TRADING STRATEGY FOR 10TH MARACH 2010
(Based on technical by O P AGARWAL)
Markets end flat with cautious optimism
The market opened flat yesterday and moved in a narrow range throughout the session and finally ended with marginal loss over its previous close. The sentiment in the market remained subdued led by decline in prices of Tata Motors and Reliance Industries. Tata Motors closed 3.2 percent lower at 770.90 rupees, as German carmaker Daimler sold its entire 5.34 percent stake in the company to various groups of investors. Meantime, market participants appeared cautious in their approach while building fresh positions despite heavy buying by the FIIs worth $1.4 billion in the five sessions to March 5th, as per latest data available. The Sensex finally closed 0.29 percent or 50 points lower at 17,052, after testing six-month closing highs on Monday last. The Nifty declined 0.4 percent and closed at 5,101. Market participants are awaiting advance tax figures due next week to form future strategy. Readers are however, advised to watch the market trend before taking any fresh positions.
NIFTY FUTURE (Last close 5097.05)
The counter after flat opening yesterday remained range bound throughout the session moving in a narrow band with low volumes. The counter appears to be witnessing profit taking at higher levels and awaits some trigger to set the trend. The NF may move up to 5127/5147 once it trades and remains above 5108.75. Strong support for NF exists at 5079.25 which if breached decisively with volumes then NF may decline to 5058/5046.
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ROLTA FUTURE (Last close 186.85)
The stock after consolidation closed flat with marginal gain yesterday. The stock remains and appears positive on charts and may move up to 190/193 once it trades and remains above 187.75. Strong support for the stock exists at 183.25.
TCS FUTURE (Last close 768.75)
The stock of the IT giant after remaining range bound during the past four trading sessions closed yesterday marginally higher with positive bias. The stock appears positive on charts and may move up to 775/779 once it trades and remains above 770.25. Strong support for the stock exists at 764.50.
HIDUSTAN ZINC FUTURE (Last close 1211.65)
The stock after a recent sharp run up gaining around 200 rupees in a short span of 15 trading sessions closed yesterday in the negative suggesting profit taking at current levels. The stock may further slide on profit booking to 1197/1192 once it trades and remains below 1207.00. Strong resistance of the stock exists at 1218.75.
DEAR READERS,
PLEASE WATCH THE MARKET TREND AND USE YOUR
OWN DISCRETION BEFORE TAKING A TRADE.
Protect profits with trailing stops and cut losses fast.
Avoid adding contracts in loss making trades
Visit www.bazaarbhavishya.com regularly
Email: opagarwal805@gmail.com
Mobile: 09825029446
Disclosures: At the time of writing this article, author, his clients & dependent family members may have positions in the stocks mentioned above. The author, his firm, his clients or any of his dependent family members may make purchases or sale of the securities mentioned in website. Author may have positions in above stocks so have vested interest obviously in their going up or down as the case may be.
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