morning thoughts..
As said and expected the indices continued to remain in the vicinity of 8800 – 9200 zones with high volatility.
Technically the trend still remains intact with positive bias , but the momentum seems losing and the indices looks exhausted.
So the upside for the markets looks limited to the high resistance zones of 9200-9300 , where some reaction and selling pressure is likely .
Moreover we are into f/o expiry week and the markets could witness huge volatility with a side ways move.
On the lower side 8650 is a crucial support on the sensex front and will provide some cushions to the markets.
As said and expected the indices continued to remain in the vicinity of 8800 – 9200 zones with high volatility.
Technically the trend still remains intact with positive bias , but the momentum seems losing and the indices looks exhausted.
So the upside for the markets looks limited to the high resistance zones of 9200-9300 , where some reaction and selling pressure is likely .
Moreover we are into f/o expiry week and the markets could witness huge volatility with a side ways move.
On the lower side 8650 is a crucial support on the sensex front and will provide some cushions to the markets.
On the chart posted above we can witness that nifty on the 90 and 60 HEMA had a tendency to make higher tops and lower bottoms , same has been indicated by blue circles.
The current situation depicted by semi blue circle where the cluster is yet again taking a formation and facing resistance near 2850-2900 levels.
So nifty is likely to face selling pressure at these levels, but in case it manages to break above that and forms a straddle with second circle in parallel to it , then the nifty can see an upward move
So structurally the indices looks in a band of 8700 – 9300 with no major movement expected in the week.
From a trading point of view one must keep in minds the supports and resistances and look for profit booking at higher levels of 9200.
The supports for the nifty is at 2690 levels and resistance at 2890 levels
The supports for the sensex is at 8650 levels and resistance at 9250 levels
Stocks to watch
Ongc looks good
Icici bank & L&T looks weak for the day
Friday’s calls sent via sms and messenger
Bombay dyeing – buy at cmp 141.50 sl 139 targets 146, went 145
Nifty – sell at cmp 2786 sl 2802 targets 2755 , went 2764
Nifty 2750 pe – buy at cmp 38 sl 32 targets 50 , went 44
Gmr infra – buy at cmp 87 sl 85 targets 91, hit sl
Punj lyod – buy at mp 80.20 sl 78 targets 84 , went 83.65
Tisco – buy at cmp 176 sl 173 targets 181 , went 179.65
Tisco 175 ca – buy at cmp 6 sl 4.90 targets 8.80 , went 7.90
Sail 85 ca – buy at cmp 2.80 sl 2.25 targets 4 , went 4.40
Jackpot Punj lyod – buy at cmp 76 sl 73 targets 85 ( call given on 18.03.09 , Wednesday , booked profits at 82 on Friday)
Fii Hind oil – buy at cmp 53 sl 51 targets 58 ( booked at 56.35)
So structurally the indices looks in a band of 8700 – 9300 with no major movement expected in the week.
From a trading point of view one must keep in minds the supports and resistances and look for profit booking at higher levels of 9200.
The supports for the nifty is at 2690 levels and resistance at 2890 levels
The supports for the sensex is at 8650 levels and resistance at 9250 levels
Stocks to watch
Ongc looks good
Icici bank & L&T looks weak for the day
Friday’s calls sent via sms and messenger
Bombay dyeing – buy at cmp 141.50 sl 139 targets 146, went 145
Nifty – sell at cmp 2786 sl 2802 targets 2755 , went 2764
Nifty 2750 pe – buy at cmp 38 sl 32 targets 50 , went 44
Gmr infra – buy at cmp 87 sl 85 targets 91, hit sl
Punj lyod – buy at mp 80.20 sl 78 targets 84 , went 83.65
Tisco – buy at cmp 176 sl 173 targets 181 , went 179.65
Tisco 175 ca – buy at cmp 6 sl 4.90 targets 8.80 , went 7.90
Sail 85 ca – buy at cmp 2.80 sl 2.25 targets 4 , went 4.40
Jackpot Punj lyod – buy at cmp 76 sl 73 targets 85 ( call given on 18.03.09 , Wednesday , booked profits at 82 on Friday)
Fii Hind oil – buy at cmp 53 sl 51 targets 58 ( booked at 56.35)
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