SENSEX (Close - 18469.40)
Sensex has slipped on 8th day too on the fear of upcoming negative factors. We have seen huge fall in technology, auto and banking share in past few days but there is no great sign of revival yet. It was strong FIIs selling which has pulled the market down. Well, we are in extremely over sold zone and recovery must come now.
It seems that the reports presented by some leading global brokerage has also created panic like situation. Market is also concerned about rate hike in diesel and petrol price, which is surely expected. EGoM will meet on 11th May to discuss that issue. There is no great meaning of technical levels right now but we must have support at 18300 in the down side. Our first need is a positive close.
INTRADAY NIFTY (Close - 5537.15)
Nifty has saved 5500 marks. At one point of time it has even entered in positive zone but we got sharp sell off from higher levels again to close in red. Technically Nifty can came to 5470 levels. Will we see 5400 too? Who knows, yes, if panic continues?
HPCL (Close - 389.30)
OMC stocks have revived in a better a way as market is close to a price in petrol product. Technically buy this stock in intraday dip with stop loss near 385 only for the technical target of 395 to 400 levels. Below 385 it will have technical support at 380.
RELIANCE (Close - 947.65)
It has saved 940 levels and bounced in the last session but we got selling from higher levels. Well, technically we need to focus on 940 marks. This will be another 'make or break' levels. One can buy the stock if it saves 940 levels. Short if it breaks.
BHEL (Close - 2026.25)
This stock has seen some silence from past four trading sessions after strong sell off. Now as long as it sustain above 2000 we can hope for good participation if recovery on index hit. Technically it is a buy in dip near 2010 with stop loss of 1995. If it breaks 1995 then fall will take it to 1950 levels.