[sharetrading] Day Trading Calls with Market Review for 16 Feb 2010

 

Day Trading Calls with Market Review for 16 Feb 2010

Nifty ended the day in red after posting a positive weekly close for the week. From here, 4745 becomes a very important support, as a break and close below the level would indicate the start of the next leg down, as 4745 is considered to be the low of wave B in this upward corrective pullback. On the higher side, 4846 is a crucial resistance, as only a break above that will lead to continuation of this pullback. Hence, Nifty now remains in a narrow range of 4745-4846 and a break on either side will determine the further move. Since this pullback has retraced only 23.6% of the recent sell-off, we believe it has some more steam left on upside to test its 20 daily moving average (DMA), which is near the 38.2% retracement level. Hence, we maintain our bias up in the short term with a reversal below 4745.

 

Nifty Close 4802

Nifty Support 4746/4676/4600

Nifty Resistance 4846/4920/4950

 

1. Buy Aban 1189-1190 SL 1179 TGT 1220
2. Buy Adlabs 225-226 SL 222 TGT 229-232
3. Buy Sterlite 744-745 SL 734 TGT 758-765
4. Buy Tata Steel 537-538 SL 528.80 TGT 548-554

--
With Regards,
Kushagra Mehta
http://www.daytrading.in/

__._,_.___

Reply to sender | Reply to group

Messages in this topic (1)

Recent Activity:

• New Members 27

Visit Your Group Start a New Topic

Please use your discretion before acting on the ideas expressed in the group.
Happy Trading,
United we grow!!!

Switch to: Text-Only, Daily Digest • Unsubscribe • Terms of Use

.

__,_._,___