Patience is important not only in waiting for the right trades, but also in staying with the
trades that are working. The failure to adequately profit from correct trades is a key profitlimiting factor. – Jack Schwager
Wednesday, February 2, 2011
Stock To Trade
- TV-18 :- NR7 bar pattern in TV-18. Buy above 77.50, Sell below 75.50.
- Cipla :- TA Turtle downside breakout in Cipla 30 min chart. Sell with stop loss above 330.
- Cairn :- Oversold Ta Insync in Cairn. Buy with stop loss below 327.
Nifty shows strong support
Nifty Watch:- Today nifty open gap up at 5470 with a gain of 47 points, And remain in a range between 5450-5510, finally in the last trading hour Nifty faces a decline of 80 points and closed at 5429, very near to last day close.
Trend:- Today’s market shows an intermediate downtrend. Forming pattern of lower highs - lower lows and also market is trading below its 200 days and 50 days moving average.
TA Insync is now oversold. Thus we can expect a relief rally soon enough.
Level:- Looking for support first at 5380 and then at 5350. The resistance comes at 5510.
Summary:- Today’s market shows some bullishness at its start but at the end it closed near to previous day closed.
Trend:- Today’s market shows an intermediate downtrend. Forming pattern of lower highs - lower lows and also market is trading below its 200 days and 50 days moving average.
TA Insync is now oversold. Thus we can expect a relief rally soon enough.
Level:- Looking for support first at 5380 and then at 5350. The resistance comes at 5510.
Summary:- Today’s market shows some bullishness at its start but at the end it closed near to previous day closed.
Market Outlook for 3 2 2011
Markets shed all its intraday gains towards the close. Mr. A. Raja’s arrest by CBI triggered the change in sentiments as Nifty suddenly shed about 50 points in a matter of 15-20 minutes. But, whatever the reason, fact is that Nifty is unable to sustain higher levels and this is in a backdrop of persistent positive global cues. There were a number of stocks that did find buying support at lower levels, be it on short covering or value buying. But, there were more stocks that weighed heavily on the indices. Hero Honda reacted negatively to its numbers and was the biggest drag on indices. Other index losers were NTPC, Bhel, Bajaj Auto and HDFC.
Nifty failed to move past 5500 and closed almost unchanged at 5430. Despite, the late sell-off we continue to be of the view that Nifty is unlikely to sustain below 5400 and this level is likely to provide a strong support even if a temporary one. On an intra-day basis we might slip to around 5350 but closing is unlikely below 5380-5400. RIL is witnessing strong volumes around Rs 900 and a move above 930 could take it to around Rs 965-970. Volatility is likely to be on higher side as market tries to find a bottom.
Nifty has immediate support around 5380 and then around 5350 while resistance is likely around 5485-90 and then around 5550-60.
Nifty failed to move past 5500 and closed almost unchanged at 5430. Despite, the late sell-off we continue to be of the view that Nifty is unlikely to sustain below 5400 and this level is likely to provide a strong support even if a temporary one. On an intra-day basis we might slip to around 5350 but closing is unlikely below 5380-5400. RIL is witnessing strong volumes around Rs 900 and a move above 930 could take it to around Rs 965-970. Volatility is likely to be on higher side as market tries to find a bottom.
Nifty has immediate support around 5380 and then around 5350 while resistance is likely around 5485-90 and then around 5550-60.
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