The intra-day highs of Nifty of last 3 days are very close to each other
Wednesday, 11 th November 2009- 5016.7
Thursday, 12th November 2009- 5014.4
Friday, 13th November 2009- 5017.9
So there is a clear indication that if Nifty manages to cross 5020 levels, it will give a 20-30 points move which will take it to next big resistance of 5040-5050 which will be an uphill task for bulls to cross that level. The support for Nifty is placed at 4955-4960 and next is 4925-4930. Below these two levels there could be a free fall to the 4860-4870 levels.
DowJones View:
DowJones is obeying this not-so-parallel or a converging channel since mar 2008 lows of 6400, so any breakout or break down from this channel can see a 5 -10% upmove or downmove in the index. 7 times it has touched the upper line of the channel and 3 times the down line of the channel.
Stock View:
Today i am going to discuss about a cluster of stocks from a single sector i.e Hotels, as the sector technically is looking very hot and fundamentally there are immense growth prospects for this sector as the salary hikes in the coming quarters and overall economic growth will benefit this industry.
Ind Hotel:
This is the first stock of the sector that has given a breakout. The stock has given a breakout above 85 levels and need to sustain for next targets of 95-100. Now 84-85 becomes as a good support for the stock
TajGvk:
Parallel channel formed in this stock and is precariously poised at upper end of the channel, needs to cross 160 levels with huge volumes to breakout from this channel or will continue to remain in this 40 rupees range from 120-160
EIHOTEL:
Can buy on dips to 125 odd levels with a stop loss placed at 120 on closing basis and the stock can give a move upto 150 odd levels
Hotel Leela ( as i have discussed earlier ):
Hotel leela is a buy on dips and as and when it crosses 40-41 with huge volunes and closes above this range, it will show levels of 45-50
Have a very nice trading day!!!
Regards
Ankit
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