04 February 2013: Daily Market Analysis: Do not bet on any great bounce backed by 14k on Dow Jones. Even 22000 crs buying by FII in January month has failed to push market higher.

SENSEX (19781.20)

We got some good amount of selling on Friday which pushed Indian market lower. It was remarkable that Indian market were slipping when whole global market was rising. If you are betting for recovery then I am sure that it must be inspired by rise in US market. Technical charts have not given any sign of recovery yet. Sensex is just breaking the support of 20 EMA. Remember you were warned about this fall. It does not matter why, when and how but market may see a decisive fall. Do not think that every global market will make a short term top on exactly same day. It is looking India has won the race and hit the top first. I will not surprise if Sensex hit 19500 marks sooner.

(Support – 19730/19650/19590, Resistance – 19850/19940/20010)

NIFTY (5998.90)

I have quoted for a “make or break” at 6020. It has broken and almost slipped towards 5980. I am expecting 5940 first and then it will get reasons for further selling. It has stiff resistance at 6024 and 6042 levels. I am not getting reasons to bet on great dip. I should be getting.

 (Support – 5980/5965/5940, Resistance – 6024/6042/6068)

RELIANCE (894.00)

Indian media is habitual of giving a flash of doctored news. Small short covering on Friday was an example of those. Technical charts are still suggesting that as long as it sustaining below 905-907 marks it has every chance of breaking 880 to hit more lower levels. Forget the results now.

(Support – 880/870/858, Resistance – 900/907/915)

DLF (267.90)

This stock has moved so sharply in January month series but given up on very first day of the month. Technical charts are suggesting that if it sustain below 265 then we can see a move towards 250 levels with resistance at 272-274 levels. I will short at higher levels. 

(Support – 265/259/253, Resistance – 272/275/280)