Micro Technicals

Nifty: Any revival in Nifty should be considered as correction only. Unless it closes above 1171, bears can sell Nifty scrips. Decisive close above this level will take the index up to 1185 or 1210. On downside, its nearest support are at 1153 and 1146. If it closes below 1146, then a fall up to 1132 or 1101 is possible.

SBI: The level of Rs 282 is a trend decider. If it crosses and closes above this level then it can shoot up to Rs 288 or Rs 299. On downside, it will take support at Rs 271 or at Rs 265.

ITC: This scrip will be the only one which will create panic in the market in the coming days. Traders can sell with stop loss of Rs 793. On upper side, after crossing this level, it will face resistance at Rs 804 or Rs 822. On downside, it can slide up to Rs 773, Rs 762 or even Rs 734. If it closes below Rs 768 for three consecutive days, then Rs 680 is not ruled out in this month itself.

L&T: Buy with stoploss of 268. On upside it will face minor resistance at 279 and a strong resistance exists at 284. On downside, if it breaks 268 with high volumes compared to Friday, then a free fall to 259 or 243 is not ruled out. Dont remain short above Rs 284.

Nestle: Dont remain short or long above and below Rs 269 . On upper side it will face minor resistance at Rs 478 or Rs 485. Dont remain short it closes at Rs 491. On downside, it will take support at Rs 460, and weekly support exists at Rs 447 or at Rs 425.

Crisil: From this level of Rs 675, if it revives traders as well as investors can start offloading their holdings in small quantities. Maximum upper target exists at Rs 706, Rs 737 or finally the rally will exhaust at Rs 830. Once it closes below Rs 644, then downside target are Rs 613, Rs 554 or Rs 458. The balloon of Crisil can burst any moment.

Zee: Unless it decisively crosses Rs 462, traders can remain short. On downside it can slide up to Rs 437 or even Rs 422. On upperside, it will face resistance at Rs 487.

Carrier Aircon: Buy with stop loss of 285 and support comes at 275. On upside it can come up to 307 or 316. In this month it will also try to show a level of 350. Dont buy if it closes below 275.

Leading Edge: Unless it crosses and closes above 830, traders can sell. On downside it can slide up to 722 or 622. If it closes below 715 for three consecutive days then it can slide up to 570.

Hot scrips: Buy BPL Refrigeration (Rs 7) and IFB Industries (Rs 14).

Anirudh Sethi

(The author is Baroda based Technical analyst)