Trading strategy for 8th March 2010
Mon, 03/08/2010 - 01:09
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TRADING STRATEGY FOR 8TH MARCH 2010
(Based on technical by O P AGARWAL)
Global cues trend decider this week
The market closed the previous week with impressive gains since the Union Budget presented on the 26th February 2010 has been widely hailed as a progressive budget and the finance minister's positive indications towards reducing fiscal deficit and that the economy will grow with double digit soon with sustained growth over the next few years kept the market sentiment buoyant throughout the week. The positive global cues too significantly contributed towards market sentiment. The FIIs meanwhile, too bought a good chunk of equities during the first week of March 2010 showing confidence in the capital market. The market is hopeful that the IIP data to be released this Friday may remain favouable adding to the market sentiment. However, profit taking at higher levels may not be ruled out this week as the markets remain charged for quite some time. The readers are therefore, advised to watch the market trend before taking large fresh positions.
NIFTY FUTURE (Last close 5087.55)
The counter closed the week gaining 157 points over its previous close amid moderate volatility. The counter remains positive on weekly charts and may remain this week between 4996-5169, break above NF may move further to 5193/5226 or else break below NF may slip to 4955/4920. For today’s trading the counter to gain strength needs to trade and remain above 5098.75 whereby it may move up to 5133/5159. Strong support for the NF exists at 5041.25 which if breached decisively with volumes then NF may slide to 5019/5002.
ABAN OFFSHORE FUTURE (Last close 1232.15)
The stock closed the week gaining around 4% over its previous close amid range bound movement. The stock closed the week with positive bias and appears good on weekly charts and may move up to 1252/1265 once it trades and remains above 1238.25. Strong support for the stock exists at 1222.50.
REC LTD FUTURE (Last close 234.60)
REC is a public financial institution in the power infrastructure sector engaged in the financing and promotion of transmission, distribution and generation projects throughout
CIPLA FUTURE (Last close 322.05)
The company manufactures pharmaceutical products which include anti-asthmatics, anti-cancer, anti-inflammatory, anti-depressant and other therapeutic index including animal health care products. The company’s net profit rose 82.1% to Rs 275.74 crore on a 5.3% increase in sales to Rs 1371.18 crore in Q2 September 2009 over Q2 September 2008. Meantime, the stock closed the week in the positive with marginal gains. The stock appears positive on weekly charts and may move up to 326/330 once it trades and remains above 323.25. Strong support for the stock exists at 318.50.
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
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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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Disclaimer : Investing in any equity is risky. Our recommendations are based on reliable & authenticated sources believed to be true & correct, and also is technical analysis based on & conceived from charts. Investors should take their own decisions. We assume no responsibility for any transactions undertaken by them. The author won't be liable or responsible for any legal or financial losses made by anybody. |