Day Trading Tips With Market Review for 6 Feb 2010

February 6, 2010 by

Nifty closed near the day’s low after breaking the low of the hammer candlestick pattern, which signifies that the waves on the lower side are going to continue unless it closes above 4827. It is trading well below its averages both on the weekly and daily charts, which again indicates that the downtrend is quite strong. The momentum indicators on the weekly, daily and hourly charts are still in sell mode giving no reason for the pullback. Yesterday, again one more trend line support was broken, which signals that the index will face resistance around 4800. Hence, we continue to maintain our short- and medium-term targets down.

Nifty Closed 4718

Nifty Support 4680/4650/4600

Nifty Resistance 4760/4827/4850

  1. Buy Bharti Airtel Above 332.50 SL 229.30 TGT 336-338
  2. Buy Indian Bank Above 178.50 SL 175.60 TGT 182-183.50
  3. Buy OPTO Circuits Above 234-235 SL 230 TGT 243-246
  4. Sell TCS if Breaks 715 SL 727 TGT 702-696

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