Day Trading Calls with Market Review for 9 Feb 2010

February 9, 2010 by

Nifty has taken support around its 200 daily moving average (DMA) pegged at 4655, which is a very crucial support going forward. The market opened on a flat note and traded negative in the first session but made a very strong comeback in the second half. On the daily chart, Nifty has fallen in a 5-wave pattern from 5302 to 4675 and is expected to retrace around 50% that is 5010 levels. The index has also formed an outside bar, which is again a bullish sign for the market. So, till today’s low is intact the index should retrace the fall and take resistance at 20 DMA. The index is currently trading below its 20 DMA and 40 DMA placed at 5032 and 5023 respectively, which crucial resistance levels are going forward. The momentum indicator (KST) is on the verge of giving a positive crossover and trading below the zero line.

Nifty Closed 4760

Nifty Support 4690/4645/4603

Nifty Resistance 4800/4860/4950

  1. Buy Maruti 1366-1367 SL 1339 TGT 1396-1424
  2. Buy Rolta 178-179 SL 175.4 TGT 184-186
  3. Sell DLF below 309 SL 312.60 TGT 302-298
  4. Sell Titan 1700-1705 Sl 1721 TGT 1672-1654

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