Day Trading Calls with Market Review for 3 March 2010
The Nifty closed above the 5000 level after retesting the Head-and-Shoulder (H&S) pattern and has achieved the conservative target for the pattern, retracing over 50% of the fall from 5310 to 4675. Now, above 5000 the next resistance is at the 61.8% retracement level. The strong resistance area for the Nifty was the 20-WMA, which was at 4995 for today, and it has closed above it. This is again a feather in the cap for the bulls in the short term. The Nifty is trading above the 20-DMA and the 40-DEMA with the daily momentum indicator in the buy mode. This is also a positive in the short term. So, we revise our short-term target to 5070.
Nifty Closed 5017
Nifty Support 4947/4900/4834
Nifty Resistance 5070/5120/5150
- Buy Cipla 315 SL 308.70 TGT 321-328
- Sell Tech Mahindra 898-900 SL 918 TGT 878-868-846
- Buy DLF Above 297 SL 292.7 TGT 303-305.8
- Buy SBI Above 2020 SL 1996 TGT 2060
