Day Trading Calls with Market Review for 23 Feb 2010
Nifty opened up smartly but ended lower forming an inverted hammer candlestick pattern, signaling selling pressure at higher levels. Now, on both the daily and hourly charts, the setup of an inverted head and shoulders pattern looks clearer with the right shoulder just getting completed today. So, from here on the swing low of 4805 becomes very important as that is where the right shoulder has been completed, and if that gets violated this pattern will get invalidated. The momentum indicator on the daily chart is approaching the zero line, which indicates that the pullback is in its final stages and a break of 4786 will confirm it. Hence, till 4786 is held we continue to maintain our short-term bias up.
Nifty Close 4856
Nifty Support 4805/4784/4748
Nifty Resistance 4922/4951/5008
- Sell Axis Bank Below 1090 SL 1106 TGT 1065-1054
- Sell Maruti Below 1360 SL 1384 TGT 1330-1322
- Sell Sail Below 206 SL 210 TGT 200-196
- Buy Reliance Infra Above 1005 SL 988 TGT 1025-1035
Comments (1)
It would be better if you display the actual CANDLESTICK chart along with the explantion you give hen it would be more easy to undertsand the mkt trend.