TRADING STRATEGY FOR 9TH MARCH 2010
(Based on technical by O P AGARWAL)

Markets close firm on positive global cues

The market after gap up opening yesterday remained steady throughout the session on value buying. The banking stocks fared extremely well led by the ICICI bank. The SBI stock too caught the fancy of the market participants soon after the reports that the Government has sought parliamentary approval to cut its stake in SBI to 51 percent from 55 percent. The stock gained 1.2 % and closed at 2070 in cash segment. The outlook for the market in the short-term appears positive with FIIs showing interest in the market picking up shares worth $940 million last week. The Sensex finally closed the session yesterday gaining 108 points at 17102, its highest closing levels in more than six weeks. The Nifty closed at 5124 up 0.69%. Readers are advised to trade with caution till a clear market trend emerges.

NIFTY FUTURE (Last close 5117.50)
The counter after gap up opening yesterday remained steady throughout the session with moderate volatility moving in a narrow band of 40 points. The counter finally closed the day gaining 30 points over its previous close. The counter remains positive on charts but profit taking at higher levels is not ruled out. The NF to maintain upward momentum needs to trade and remain above 5131.75 whereby it may move further to 5145/5162. Strong support for the NF exists at 5097.25 which if breached decisively with volumes then NF may slide to 5079/5046.

BEML FUTURE (Last close 1071.95)
The stock after consolidating during the past four trading sessions closed yesterday with positive bias albeit with lower than average volumes. The stock appears positive on charts as it closed yesterday above its short term moving average suggesting immediate up move to 1078/1086 once it trades and remains above 1073.75. Strong support for the stock exists at 1068.25.

CAIRN INDIA FUTURE (Last close 271.75)
The stock after moving range bound during the past week closed and remained above its short term trend line with positive bias gaining around one percent. The stock remains in buy mode with the crude prices hovering above $80 in global markets. The stock may move up to 276/279 once it trades and remains above 273.25. Strong support for the stock exists at 269.50.

HPCL FUTURE (Last close 345.00)
The stock after remaining sideways during the past four trading sessions closed yesterday with positive bias gaining marginally. The stock appears positive on charts and may move up to 349/353 once it trades and remains above 346.25. Strong support for the stock exists at 343.25.

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
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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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