Day Trading Tips With Market Review for 8 Feb 2010

February 8, 2010 by

Nifty closed in green on previous trading session and forming an inside bar on the daily charts. From hereon, there stand two possibilities. First, there can be an extension in wave five down. Second, the wave five down is done and the index is ready for a pullback in corrective pattern on the upside, which could be between 23.6-61.8% depending on how the waves unfold. So, there are two levels to watch out for. 4692 and 4827 as breakout on the either side will lead to further confirmation if the wave two up has started or there is an extension in the wave five down. The weekly and daily momentum indicators remain in sell mode so the larger trend is down, whereas the hourly indicator KST has given a positive crossover. So there exists a possibility of a pullback in the short term.

Nifty Closed 4757

Nifty Supports 4708/4645/4602

Nifty Resistance 4827/4855/4900

  1. Buy Divis lab 573 SL 564 TGT 583/588
  2. Buy Suzlon 73-73.5 SL 71.80 TGT 74.80-76
  3. Buy Tata Steel Above 572 SL 558 TGT 585-592
  4. Sell Sail @ Opening SL 211 TGT 200-195 Closed 206

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