[sharetrading] Day Trading Calls with Market Review for 30 Mar 2010

 

Day Trading Calls with Market Review for 30 Mar 2010

Nifty, in the first half, was struggling to march past 5310 but took it off easily in the second. The five-wave declining pattern and the bearish engulfing candlestick pattern on the monthly charts is now negated this gives bulls some relief but bears need to reassess their game plan. The momentum continues to be strong with Nifty moving above the averages all in favour of bulls. In nutshell, Nifty started the week with positive waves, hence we continue to maintain our short-term bias up. Nifty on hourly chart is trading above its 20 hourly moving average (HMA) and 40HMA pegged at 5270 and 5255 respectively, which are now its short-term supports. The hourly momentum indicator KST has turned into buy mode

and now trading above the zero reference line. Nifty On daily chart is trading above its 20 daily moving average (DMA) and 40 daily exponential moving average (DEMA) placed at 5158 and 5093 respectively, which are now its short-term supports.

 

Nifty Close 5302

Nifty Support 5242-5193-5150

Nifty Resistance 5350-5400-5470

 

1. Buy Bajaj Hind 139-139.5 SL 135 TGT 141-144
2. Sell IDFC 161.50-162 SL 166 TGT 157-154
3. Buy BHEL 2386 SL 2372 TGT 2413-2433
4. Buy Sail 242.5 SL 238 TGT 247

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

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