Wednesday, February 24, 2010

Nifty: downside 4805 is a good support

Range bound session

  • After trading in a very narrow range, finally Nifty ended the day almost on a flattish note. Both inverse H & S and symmetric triangle are still on the cards and yet to see a breakout. Hourly momentum cycle is virtually flat and signal-less and just resting on the neutral line. On downside 4805 is a good support and on upside 4912 is a good resistance to watch out for.

 

Trading Ideas

  • Remain stock specific from current levels.
  • Mid term trading ideas which we like are Reliance (Target Rs1,040)Siemens (Target Rs720)Voltas (Target Rs174)and Unitech (Target Rs76). Traders maintain stop loss accordingly.

Investment Ideas

  • Jaiprakash Associates (JPA):CMP @ Rs142 (Target Rs185)

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The information contained and provided on this Website provides Investment advice for the education of investors. The posts are an information service only. Recommendations, opinions or suggestions are given with the understanding that readers acting on this information assume all risks involved. We do not assume any responsibility or liability resulting from the use of such information, judgment and opinions for Trading or Investment purposes.
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