Market Outlook 28 May 2010 and Calls

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Nifty (5003.10)


In Yesterday’s edition we have mentioned positive effect of “White Opening Marubozu” and we saw good reversal and Nifty closed above 200 days SMA which is placed at 4999 levels. Daily chart has formed “Long White Candle” a bullish candlestick pattern and reliability is of this pattern is high as long as nifty is trading above 4900 level. Now major resistance placed at 20 EMA which is placed at 5042 levels.

BPCL (572.75)


Stock has formed “Cup and Handle” a bullish continuation pattern on daily chart. on candlestick front stock has formed”Long White Candle” a bullish pattern more over daily momentum indicators are also hovering in bullish zone. Vital oscillators ADX is at 29 which suggest current uptrend is strong. Looking at all above technical parameters traders with moderate risk appetite can consider Buy above Rs.575 with tight Stop loss of Rs.562 for a target of Rs.601.

Andhra Bank (129.80)


Yesterday stock has formed “Long White candle” a bullish candlestick pattern with decent volume breakout on daily chart. Daily momentum indicators have also given positive crossover to signal line in bullish zone. Short term moving averages are also showing upward movement especially yesterday stock has given good close above 20 days EMA. Looking at all above technical parameters traders with moderate risk appetite can consider Buy above Rs.130 with tight Stop loss of Rs.127 for a target of Rs.136.

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