[sharetrading] Day Trading Calls with Market Review for 08 Mar 2010

 

Day Trading Calls with Market Review for 08 Mar 2010

Nifty traded in a narrow band for the second consecutive day after a sharp pullback post Union Budget. The market is struggling to sustain above 61.8% retracement level. Being incredulous at this juncture, it is safe to maintain a reversal at 4992 level, as a break below will be an early sign of the next leg down. On the upside, above 61.8% retracement, the next level is 78.6% retracement i.e. close to the aggressive target of the inverted head and shoulders pattern formed at 200 daily moving average (DMA). A positive weekly close above 20 weekly moving average (WMA) builds hopes for the bulls of a fresh leg on the upside, but the fall was in a five-wave declining pattern, which is more convincing and favours bears only in the medium term. So, quite a lot of pullback has been established and there may be some more on the upside, but the overall scenario looks grim. We continue to maintain our short-term bias up till 4992 is held on the lower side.

 

Nifty Close 5088

Nifty Support 5049-5020-4992

Nifty Resistance 5120-5152-5178

 

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

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