Market Outlook 1 April 2010 and Calls

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Nifty (5249)
Detailed study of intraday chart suggests that Nifty has experienced supply side pressure at higher level and finally daily chart has formed “High wave” pattern with longer upper shadow, which favors bear at this point of time as this occurred after yesterday’s “bearish engulf” a bearish candlestick pattern. Daily momentum indicators are showing more weakness. Over all technical scenario remains bearish as Long as nifty is trading below 5300 level on closing basis.

BGR Energy (537.15)
Yesterday stock has made “Long White Candle” bullish candlestick pattern with strong volume breakout on daily chart. Stock has also broken mid January trend line and closed at important resistance level of 541. Daily momentum indicators are featuring in bullish zone and short term moving averages showing upward move in daily chart. Weekly RSI has also given positive crossover to signal line. Looking at all above technical parameters trader with moderate risk appetite can consider Buy above Rs.541 with tight Stop loss of Rs.527 for a Target of Rs.572.

TV-18 (75.90)
Stock was in accumulation zone from the low of 72, tested in mid March and yesterday stock has formed “Long White Candle” a bullish candlestick pattern with strong volume breakout on daily chart. 3 Days EMA has given positive crossover to 8 days EMA and also closed above 20 days EMA , suggests upward movements is likely to continue. Daily momentum indicators are featuring in bullish zone. Weekly RSI has also given positive crossover to signal line. Looking at all above technical parameters trader with moderate risk appetite can consider Buy above Rs.76.50 with tight Stop loss of Rs.73.50 for a Target of Rs.82.

1 comments:

Payal Murarka said...

bgr rocking dhawal .... super call !!!!

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