Day Trading Calls with Market Review for 26 Mar 2010

March 26, 2010 by

After consolidating for couple of days, Nifty formed a triangular pattern, and today it gave a breakout but missed the high of 5270 by few points. It is moving in an upward parallel channel and taking support at the lower levels as mentioned earlier. 5180 is a crucial level to watch out for. The daily KST remains in sell mode, whereas the hourly KST has turned into buy mode giving a divergence again. After detaching from the upper Bollinger Band, Nifty was expected to test the mean i.e. the 20 daily moving average (DMA) but has reversed on the upside again. So, going forward, the key levels to watch out for are—5180, 5270 and 5310, as a breach of any of these levels will bring a good short-term trend. With the daily KST in a sell mode we maintain our bias down with the reversal placed above 5270.

Nifty Closed 5260

Nifty Support 5210/5180/5100

Nifty Resistance 5270/5310/5350

  1. Buy DLF Above 304 SL 299 TGT 310
  2. Buy TCS Above 841 SL 829 TGT 858
  3. Buy JP Associates Above 154 SL 151 TGT 158
  4. Buy Tata Steel Above 645 SL 636 TGT 658

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