Day Trading Calls with Market Review for 19 Feb 2010

February 19, 2010 by

Nifty ended in red after moving up for two days in a row. Again, 4846 remains a crucial support, as its overlap will be a warning shot for reversal of the trend. The index is trading above its 20 daily moving average (DMA), which still remains a short-term support on a closing basis. The index has also formed a flag pattern on the hourly charts, which is a bullish sign in the short term. The daily momentum indicator has come very close to the zero line, which was expected to be tested in this pullback. Above 4930, the 40 daily exponential moving average (DEMA) remains a very crucial resistance, which almost coincides with the 50% retracement of the fall. Hence, till 4846 is held there is a possibility that Nifty can take off 4930 in this pullback and so we continue to maintain our bias up.

Nifty Close 4888

Nifty Supports 4845/4810/4748

Nifty Resistance 4930/4964/5000

  1. Buy Neyveli 153-154 SL 151.3 TGT 157-160
  2. Buy Reliance Capital 753-754 SL 742 TGT 775-784
  3. Buy DLF Above 309 SL 303.70 TGT 315-318
  4. Buy Sail Above 217 SL 212.70 TGT 222-226

Comments (1)

 

  1. ravi sharma says:
    February 19, 2010 at 12:32 PM

    pls guide me foe areva T&d & meclod russel

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