Market Outlook 6 February 2012


Nifty 5326

On weekly chart; Last week Nifty has crossed two important resistance level of 5174 and 5300 on closing basis. After almost 15 months; Nifty has broken upper end of pricing channel pattern on closing basis. Weekly oscillators are also accompanied with buy signal. Next major resistance placed at 5433 level for validating intermediate term uptrend. Major support placed at 5200 levels.

Finantech future 779

Stock was in continuous uptrend since start of the year and last week stock has entered in over boutght zone. On Friday stock has formed “Bearish Engulf” a bearish candlestick pattern on daily chart and it seems uptrend is surrendered; in continuation to this last candle of the pattern is “Black Opening Marubozu” which is more bearish sign for the stock. Intra day chart has also formed lower lows lower highs. Looking at all above technical factor move below 776 will invite more selling in counter.

Sell below 776 sl 790 tgt 753

Mcleod Russel 200

Stock has formed “Long White Candle” a bullish candlestick pattern on daily chart. Intraday chart has also formed higher highs higher lows pattern. Daily momentum indicators are also genarting buy signal. Weekly RSI has given positive cut to signal line. Looking at all above technical factor move above 201 will invite more buying in counter.

Buy above 201 sl 196 tgt 211


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