View for the week (30/08/10 - 03/09/10)

Nifty fell sharp last week and has broken its rising trend line in daily charts. For the 1^st time since May 2010 it has closed below its 34days ema. It now faces strong resistance at 5470 / 5520 levels where it might see selling pressure once again. On the downside, support comes in at 5380 / 5340. High Bank NPA, FinMin report about growth curb, US Visa and a strong Dollar are pulling markets down as we have seen CNX IT and BANK NIFTY falling in the last 2 trading sessions. Any rise from here will depend a lot on 2^ND Quarter Corp results of which Advance Tax noes will start coming out from Sept 15 onwards. 
Support for the week comes in at 5190/5290/5350. 
Resistance for the week comes in at 5510 / 5610 / 5665

Stock Picks for the week.

HDFC LTD (623)

In daily charts the stock is showing weakness after a recent spike, derivative data also suggest new short positions. Sell for a target of 612 with a stop loss of 631.

SAIL (185)

In daily charts its trading below all its key moving averages and has broken and closed below its sub minor bottom. Sell for a target of 176 with a stop loss of 192.

BEML (1004)

In daily charts the stock is trading in a sideways channel and near its key moving averages. Buy for a target of 1040 with a stop loss of 980

ACC (872)

In daily charts the stock is showing signs of an impulse wave rise after a small pull back. Buy for a target of 995 with a stop loss of 856