.88
Technical Overview
The stock was consolidating during the week and closed with positive biasness. The trend presently in the stock is sideways. The stock is now facing resistance at 1587 and has support at 1520. As the stock closed with positive biasness a further up movement can be seen in the stock once it breaks its resistance level.
Technical Picture
RESISTANCE
SUPPORT
1587
1520
Gail India
Weekly Pivots
GAIL
449.27
444.48
439.67
434.88
430.07
Technical Overview
The stock moved down during the week and closed with positive biasness. The major trend presently in the stock is sideways. The stock is now facing resistance at 451 which is the 50 day moving average of the stock and has support at 431. As the stock closed with positive biasness a further up movement can be seen in the stock once it breaks its resistance level. One may go for buying the stock once it breaks its resistance level.
Technical Picture
RESISTANCE
SUPPORT
446
431
HCL Technologies
Weekly Pivots
HCLTECH
501.05
490.5
482.75
472.2
464.45
Technical Overview
The major trend in the stock is weak and it moved down during the week and ended negative. The stock is now facing resistance at 500 and has support at 468. A further down movement can be seen in the stock once it breaks its support level. One may go for selling the stock once it breaks its support level.
Technical Picture
RESISTANCE
SUPPORT
500
468
HDFC Bank
Weekly Pivots
HDFCBANK
2382.13
2365.72
2349.68
2333.27
2317.23
Technical Overview
The stock was consolidating during the week and closed with positive biasness. The trend presently in the stock is sideways. The stock is now facing resistance at 2400 and has support at 2320 which is the 50 day moving average of the stock. A further up movement can be seen in the stock once it breaks its resistance level. One may go for buying the stock once it breaks its resistance level.
Technical Picture
RESISTANCE
SUPPORT
2400
2320
Housing Development Finance

Weekly Pivots
HDFC
661.85
650.25
642.9
631.3
623.95
Technical Overview
The stock was consolidating during the week and on the last day of trading it ended on a negative note. The trend presently in the stock is weak. As the stock closed with negative biasness a further down movement can be seen in the stock once it breaks its support level. The stock is now facing resistance at 657 and has support at 625. Break of support may take the stock further down. One may go for selling the stock once it breaks its support level.
Technical Picture
RESISTANCE
SUPPORT
657
625
Hero Honda Motors

Weekly Pivots
HEROHONDA
1753.87
1742.78
1733.92
1722.83
1713.97
Technical Overview
The stock was consolidating during the week and ended on a negative note. The stock is now facing resistance at 1760 and has support at 1690. As the stock closed with negative biasness a further down movement can be seen in the stock once it breaks its support level. One may go for selling the stock once it breaks its support level.
Technical Picture
RESISTANCE
SUPPORT
1760
1690
Hindalco Industries
Weekly Pivots
HINDALCO
179.62
174.73
170.72
165.83
161.82
Technical Overview
The stock showed a continuous down movement during the week and closed with negative biasness. The trend presently in the stock is weak. The stock is now facing resistance at 175 and has support at 165. Break of support may take the stock further down. One may go for selling the stock once it breaks its support level.
Technical Picture
RESISTANCE
SUPPORT
175
165
Hindustan Unilever
Weekly Pivots
HINDUNILVR
330.8
325.85
321.55
316.6
312.3
Technical Overview
The stock showed a continuous up movement during the week and ended on a positive note. The stock is now facing resistance at 328 and has support at 315 which is the 10 day moving average of the stock. A further up movement can be seen in the stock once it breaks its resistance level. One may go for buying the stock once it breaks its resistance level.
Technical Picture
RESISTANCE
SUPPORT
328
315
ICICI Bank
Weekly Pivots
ICICIBANK
1047.9
1040.05
1032.05
1024.2
1016.2
Technical Overview
The stock was consolidating during the week and closed with positive biasness. The stock is now facing resistance at 1055 and has support at 1013. As the stock closed on positive note a further up movement can be seen in the stock once it breaks its resistance level. One may go for buying the stock once it breaks its resistance.
Technical Picture
1013
RESISTANCE
SUPPORT
1055
1013
IDFC
Weekly Pivots
IDFC
123.02
121.23
119.77
117.98
116.52
Technical Overview
IDFC is in major downtrend and last week it continued the same making weekly low of 118.30 and closed with the weekly loss of 10.42%. The stock now has resistance level at 124 and support level at 115. In short term it is expected to continue its negative biasness and to test its support level.
Technical Picture
RESISTANCE
SUPPORT
124
115
Infosys Technologies
Weekly Pivots
INFOSYSTCH
2840.15
2804.9
2768.1
2732.85
2696.05
Technical Overview
INFOSYS showed continued down rally in last week and made weekly low of 2731.30. The stock has resistance level at 2810 and support level at 2715. Some recovery may be expected in the stock in the short term.
Technical Picture
RESISTANCE
SUPPORT
2810
2715
ITC
Weekly Pivots
ITC
197.45
194.6
192.95
190.1
188.45
Technical Overview
ITC had volatile trading session last week and it closed almost flat. The stock may take resistance from the level of 197 and it has support level at 189. In short term some correction may be expected in the stock.
Technical Picture
RESISTANCE
SUPPORT
197
189
Jaiprakash Associates
Weekly Pivots
JPASSOCIAT
84.6
83
82.05
80.45
79.5
Technical Overview
JP ASSOCIATES had volatile trading session during last week and closed almost flat. The stock has resistance level at 85 and support level at 79. In short term it is expected to consolidate with negative biasness and may test its support level.
Technical Picture
RESISTANCE
SUPPORT
85
79
Jindal Steel & Power

Weekly Pivots
JINDALSTEL
642.8
637.9
633.45
628.55
624.1
Technical Overview
JINDAL STEEL AND POWER had volatile trading session last week and it closed almost flat. The stock has resistance level at 647 and support level at 623. It is expected to consolidate with negative biasness and to test its support level in short term.
Technical Picture
RESISTANCE
SUPPORT
647
623
Larsen and Turbo

Weekly Pivots
LT
1711.03
1695.47
1678.73
1663.17
1646.43
Technical Overview
L&T had volatile trading session during last week and it closed with overall losses. The stock has resistance level at 1737 and support level at 1654. In short term it is expected to show some correction and to test its support level.
Technical Picture
RESISTANCE
SUPPORT
1737
1654
Kotak Mahindra Bank

Weekly Pivots
KOTAKBANK
452.43
446.17
441.58
435.32
430.73
Technical Overview
KOTAK MAHINDRA BANK had volatile trading session last week and closed with moderate gain. The stock has support level at 428 and resistance level at 452. It is expected consolidate and remain range bound in short term.
Technical Picture
RESISTANCE
SUPPORT
452
428
Mahindra and Mahindra

Weekly Pivots
M&M
666.8
655.45
648.65
637.3
630.5
Technical Overview
M&M showed volatile trading session last week and closed with overall losses, making weekly low of 641.85. The stock has support level at 638 and resistance level at 670. It is expected to consolidate with negative biasness in the short term.
Technical Picture
RESISTANCE
SUPPORT
670
638
Maruti Suzuki India

Weekly Pivots
MARUTI
1256.8
1210.9
1186.1
1140.2
1115.4
Technical Overview
MARUTI showed negative side movement all through the previous week and made weekly low of 1161.30. The stock has resistance level at 1230 and support level at 1155. In short term it is expected to consolidate with negative biasness and to test its support level.
Technical Picture
RESISTANCE
SUPPORT
1230
1155
NTPC Ltd.
Weekly Pivots
NTPC
182.3
180.6
177.7
176
173.1
Technical Overview
NTPC had volatile trading session last week and it traded in tight range. The stock has support level at 174 and resistance level at 121. In short term it is expected to consolidate with positive biasness and to test its resistance level.
Technical Picture
RESISTANCE
SUPPORT
182
174
Oil and Natural Gas Corp

Weekly Pivots
ONGC
270.27
268.03
265.52
263.28
260.77
Technical Overview
ONGC is trading in a short term downward trend and it is now trading at 265.80, in today's trading session it made a low of 263. The stock may reach to the level of 245 in the coming trading session. The stock has a resistance level of 272 and support at 260. It is looking bearish in the coming trading session; one can go for short position in it at 260 for the target of 230.
Technical Picture
RESISTANCE
SUPPORT
272
260
Power Grid Corporation of India

Weekly Pivots
POWERGRID
103.87
103.28
102.42
101.83
100.97
Technical Overview
The stock was moving in a short term uptrend and made a high of 103, from this level 100 it made a recovery and close above the 10 days and 50 days moving averages. It is looking bullish in the coming trading session if it manages to trade and closed above the resistance level of 104 else below 100 it would be in a downward trend.
Technical Picture
RESISTANCE
SUPPORT
104
100
Punjab National Bank

Weekly Pivots
PNB
1065.93
1057.87
1048.93
1040.87
1031.93
Technical Overview
The scrip is trading sideways and showing momentum strength below 1039. It is now trading at 1049.80; from this level further downside of movement would be expected. In order to be in a downward trend it has to trade and consolidate below the 10 days and 50 days moving averages. One can go for short position in it at 1039 for the target of 1005.
Technical Picture
RESISTANCE
SUPPORT
1065
1039
Ranbaxy Laboratories
Weekly Pivots
RANBAX Y
546.22
541.23
538.02
533.03
529.82
Technical Overview
Ranbaxy traded above its 10 days and 50 days moving averages with good volume and closed at 536.25; from this level either downside of movement would be expected. The stock may reach to the level of 550 if it manages to trade above the resistance level of 550, above this level it might be in an upward trend.
Technical Picture
RESISTANCE
SUPPORT
550
530
Reliance Capital
Weekly Pivots
RELCAPITAL
567.18
556.57
549.28
538.67
531.38
Technical Overview
Reliance capital in today's trading session manages to trade and close above the 10 days and 50 days moving averages and it was down by 1.75 %. It is now taking support at 540 and resistance at 561. One can go for long position in it at 561 above this level it would be in an upward trend.
Technical Picture
RESISTANCE
SUPPORT
561
540
Reliance Communications
Weekly Pivots
RCOM
97.43
96.32
94.53
93.42
91.63
Technical Overview
The stock is moving sideways; form this level either side of movement would be expected. It is looking bullish in the coming trading session if it manages to trade and consolidate above the 10 days and 50 days moving averages. One can go for long position in it at 97 for the target of 105.
Technical Picture
RESISTANCE
SUPPORT
97
90
Reliance Industries
Weekly Pivots
RELIANCE
903.85
886.3
875.75
858.2
847.65
Technical Overview
It is taking resistance at 900 and support at 865, a negative opening made it to trade below the 10 days and 50 days moving averages. It is looking weak on charts from this level further downside of movement would be expected, one can go for short position in at 865 below this level it would be in a downward trend else above 900 it might be in an upward trend.
Technical Picture
RESISTANCE
SUPPORT
900
865
Reliance Infrastructure
Weekly Pivots
RELINFRA
590.77
585.78
580.02
575.03
569.27
Technical Overview
It is now taking support at 570 and resistance at 600. The stock is trading in a short term up trend and in today's trading session it manage to trade and close above the 10 days and 50 days moving averages. It is looking bullish in the coming trading session if it manages to trade above the resistance level of 600 else below 570 it might be in a downward trend.
Technical Picture
RESISTANCE
SUPPORT
600
570
Reliance Power
Weekly Pivots
RPOWER
118.55
116.95
115.3
113.7
112.05
Technical Overview
Reliance Power had been moving between ranges of 114 to 118, in today's trading session it manages to break the range and made a low of 113.65; from this level further downside of movement would be expected. It is taking support at 113 below this level it would be in a downward trend else above 118 it would be bullish.
Technical Picture
RESISTANCE
SUPPORT
118
115
Siemens India
Weekly Pivots
SIEMENS
878.73
874.47
870.73
866.47
862.73
Technical Overview
SIEMENS remained volatile last week and closed almost flat. The stock has support level at 861 and resistance level at 890. It is expected consolidate with positive biasness in short term. As the stock is looking indecisive one should wait for a proper breakout before entering in it.
Technical Picture
RESISTANCE
SUPPORT
890
861
Sterlite Industries India

Weekly Pivots
STER
162.18
160.02
158.68
156.52
155.18
Technical Overview
STERLITE INDUSTRIES has been consolidating with negative biasness from last many sessions and last week also it remained negative. The stock is in major down trend, it has support level at 156 and resistance level at 161. In short term it is expected to consolidate and remain within the range. One could go for sell on rise strategy in the stock until it crosses 161 in upside.
Technical Picture
RESISTANCE
SUPPORT
161
156
State Bank of India

Weekly Pivots
SBIN
2240.23
2226.67
2207.73
2194.17
2175.23
Technical Overview
STATE BANK OF INDIA remained volatile all through last week and closed with moderate losses. The stock has resistance level at 2225 and support level at 2161. It is expected to consolidate with negative biasness and to test its support level in short term.
Technical Picture
RESISTANCE
SUPPORT
2225
2161
Steel Authority of India

Weekly Pivots
SAIL
138.65
137.5
136.75
135.6
134.85
Technical Overview
It is now taking support at 143 and resistance at 152.It is looking weak on charts, if it manages to trade below the support level of 143, below this level it would be in a downtrend.
Technical Picture
RESISTANCE
SUPPORT
140
136
Sun Pharmaceuticals
Weekly Pivots
SUNPHARMA
505.95
491.85
482.35
468.25
458.75
Technical Overview
SUN PHARMACEUTICALS remained volatile all through last week and closed with moderate gain. The stock has resistance level at 500 and support level at 466. It is expected to consolidate with positive biasness and to test its resistance level in short term.
Technical Picture
RESISTANCE
SUPPORT
500
466
Grasim
Weekly Pivots
GRASIM
2197.43
2152.02
2123.28
2077.87
2049.13
Technical Overview
The stock moved down during the week continuing its down trend. The stock is now facing resistance at 2200 and has support at 2040. As the stock ended on a negative note a further down movement can be seen in the stock once it breaks its support level. One may go for selling the stock once it breaks its support level.
Technical Picture
RESISTANCE
SUPPORT
2200
2040
Tata Consultancy Services

Weekly Pivots
TCS
1176.4
1142.8
1123.4
1089.8
1070.4
Technical Overview
The stock showed a continuous down movement during the week and closed with negative biasness. The stock is now facing resistance at 1157 and has support at 1090.Break of support may take the stock further down. One may go for selling the stock once it breaks its support.
Technical Picture
RESISTANCE
SUPPORT
1157
1090
Tata Motors
Weekly Pivots
TATAMOTORS
999.65
990.3
983.25
973.9
966.85
Technical Overview
The stock moved down during the week and closed on a negative note. The stock is now facing resistance at 1015 and has support at 970. The stock is close to its support and break of which may take the stock further down. One may go for selling the stock once it breaks its support.
Technical Picture
RESISTANCE
SUPPORT
1015
970
Tata Steel
Weekly Pivots
TATASTEEL
582.75
577.9
570.45
565.6
558.15
Technical Overview
The stock moved down during the earlier trading days and on the last trading session a good recovery was seen in the stock and closed with positive biasness. The stock is now facing resistance at 580 and has support at 565. Break of resistance may take the stock further up.
Technical Picture
RESISTANCE
SUPPORT
580
565
Tata Power Supply

Weekly Pivots
TATAPOWER
1256.27
1246.53
1235.27
1225.53
1214.27
Technical Overview
The stock was consolidating during the week and ended on a positive note. The major trend presently in the stock is sideways. The stock is now facing resistance at 1270 and has support at 1215. Break of resistance may take the stock further up. One may go for buying the stock once it breaks its resistance level.
Technical Picture
RESISTANCE
SUPPORT
1270
1215
Sesa Goa
Weekly Pivots
SESAGOA
287.57
279.83
275.47
267.73
263.37
Technical Overview
After making a high of 285.80 it is continuously in a downward trend. It is now taking support at 279 and resistance at 287. It is now trading at 272.10, form this level further downside of movement would be expected. One can go for short position in it at 270 for the target of 260.
Technical Picture
RESISTANCE
SUPPORT
287
279
Wipro Corporation
Weekly Pivots
WIPRO
422.82
415.83
411.92
404.93
401.02
Technical Overview
The stock moved down during the week and closed with negative biasness. The stock is now facing resistance at 420 and has support at 402. Break of support may take the stock further down. One may go for selling the stock once it breaks its support level.
Technical Picture
RESISTANCE
SUPPORT
420
402
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Nifty 50 Reports For The Week (20th - 24th June '11)

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Nifty 50 Reports For The Week (20th - 24th June '11)

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Global Research Limited

Global Research Limited

Figure: 1 : Nifty50 Graph

Global Research Limited

Figure: 2 : Nifty50 Graph

Global Research Limited

Figure: 3 : Nifty50 Graph

Global Research Limited

Bajaj Auto Ltd.

Figure: 4 : Nifty50 Graph

Global Research Limited

Bharat Heavy Electrical

Figure: 5 : Nifty50 Graph

Global Research Limited

Bharat Petroleum Corporation

Figure: 6 : Nifty50 Graph

Global Research Limited

Figure: 7 : Nifty50 Graph

Global Research Limited

Figure: 8 : Nifty50 Graph

Global Research Limited

Figure: 9 : Nifty50 Graph

Global Research Limited

Figure: 10 : Nifty50 Graph

Global Research Limited

Dr. Reddy Laboratories

Figure: 11 : Nifty50 Graph

Global Research Limited

Figure: 12 : Nifty50 Graph

Global Research Limited

Figure: 13 : Nifty50 Graph

Global Research Limited

Figure: 14 : Nifty50 Graph

Global Research Limited

Housing Development Finance

Figure: 15 : Nifty50 Graph

Global Research Limited

Hero Honda Motors

Figure: 16 : Nifty50 Graph

Global Research Limited

Figure: 17 : Nifty50 Graph

Global Research Limited

Figure: 18 : Nifty50 Graph

Global Research Limited

Figure: 19 : Nifty50 Graph

Global Research Limited

Figure: 20 : Nifty50 Graph

Global Research Limited

Figure: 21 : Nifty50 Graph

Global Research Limited

Figure: 22 : Nifty50 Graph

Global Research Limited

Figure: 23 : Nifty50 Graph

Global Research Limited

Jindal Steel & Power

Figure: 24 : Nifty50 Graph

Global Research Limited

Larsen and Turbo

Figure: 25 : Nifty50 Graph

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Kotak Mahindra Bank

Figure: 26 : Nifty50 Graph