Towards lower levels
After trading in the 3006-2960 band with a negative bias the Nifty slipped below 2960 and saw intra-day weakness. It is likely to see short-term weakness and could decline to the 20-DMA at 2905. On the upside on any intra-day or near-term bounce the index will face resistances at 2964 and 2975. The short-term bias is down as long as the Nifty stays below 2975 on a closing basis. Intra-day the index is likely to see weakness on sustaining below 2927.
Satyam could decline to Rs707 and it faces a resistance at Rs737. Ranbaxy is range-bound between Rs405 and Rs375. ACC has a support at Rs560 and on any near-term decline it should find support around Rs560.
Century Textiles (Sell)
CMP = Rs. 301
Stop loss = Rs. 308
Target = Rs. 277
GE Shipping (Sell)
CMP = Rs. 226
Stop loss = Rs. 254
Target = Rs. 223-210
