Day Trading Calls with Market Review for 24 Feb 2010
Nifty spent another day below 4900 and witnessed strong selling pressure above the level. The index failed to breach the high of 4930 but so the low of 4805, which is the low of the right shoulder of the inverted head and shoulders pattern formed above 200 daily simple moving average (DMA). The momentum indicator is still in buy mode, which is keeping the hopes of short-term bulls alive for a pullback. The upper Bollinger band has come down to around 4950, which is near the 40 daily exponential moving average (DEMA), signaling that the pullback will be short lived. So, the index may remain flat or achieve the conservative target of the head and shoulders pattern till 4805 is held, as a break below will invalidate the pattern. Till then we continue to maintain our short-term bias up. Railway Budget Linked Stocks Like Titagarh Wagon, Texmaco, Stone India, Kalindee Rail, Kernex Microsystem Will Be Among The Most Volatile Stocks Today……
Nifty Close 4870
Nifty Support Levels 4805/4784/4748
Nifty Resistance Levels 4928/4951/5008
- Buy Opto Circuits 205-206 SL 201.80 TGT 210-213
- Buy DLF 289-290 286.50 TGT 294-298
- Sell Maruti Below 1315 SL 1338 TGT 1285-1270
- Buy Reliance Infra Above 990 SL 978 TGT 1010-1018
