Market Outlook 26 February 2010 and Calls

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Nifty (4866)
Again consecutive “DOJI” days, suggests uncertainty over bulls and bears ahead of big event of Union budget. Daily Momentum indicators are flat and not suggesting any direction. Trader should simply wait for budget to announce and take cues from there. Again On downs side 4675 is a strong support and on upside 4918 is an important level to watch.

 L&T (1535)
After making low of 1410 in mid February , stock is making higher highs higher lows and from last three days volume is increasing continuously which suggests accumulation in the stock. Daily RSI is featuring in bullish zone and MACDh has given strong buy signal on daily chart, more over Weekly RSI entered in bullish zone and given positive cut to signal line. Looking at all above technical Evidence trader with moderate risk appetite can consider Buy above Rs.1535 with tight stop loss of Rs.1511 for a Target of Rs.1605.

Indian Hotel (88.50)
After a move away of recent high of Rs.93 Stock was making lower lows on daily chart, Yesterday stock has formed a ”Long White candle” with a volume getaway, Also Momentum indicator RSI and Stochastic has given positive crossover to signal line, Vital trend direction indicator ADX is at 30 which designate potency for coming days. Looking at all above technical evidence trader with moderate risk appetite can consider  Buy above Rs.89 with tight stop loss of Rs.86.50 and for a preliminary  Target of Rs. 94-96.

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