Market Outlook 10 March 2010 and Calls

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Nifty (5101.50)
Yesterday Nifty has shown weakness throughout the day and finally daily chart has formed “Small Black Candle” which suggests uncertainty in market and yesterday was the fourth days where Nifty has formed uncertain candle. Immediate support placed at 5 days EMA which is at 5078 level. Daily Momentum indicators are showing some sign of weakness on chart. Again Strong support placed in the range of 4993-4945 levels. Major Resistance placed at 5138-5160 levels. 

JP Associates (143.35)
After making low of 122 in early February 2010, stock was in uptrend and on 8 March stock has formed “Doji” pattern, signals halt or reversal of current trend. Yesterday stock has formed “Evening Doji Star” bearish candlestick pattern and confirmed bearish trend. Daily momentum indicators are suggesting weakness. Weekly RSI also on the verge of negative cross over. Looking at all above technical parameters trader with moderate risk appetite can consider Sell below Rs.142.50 with tight stop loss of Rs.146 for a Target of Rs.135.50.

ALBK (142.95)
After making low of Rs. 127 in late February 2010, stock was making higher highs and higher lows pattern. Yesterday stock has formed “Dark Cloud Cover” bearish candlestick pattern on daily chart.  Daily RSI is on the verge of negative cross over and Stochastic has given negative crossover to signal and came out from over bought region. MACD h is generating sell signal. Looking at all above technical evidence trader with moderate risk appetite can consider Sell below Rs.142.50 with tight stop loss of Rs.145 for a Target of Rs.136.

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