[sharetrading] Day Trading Calls with Market Review for 23 Feb 2010

 

Day Trading Calls with Market Review for 23 Feb 2010

Nifty opened up smartly but ended lower forming an inverted hammer candlestick pattern, signaling selling pressure at higher levels. Now, on both the daily and hourly charts, the setup of an inverted head and shoulders pattern looks clearer with the right shoulder just getting completed today. So, from here on the swing low of 4805 becomes very important as that is where the right shoulder has been completed, and if that gets violated this pattern will get invalidated. The momentum indicator on the daily chart is approaching the zero line, which indicates that the pullback is in its final stages and a break of 4786 will confirm it. Hence, till 4786 is held we continue to maintain our short-term bias up.

 

Nifty Close 4856

Nifty Support 4805/4784/4748

Nifty Resistance 4922/4951/5008

 

 

Sell Axis Bank Below 1090 SL 1106 TGT 1065-1054

Sell Maruti Below 1360 SL 1384 TGT 1330-1322

Sell Sail Below 206 SL 210 TGT 200-196

Buy Reliance Infra Above 1005 SL 988 TGT 1025-1035

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

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