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TECHNICAL VIEW :: Nifty, Kotak Mahindra Bank, Ranbaxy Labs, Larsen & Tubro and GAIL

Posted on: December 2nd, 2011 at 2:45 am

Below are few stock charts helping understand current trend of these stocks. Click on charts to enlarge




Nifty did manage to bounce back from strong support levels of 4700 (triple bottom). Current bounce could come to an end near 5000 levels (50% retracement level on Fibonacci). If nifty is unable to cross levels of 4980-5000 in coming days, one can look to go short on with a target of 4800 in near term. Long term resistance for nifty remains at 5300 and strong support at 4700.

Kotak Mahindra Bank:



Kotak has been volatile recently. has strong support around 440-450 levels. Resistance now comes in at 480 levels. If manages to trade above 480 for few min, it could head upto 500 in coming days. on the short side, one can enter shorts if its unable to close above 480 for couple of days.

Ranbaxy Labs



Ranbaxy is forming strong support near the 430-440 zone. In last 9 months, its seen a good rally whenever it tried to test strong support at 440. This time too it did manage to recover from here. It is a good short sell candidate if it breaks 430 and trades below it for 1-2 days. On the upside, it has resistance at 480. above this can test 505.

Larsen & Tubro



Larsen has been in a downtrend recently and is moving in a range. As of now if manages to cross resistance at 1310, it can head upto 1350-1360 levels. On the downside, if unable to cross 1310 for a day or 2, could head back lower to 1220 levels.




Gail technically looks weak. Has strong resistance at 405-410 levels. One can look to go short on gail if it does not manages to trade above 405 levels for next couple of days. On the downside, it can test 380-385

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14 Responses


  1. Ashish Says:
    December 2nd, 2011
    Posted at: 10:58 am

    Sir, your LDF call is still open? or should we enter at lower levels?

  2. CB Says:
    December 2nd, 2011
    Posted at: 11:00 am

    Hi Ashish, yes, dlf can be bought with sl at 211

  3. S Amalraj Says:
    December 2nd, 2011
    Posted at: 8:32 pm


    At last the nifty has crossed 5000 with strength. Now what is the next target?

  4. CB Says:
    December 3rd, 2011
    Posted at: 12:53 pm

    Hi S Amalraj, with global markets falling from days high, as of now seems may open a bit lower on monday. If nifty manages to hold onto 5000 levels, could head upto 5100. else could see 4880-490 again

  5. Amal Says:
    December 3rd, 2011
    Posted at: 3:03 pm

    Kotak bank has already reached 500 what will be the next target?

  6. Ajay Says:
    December 3rd, 2011
    Posted at: 3:06 pm

    As Ranbaxy has closed above 440 whether it is advisable to go long on Monday?

  7. Amal Says:
    December 3rd, 2011
    Posted at: 3:17 pm

    As rightly pointed out by you L&T is struggling to cross 1310. If on Monday also it could not move up whether we can short L&T?

  8. CB Says:
    December 3rd, 2011
    Posted at: 4:48 pm

    Hi Ajay, Please post using one id only. It creates issues. yes, if nifty manages to break 5000 on the downside, can fall further. kotak has resistance at 510 levels. no, don't long ranbaxy yet. yes, one can short LT with sl near 1315.

  9. UMESH Says:
    December 4th, 2011
    Posted at: 11:18 am

    Hi CB,

    Long time.............

    How is Suzlon I am holding 10K in cash @ 22.3 average

  10. CB Says:
    December 4th, 2011
    Posted at: 12:46 pm

    Hi UMESH, Good Afternoon. yes, hope all is going well on your side. suzlon is finding good support near 22 levels. can test 26 in near term. hold for now.

  11. manish Says:
    December 7th, 2011
    Posted at: 1:17 pm

    hi CB

    today what trand of nifty ...?

  12. Arijit Says:
    December 9th, 2011
    Posted at: 11:03 am

    What is the view of Nifty with respect of current fluctuate market.

  13. CB Says:
    December 10th, 2011
    Posted at: 10:59 am

    Hi manish, as of now looking at global queues, seems may open higher on monday. its still moving in a range

    Hi Arijit, can see 4920 on a small bounce. technically its moving in a range since long. no breakout yet.

  14. RAJ DAMANI Says:
    December 13th, 2011
    Posted at: 10:34 am


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