today market

Markets remained lackluster on Thursday trading
session while trading in narrow band of 5,500-
5,540 to finally close in marginally negative
terrain. We expect clear cut direction to emerge on
breakout of trading band of 5,490-5,570.

Support/Resistance levels

                              Close           Support             Resistance
Nifty                      5,521            5,490                 5,570
Sensex                   18,385          18,130              18,590

ONGC (SELL, below Rs266, Target Rs256):
The recent pullback in ONGC from the low of Rs261
has fizzled out near its 100-DMA (Rs286), as we
saw a sharp cut this week. In yesterday’s session
the stock fell by 2%, suggesting continuation of
the downtrend. On the daily chart, the stock has
been forming the pattern of lower high and lower
lows since last week. A breakdown in rising
channel implies that downtrend in the counter is
likely to prevail in the coming days. We advise
going short on ONGC June Futures below
Rs266 with stop loss of Rs271 for Target of
Rs256.