Day Trading Calls with Market Review for 16 Feb 2010<http://www.daytrading.in/day-trading-tips/day-trading-calls-with-market-review-for-16-feb-2010.html>
Nifty ended the day in red after posting a positive weekly close for the week. From here, 4745 becomes a very important support, as a break and close below the level would indicate the start of the next leg down, as 4745 is considered to be the low of wave B in this upward corrective pullback. On the higher side, 4846 is a crucial resistance, as only a break above that will lead to continuation of this pullback. Hence, Nifty now remains in a narrow range of 4745-4846 and a break on either side will determine the further move. Since this pullback has retraced only 23.6% of the recent sell-off, we believe it has some more steam left on upside to test its 20 daily moving average (DMA), which is near the 38.2% retracement level. Hence, we maintain our bias up in the short term with a reversal below 4745. Nifty Close 4802 Nifty Support 4746/4676/4600 Nifty Resistance 4846/4920/4950 1. Buy Aban 1189-1190 SL 1179 TGT 1220 2. Buy Adlabs 225-226 SL 222 TGT 229-232 3. Buy Sterlite 744-745 SL 734 TGT 758-765 4. Buy Tata Steel 537-538 SL 528.80 TGT 548-554 -- With Regards, Kushagra Mehta http://www.daytrading.in/ -- You received this message because you are subscribed to the Google Groups ""GLOBAL SPECULATORS"" group. To post to this group, send email to [email protected]. To unsubscribe from this group, send email to [email protected]. For more options, visit this group at http://groups.google.com/group/globalspeculators?hl=en.
