Day Trading Calls with Market Review for 12 Mar 2010

March 12, 2010 by

After couple of days of dullness, the Nifty showed some action in the final hour of today’s trading session, breaking the range of 5147-5068 and also the high of the pop gun candlestick pattern formed yesterday—this is a positive near-term signal. Going ahead, the upside target of 5180, the 78.6% retracement of the fall from 5310 to 4675 and the target of the inverted head and shoulders look to be very much within the reach. The daily momentum indicator continues to be in buy mode, keeping hopes alive for the bulls. On the lower side now, 5094 is a minor support. We continue to maintain our short-term bias up.

Nifty Closed  5133

Nifty Support  5094/5068/5049

Nifty Resistance  5180/5221/5292

  1. Buy Essar Oil 144 SL 142 TGT 148/151
  2. Sell Tcs Below 780 SL 788 TGT 763
  3. Buy RCOM Above 164.15 SL 161 TGT 168
  4. Sell Tata Motor Below 760 SL 768 TGT 748

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