Tata Motors can move towards Rs 720: Praveen Kumar

Daily Market Analysis	Praveen Kumar
02 December 2009, Wednesday	Mobile no.  +91-9822652035
e-mail id - praveen@viecapital.com
Chat line id - talk2praveen2002@yahoo.co.in
SENSEX (Close - 17198.27)
After Dubai crisis, it was GDP data which came as surprise. We have seen a broadbased rally with a bulls gap up. Technically, the up side remains intact up. We can expect a move towards 17480 marks. Well, right now everything is up and so picture looks more rosy. Trading support will be at 17071 marks which short term support will be at 16880 marks. We have seen good strength in auto stocks. We need to maintains proper stoploss as there are fair possibility of profit taking from higher levels, these may gain by 5-8% more. Global cues remains important.
Support - 17070/16940/16880	Resistance - 17280/17370/17480
NIFTY (Close - 5122.00)
Nifty has rebounded strong from 4800 in past three days. On higher side we have resistance 5184 to 5200. It has technical support at 5100. I would avoid long trades if Nifty slip below 5100 marks anytime during trading hour.
Support - 5100/5070/4990	Resistance - 5154/5184/5220
TATA MOTORS (Close - 703.00)
It has gained almost Rs 100 in past three days of trade. Technically as long as it sustain above 696 we can expect a intraday move around 720 marks. Only break below 696 will result some profit taking. Very important day to trade.
Support - 696/688/681	Resistance - 712/720/732
RELIANCE (Close - 1098.00)
This stock has technical resistance at 1111 marks. If it open with bulls gap and trade sustain above 1111 then only one can prefer to trade long. Else this stock will see profit taking from any levels below 1111.
Support - 1089/1077/1065	Resistance - 1111/1124/1137
TATA STEEL (Close - 581.65)
Yesterday I said 'long as long it sustain above 574'. It has tested a support of 574 marks. Technically it has resistance at 589 marks. Any break below 574 marks will result a fall towards 567 to 560 marks. Selling may come from higher levels.
Support - 574/568/563	Resistance - 586/593/599
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Disclaimer: These recommendations are based on the theory of technical analysis and personal observations. This does not claim for profit. I am not responsible for any losses earned by traders. It is only the outlook of the market with reference to its previous performance. You are advised to take your position with your sense and judgment. We are trying to consider the fundamental validity of stocks as far as possible, but demand and supply affects it with vision variations. This analysis is provided to you by viecapital.
Discloser- I do not have any personal position in any stocks. It is safe to assume that my clients could have some positions and hence I am interested in above written stocks.

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