Market Outlook 4 March 2010 and Calls

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Nifty (5088)
Nifty daily chart has formed “Three White Soldier” bullish candlestick pattern and given strong breakout to “Bullish Head and Shoulder Pattern” potential target for this pattern arrives at 5160-5225. On moving average front since last two days 5 days EMA has given positive cross over to 20 days EMA and 50 days EMA , technically which may invites some bit of profit booking after sudden surge in up move. Strong support placed at neckline which is at 4948 level. Over all technical scenario is bulish buy on dips strategy will work well.

NTPC (207)
Stock has formed “White Opening Marubozu” bullish candlestick pattern with decent volume on daily chart. On moving average front stock has given strong close above 20 days EMA and 3 days EMA has given positive cross over to 8 days EMA , this both suggest up move in coming days. Daily Momentum indicators are featuring in bullish zone. Looking at all above technical parameters trader with moderate risk appetite can consider Buy above Rs.208 with tight stop loss of Rs.203 for a Target of Rs.219. 

Guj NRE Coke (81)
Stock has formed “Bullish head and shoulder Pattern” and on candlestick front “Three White soldier” bullish candlestick pattern with decent volume breakout on daily chart. Daily Momentum indicators are featuring bullish zone and volume is increasing since last three days. Weekly RSI has also given positive cross over to signal line. Looking at all above technical parameters trader with moderate risk appetite can consider Buy above Rs.82 with tight stop loss of Rs.78 for a Target of Rs.90. 

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