Letter based on Support Resistance (for 3rd July 2008)

 

 

The following stocks on the daily charts are either in a rising momentum or  a falling one. If a stock is showing a rising tendency on the daily charts then we  buy the stock at its first support level which is mentioned below. A stop loss is  also there in case the stock cuts its support and starts falling. Similarly if a  stock is showing a falling tendency on its daily charts, we short the  stock at it first resistance. The stop loss is also mentioned in case we are  wrong. All prices refer to spot and not futures.
Always target a profit of 1.5% from your buying or selling price in half your  position and the balance half position has to be squared around 3:15 pm.  Sometimes you will find that the price does not come near your level of buy or  sell, then that day do less trades. If you want to trade in futures then take  the trade in futures of the below mentioned stocks and index accordingly. Buy or  sell the future when spot price touches support or resistance

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Security Name Close Momentum Buy at Support Sell at Resistance Stop loss
Acc Ltd 506 Down   561 566
Andhra Bank 53 Down   57 58
Arvind Mills 31 Down   34 35
Aurobindo Ph 275 Down   284 287
Bank Of Baroda 206 Down   210 212
Bharat Elect 1000 Down   1041 1051
Bharat Petro 233 Down   247 250
BHARTI AIRTEL L 740 Down   751 759
Bhel Ltd. 1443 Up 1405   1391
Bk.of India 228 Down   229 232
Canara Bank 181 Down   183 184
Century Text 499 Down   532 537
Dabur India 81 Down   85 86
Divi'S Laborator 1342 Down   1378 1391
Dr.reddy's L 656 Down   664 671
Gas Authorit 340 Down   351 354
GMR INFRASTRUCTU 88 Down   92 93
Grasim Inds. 1750 Down   1937 1956
Hcl Technologies 253 Down   262 265
Hdfc Bank Lt 1029 Down   1044 1054
Hdfc Ltd. 1990 Down   2070 2091
Hero Honda 675 Down   704 711
Hind.petrol. 182 Down   186 188
HINDALCO INDUST 143 Down   147 148
HINDUSTAN UNILEV 199 Down   210 212
Icici Banking C 624 Down   664 671
Indn.oil Cor 329 Down   342 345
Itc Ltd. 178 Down   188 190
Larsen & Toubro 2317 Down   2337 2360
Mah.& Mah.lt 470 Down   508 513
Maruti Udyog Lim 587 Down   642 648
Mastek Ltd. 380 Down   383 387
Mtnl Ltd. 89 Down   91 92
National Alumini 349 Down   373 377
Ntpc Ltd 160 Up 156   154
Ongc Ltd 862 Up 838   830
Orient.bank 129 Down   137 138
Polaris Softwar 70 Down   76 77
Punj Lloyd Limit 225 Down   226 228
Punjab National 395 Down   401 405
Ranbaxy Labs 521 Down   528 533
Rel.inds. Lt 2145 Up 2122   2101
S&p Cnx Nifty 4103 Down   4175 4217
Satyam Compu 470 Up 451   447
St.bk.india 1092 Down   1157 1168
Syndicate Bank 51 Down   53 54
Tata Consultancy 878 Up 864   856
Tata Motors Lim 417 Down   452 457
Tata Power C 1096 Down   1112 1123
Tata Tea 735 Down   754 762
Union Bank Of In 107 Down   112 113
Wipro Ltd. 439 Down   451 456
   

Disclaimer : Trading in stock market is very risky and there are every chances of making losses.
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