Day Trading Calls with Market Review for 26 Feb 2010

February 25, 2010 by

Nifty has closed with a perfect candlestick pattern–Doji- -before the most-awaited event of the year, clearly indicating the confusion among the bulls and the bears in the triangle formed, which took a week to get completed. Now, with the daily momentum still in buy mode and 4805 still holding, it seems that the short-term momentum is favouring bulls, but looking at weekly momentum, the picture appears much clearer that the pullback will fizzle out soon. So, all eyes on 4805 and the Finance Minister Pranab Mukherjee as that is going to be the decider and it would be an interesting spectacle to watch whether the box carried by him would be cash rich or empty for investors. Technically, till 4805 is held, we continue to maintain our  short-term bias up.

Nifty Closed 4860

Nifty Support 4805/4784/4748

Nifty Resistance 4922/4951/5008

  1. Sell Sunpharma 1520-1522 SL1538 TGT 1495
  2. Buy DLF above 294 SL 289 TGT 302-305
  3. Buy Reliance Above 980 SL 964 TGT 1000-1016
  4. Sell Tata Motors Below 658 SL 665 TGT 546-540

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