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S&P CNX NIFTY WEEKLY CHART CMP 5885 TARGET 6110 & 6200 .

RESISTANCE: 5995 & 6030 SUPPORT: 5815 & 5780

From the chart above one can observe that the index has decisively breached an 11 month old rising trendchannel pattern with a big white candle. The open and low of the candle is at the same level and has closed nearits high which signifies that bulls were totally in control of the situation. The index has also breached its 78.6%retracement level and is trading above it. The pattern target comes to its previous highs but there are a set of resistances which also needs to be crossed around 6110-6200. The RSI indicator has also breached its fallingtrend channel which has got a fresh momentum into the recent price rise. The overall indicators are in sync of the situation and things are quite positive for further rise and one should buy on declines.

TECHNICAL ANALYST

Manav Chopra : 096198 99241

[email protected]

SEPTEMBER 20, 2010WEEKENDER- MARKET OUTLOOK

http://[email protected]/

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BSE BANKEX INDEX CMP 13745 WEEKLY CHART

BSE CAPITAL GOODS INDEX CMP 15511 WEEKLY CHART

From the chart alongside one canobserve that the index has decisivelybreached above its previous highsand the blue mark is the gap areawhich can act as a supportdownwards. The RSI indicator hasmoved above 78 levels afterDecember ’06 which is a bullishsignal. This sector is likely tosurpass above 15000 in mediumterm.

One can buy banks on declines.

Stock Watch: Medium term

BOI: Target 525 & 532

ICICI BANK: Target 1165 & 1190

AXIS BANK: Target 1550 & 1595

The Index will face stiff resistancearound 15500-15600 levels and onceif this levels is breached one canexpect a sharp rise on the upside whichcan take index to test 16600-16800levels whereas the 14500-14600 levelswill remain an important support zonein future.

Stock Watch: Medium Term

LNT: Above 1970 Tgt 2090 & 2110

SIEMENS: Above 775 Tgt 810 & 835

SUZLON: Target 56 & 58

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BSE HEALTCARE INDEX CMP 5843 DAILY CHART

BSE IT INDEX CMP 5844 WEEKLY CHART

The Index has breached itsimportant resistance of 5815-5820

levels the blue dashed trendline asit can be seen from the chartalongside. The breakout was witha big white candle and one canexpect a sharp follow through inmedium term. The index will findgood support around 5800 leveland pattern target comes to 6150in medium term to long termbasis.


SUNPHARMA: Tgt 1975 & 2100

LUPIN: Target 410 & 435

RANBAXY: Above 538 Tgt 580

The Index has decisivelysurpassed its previous highs andnow its previous resistance willact as a support on the downsidewhich is around 5600-5620 andthis sector is likely to outperformthe market in medium term. Theindex is likely to test 6100 & 6250in future.


TCS: Above 916 Tgt 945 & 960

OPTO CIRUIT: Target 350 & 410

ORACLE FIN: Target 2350

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BSE OIL & GAS INDEX CMP 10735 WEEKLY CHART

BSE REALITY INDEX CMP 3712 WEEKLY CHART

The index has been in a majorconsolidation phase sinceJune’09 and mostly due to heavyweight stock like Reliance. Theindex has managed to breach the61.8% retracement level whichis a positive sign but moveabove the blue horizontaltrendline will get some bullishmomentum into this sectorwhich is around the 10900 levels

The important resistance liesaround 10900-11000.


ONGC: Target 1450 & 185

GAIL: Target 510 & 522

This sector has been one of theunderperformers in recent times. Theindex has sown some goodaccumulation pattern and only amove above 3720 levels can get

some good momentum into thissector with a medium term target of 4150 & 4200. ACCUMALTESTOCKS in this sector for Longterm.


DLF: Above 360 Tgt 395 & 410

UNITECH: Above 93 Tgt 108 & 115

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The TELECOM SECTOR has also observed good accumulation patterns namely stock like RCOM, TTML,BHARTI, SPICE MOBILE & IDEA. One can accumulate stocks in this sector with an upside potential of 8-10% from the current levels.

The SUGAR SECTOR is also likely to get ready for major move and should start investing in sector on everydecline namely BAJAJ HIND, BALRAMPUR CHINI with a minimum upside potential of 10-12% from thecurrent levels in medium term.

LONG TERM INVESTING STOCKS:

VOLTAS: TGT 265 & 310

OPTO CURCIUT: TGT 450 & 480

ADSL: TGT 410 & 465

ARIES AGRO: TGT 210 & 265

EVERON: TGT 850 & 1100

CHAMBAL FERTILISER: TGT 85 & 90

SUNPHARMA: TGT 2200 & 2450

LUPIN: TGT 480 & 510

UNITECH: TGT 110 & 120

DSKULKARNI: TGT 95 & 110

G RESHMA S HARES & S TOCKS L TD

Member: NSE (Capital- SEBI Reg. INB231352635 and F&0 SEBI Reg. INF231352635)BSE (Capital –SEBI Reg. INB011352631) 124 Viraj, 41/42 4 th Floor, S.V Road, Khar (w), Mumbai 400052Tel: (+91-22) 30056400

Web-site: www .greshma.com

Disclaimer: This Report is published by Greshma Shares & Stocks Ltd ("GSSL") for private circulation. This report is meant for informationalpurposes and should not be construed as a solicitation or an offer to buy or sell any securities or related financial instruments. While utmost carehas been taken in preparing this report, we cla im no responsibility for its accuracy. Recipients should not regard the report as a substitute for theexercise of their own judgment. Any opinions expressed in this report are subject to change without any notice and this Repor t is not under anyobligation to update or keep cu rrent the information contained herein. Past performance is not necessarily indicative of future results. This Reportaccepts no liability whatsoever for any loss or damage of any kind arising out of the use of all or any part of this report. GSSL and its associatedcompanies, directors, officers and employees may from time to time have a long or short position in the securities mentioned and may sell or buysuch securities, or act upon information contained herein prior to the publication thereof. GSSL may also provide other financial services to thecompanies mentioned in the report."

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