Market Outlook 3 March 2010 and Calls

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Nifty (5017)
Yesterday Nifty has broken consolidation range of 4800-4950 and closed above 50 days EMA, first time after 20 January 2010, 5 days EMA has also given bullish crossover to 20 days EMA. Daily momentum indicators are featuring bullish zone and as said yesterday over all scenarios favors bulls. Currently Nifty is trading above 50% retracement level of previous corrective wave and important level to watch out from here on is 5075 on upper side and on down side 4900 is good a support for current up move.

Hexaware (67.40)
After consolidating in the range of 73-78 in early to mid February 2010, stock was making lower lows and lower highs. Yesterday stock has given positive close with decent volume on daily chart after consecutive ten down days. Daily RSI and Stochastic has given positive cross over to signal and came out from over sold region, suggests strength in current up move. Looking at all above technical parameters trader with moderate risk appetite can consider Buy above Rs.68 with tight stop loss of Rs.65 for an initial Target of Rs.74.

Videocon Industries (226)
Stock is making higher highs and higher lows since last four days with decent volume on daily chart, moreover stock has given positive lose above 20 days EMA , 3 days EMA also given positive cross over to 8 days EMA. Daily RSI has given positive crossover and featuring in bullish zone. Weekly RSI is reducing gap between signal line. Looking at all above technical parameters we feels that up move in stock is likely to continue and trader with moderate risk appetite can consider Buy above Rs. 227 with tight stop loss of Rs.222 for a Target of Rs.238-242. 




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