Sensex has support at 9520: Anagram
According to Anagram Research’s report, the new support in the Sensex is at 9520 and the resistance at Friday’s high of 10127.
Anagram Research’s report:
US markets tanked as expected as Obama administration did not approve of the plans submitted by General Motors and Chrysler and bereft of any assistance, bankruptcy now stares them in the face. There is still hope though. GM has more time to work on a fresh plan under a new CEO and shot gun marriage of Chrysler with Fiat is on the cards. Asian markets, are breathing easy as the US slide was largely built into Monday’s weakness.
Our markets too could breath easier in the morning. Shedding of open interest was seen along with a reduction in the premium in the Nifty, where FIIs seemed to have pruned longs. The new support in the Sensex is at 9520 and the resistance at Friday’s high of 10127. With crude plunging back below the mark of $50, the oil marketing companies should do well and the upstream players and refiners should find the going difficult. Everything revolves around Reliance, which did well yesterday afternoon to make the day’s high. Book profits in the stock as it opens higher and look at it again if it crosses the 1590 mark.