Market Outlook 26 March 2010

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Nifty (5260)
Yesterday some buying seen in later part of the day in Market and Nifty ended with “White Small Candle” with longer lower shadow, favors buying on dips. Nifty is holding gain above early January supply line with strong immediate support at 5200. Daily momentum indicators are suggesting indecision at this juncture. Short term trend reversal resistance placed at 5310 and support placed at 5070 levels, in between range provide uncertainty over trend.    

Hindustan Unilever (232)
Stock has broken Accumulation zone of 218-230 range with strong volume breakout and formed “White Opening Marubozu” a bullish candlestick pattern on daily chart. 3days EMA has given positive cross over to 8 days EMA. Daily momentum indicators are featuring in bullish zone. Looking at all above technical parameters traders with moderate risk appetite can consider Buy above Rs.234 with tight stop loss of Rs.229 for a Target of Rs.245.

HCL Infosystem (133.65)
Stock was making “Lower highs and lower lows” from early March and yesterday it has formed bullish candlestick pattern called “Three Outside Up” with rising volume on daily chart. 3days EMA has given positive cross over to 8 days EMA, also stock has given close at 20 days EMA. Daily momentum indicators are featuring in bullish zone. Looking at all above technical parameters traders with moderate risk appetite can consider Buy above Rs.134.50 with tight stop loss of Rs.131 for a Target of Rs.143.

1 comments:

Narayan said...

I have been following you for a few days. Your recommendations and technical analysis are good. Thanks a lot gentleman. Pls keep it up.

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