| Trading Today (March 08, 2010) |
| | From Our Technical Desk | From The Dealing Desk | | Positive weekly close - On w-o-w basis, Nifty closed with gains of 150 odd points, thus managing to close above 20-weekly simple moving average placed at 4997. Since the hourly picture of Nifty is showing signs of weakness, due to its bullish trendline break, a dip is on the cards. Going further if Nifty sees a breach of 4997 in the coming week then the overall picture will again shift into the favor the bears. Any downside dip can be expected to take support near 4997 (i.e. 20-WSMA) or near 4967 (i.e. 50-DEMA). But if these two supports got violated then the slide will deepen and the test of 4800 is also likely. However on upside the clearance of current week's swing high of 5119 will act as a bullish trigger for the market, due to which Nifty has the possibility to go pass the hurdle of 5175.
BSE Realty - Last week the BSE Realty index gave a trendline breakout as well as broke the recent swing high of 3471. Finally closed at 3460 with a gain of 6.90% w-o-w. Going forward this index is looking strong and now we maintain our upside target of 3600.
BSE Metal - Last week the BSE Metal index out performed the broader markets and closed at 17560 with a gain of 7.06% on w-o-w basis. This index had already retraced 61.80% of the recent fall from 18560 to 15138 and going forward it is still looking strong and we believe that in the coming days it will test its recent high of 18560 levels.
BSE Bankex - Last week the on the weekly chart BSE Bankex gave a trendline breakout and finally closed above that at 10198 with a gain of 3.76% on w-o-w basis. Thus going forward this index is looking strong and now it will test its recent high October 09 which is placed at 10698.
| Trading Ideas - Remain stock specific from current levels.
- Mid term trading ideas which we like are Escorts (Target Rs160), Punj Lloyd (Target Rs206), Suzlon (Target Rs85) and Jai Corp (Target Rs290). Traders maintain stop loss accordingly.
Investment Ideas - Godawari Power & Ispat (GPIL): CMP @ Rs222 (Target Rs261)
| | Statistical Data | - Derivatives Update
- Advance Decline Ratio
- Sector updates
- Exchange Volumes
- Implied Volatility for ATM Options
- Put Call Ratio for (Open Interest)
- FII - MF Activity
- World Markets
- Currency
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Emkay Retail Advisory | Emkay Global Financial Services Ltd. | www.emkayglobal.com
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Happy Trading,
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