SELL SIEMENS FUTURE FOR 20 JAN 2016

SELL SIEMENS BELOW 1179 TGT 1155 SL 1205”

TECHNICAL BASIS FOR ABOVE CALL :

SIEMENS, is in bull run and is forming a reversal pattern in short term charts, it is likely to show correction with the breach of the support level of 1179, where one may initiate the short position in it for the targets of 1150, while stop loss can be placed at 1205. 200 EMA seen as a support level (1179). One can expect further selling the stock if it breaks its major support at 200 EMA. Then stock can be reached at 1150.It is trading above 50&22 with the RSI of 61

Technically, Indian Stock Market is still in positive zone. Market would continue to consolidate as of now. BankNifty would remain stronger than other major indexes. Some profit booking can be seen but sharp downfall is not expected till Union Budget due to higher expectations. one big swings would be seen in the market tomorrow. Traders can still hold long positions until Market holds 8366 levels for Nifty and 18952 levels for BankNifty on closing basis. Once Nifty closes below 8366 levels . then traders can initiate fresh short positions until then every dip is an opportunity for traders to go long in the market.

                     So on upside first intra resistance are at 8475,8495,8520,8550. On downside first support is at 8380 level.Next support are at 8366,8320,8300,8250.