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Day Trading Calls with Market Review for 11 Mar 2010

March 11, 2010 by

The Nifty is above 5100, but the momentum is weakening, and the high of yesterday proved to be a resistance today. The index had come below the upper Bollinger band in yesterday’s session, which is also acting as a resistance in the near term. On the higher side, 5147 is a resistance above which the aggressive target of inverted head and shoulders pattern remains intact i.e. 5170. On the lower side, 5068 and 5049 are the short-term supports. The daily momentum indicator continues to trade above the zero reference line with a positive bias, which is a good sign in the short term. However, the hourly momentum continues to be on sell giving a negative divergence. We continue to maintain our short-term bias up.

Nifty Closed 5116

Nifty Support 5068/5049/4967

Nifty Resistance 5147/5176/5200

Buy Reliance Infra 1002-1003 SL 984 TGT 1025-1038

Buy ABB 842-843 SL 836.15 TGT 853-857

Sell HCL 358.4 SL 362 TGT 353-351

Buy RCOM 162 SL 159.60 TGT 168-172