16th Aug Review

NIFTY:

The stock broke all supports and freely slid downwards to 5500. Bad news spoiled the technical analysis. The stock slid 100 points in first hour and another 100 points in the last 2 hours. The fall should continue till 5400 level on Monday. 5416 also happens to be 200 week moving average. The market is bearish on the daily chart too.

TCS: 

Compared to NIFTY the stock performed really well. 1810 support was present.The next support of 1780 was also present. 1760 turned out to be good support and in spite of the market, TCS bounced back to 1780. TCS is a very good bet against the index.

ITC:

332 turned out to be a resistance after the fall in market. 320 levels are being held for now. At the max the stock will drop another 10 points to 200 day average.Stock should not breach 300 for the next few days.

CIPLA:

The morning was good. AT the stock was in a slumber for the evening. Interestingly, the stock fell the least out of the five. Stock has good support at 414 level.

BHARTI:

Bharti also held 335. There 11.3 points of movement on a bad day. A low was formed at 335. But with the bad market it might be broken a bit. Stock stayed below 347.