13 Sept, 2011: Equity Buy/Sell (Technical View) IFCI research,

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Equity Buy/Sell (Technical View)  

Ø  As always, we would like to give support levels of key scrips, some of which would have already been mentioned by us. We would advise medium term investors to buy near support levels and book profits on decent returns. Short term traders should have initial stops and trail them

• Axis Bk. ~ 990 ;                  Bharti ~ 370, 350 ;           Bata ~ 560 ;                     Bajaj Auto ~ 1500, 1550 ;
• ICICI ~ 775, 715 ;               IDBI ~ 105, 85 ;                Infosys ~ 2050 ;                Kotak Bk. ~ 400, 350 ;
• LIC Hsg ~ 195 ;                  L&T ~ 1520-30, 1470;      M&M ~ 755 ;                     PNB ~ 850, 830 ;
• SBI ~ 1860 ;                       Tata Motors ~ 125 ;         TCS ~ 900

Ø  Hind Lever > 350; Petronet LNG > 181 are good.

CURRENCY :

Ø  INR VS USD : We would like to recall some of our long term / medium term calls :

Ø  On 11/10/10 , we had observed :

"Rupee has strong support around 44 and then 43/20. Rupee is not expected to strengthen beyond 43/20"

Ø  On 18/04/11 :

"It is in sideways mode in short term/ medium term. It has strong support around 43/84. So far as this level is held, Rupee could weaken. Investors can therefore TRY LONGS WITH STOP AT 43/79."

Ø  On 25/05/11 :

"Rupee could weaken further if 45/20 ( 45/40) is breached"

For the records, Rupee touched 43/85 on 27/07/11 and had weakened further to touch 47/40 (on 12/09/11). It has strong resistance around 47/75. Only if 47/75 is breached on a closing basis can it weaken further to 48/50 and then to 49-50 levels.

 

Have strict stop losses