[sharetrading] Free Intraday Tips For 3 May 2010

 

Free Intraday Tips For 3 May 2010

Nifty has given a negative weekly close, which means that the trend remains down till 5342 is not taken off. The daily momentum says it all, as it remains down after making a hinge for the second time in a row, which is a sign of a bull trap. On the lower end, Nifty has support at 5160, a breach of which will accelerate the selling pressure. Sensex has formed a head and shoulders pattern with the neckline support at 17240. So, if that support is broken and if the index closes below it, it will be dragged down swiftly. The weekly momentum indicator KST, which is in buy mode, is keeping the hopes alive for the bulls in the medium run. So, the days to come will be crucial to decide as to who wins the battle. If the weekly indicator turns into sell mode, the bears will have an upper hand. We continue to maintain our short-term bias down and the medium-term bias up.

 

Nifty Closed 5278

Nifty Support 5230-5180-5120

Nifty Resistance 5320-5360-5400

 

Buy Renuka 61 SL 59.20 TGT 65

Buy Tata Power 1350 SL 1336 TGT 1366-1376

Sell Rel Infra 1136 SL 1146 TGT 1116

Sell TCS Below 755 SL 766 TGT 740

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

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