Day Trading Calls with Market Review for 09 Mar 2010
Nifty opened on upside after two days of consolidation. So the pullback is still extending on upside with target being the 78.6% retracement of the fall from 5310 to 4675, which also coincides with the aggressive target of the inverted head and shoulders pattern. The daily momentum indicator continues to be in buy mode and above the zero reference line, which is positive for the bulls in the short term. Nifty is moving up in a parallel channel holding its upper band of the Bollinger Bands, so there exist a high probability that once the pullback is done it will fall down to its mean at least. On the lower side, 5049 is a minor. We continue to maintain our short-term bias up.
Nifty Close 5124
Nifty Support 5068-5049-4967
Nifty Resistance 5147-5170-5200
- Buy ACC 989-990 SL 984 TGT 1003-1009
- Buy Areva 277-278 SL 271.80 TGT 284-288
- Sell Tata Steel 621 SL 633 TGT 610-595
- Sell Tata Motor Below 783 SL 797 TGT 765
