Day Trading Calls with Market Review for 22 Feb 2010
Nifty ended the day in red for the second consecutive day in tandem with the rest of the Asian markets. It overlapped the swing high of 4846--an early signal that the next leg down has begun--but the swing low of 4786 is crucial as from there is where the second round of pullback started.
The momentum indicators on the daily charts are still in buy mode and reversing from the zero line, which is a bearish sign going forward. For further confirmation, 4786 becomes very crucial, as once that is broken the next trend reverses in downside, but till that is held there is probability that the pullback still continues on the upside towards our short-term target, as there is a possibility that the index is forming an inverted head and shoulders pattern, which is a bullish pattern. Hence, till 4786 is held we maintain our bias up in the short term with the reversal pegged at 4786.
Nifty Closed 4844
Nifty Supports 4786/4739/4675
Nifty Resistance4887/
Buy Aptech 171-172 SL 168.30 TGT 176-179
Sell Rolta 180-182 SL 192 TGT 172-167
Buy Acc 900-901 SL 892 TGT 916-928
Buy TCS above 762 SL 751 TGT 778-786
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With Regards,
Kushagra Mehta
http://www.daytradi
Happy Trading,
United we grow!!!
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