Monday, March 1, 2010

Voltas (Target Rs174) and Unitech (Target Rs76).

20-WSMA, a stiff resistance

  • On w-o-w basis, Nifty closed with gains of 70 odd points, thus managing to hold on to its weekly positive streak. Currently, Nifty is trading near its 20-weekly simple moving average, from where selling was witnessed in today's session. So unless 20-WSMA packed at 5000-level is surpassed, every rise is a very good opportunity to go short. Secondly, after clearing the neckline of inverse Head-and-shoulders pattern, bulls failed to keep up to its initial gains on account of which market again felled back to the neckline for support. Now if in the coming week that neckline got pierced then the inverse H & S pattern will turn out to be a failure and we will witness massive carnage in the southward direction. Going further, the weekly momentum cycle is still standing in the favor of the bears with its negative crossover, which again shows negative mood of the market.

Trading Ideas

  • Remain stock specific from current levels.
  • Mid term trading ideas which we like are Dena Bank (Target Rs94)JP Associates (Target Rs151)Siemens (Target Rs720),Voltas (Target Rs174) andUnitech (Target Rs76). Traders maintain stop loss accordingly.

Investment Ideas

  • Essel Propack Ltd (EPL): CMP @ Rs43

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