9/11/09 - Market cues & calls


Nifty future swings more volatile where retailers cant able to step in. Last two days its happening much.As mentioned on Friday 4833 acted as strong resistance and cant able to move above that. Its big tussle between bulls and bears. Today we will know who gonna win.I feel this looks good investment zone for long term investors.so Lets see the trigger for today.

Nifty view ::

Nifty cant able to reach the Inverse head and shoulder target of 4877 on Friday where 4833 acted as strong resistance. weekly close above 4833 might be an strong bullish trigger which not happened . Until we breach the Neckline 4700 we can eye for that target. Neckline will act as support,breaching that it will slide more to 4640. Long need to have strong stop loss @ 4730 on closing basis. Hourly charts still on bear side with support @ 4664 . US markets will be sideways with low volumes as vacation gonna start there.Nifty likely to open flat where breaking Fridays low or high will trigger new trades until it will be useless to trade it. Today trading above 4828 bulls and below 4785 Bears will hold the day. I strongly feel we will see 4965 (contra view) as more sentiments laid on short side. Have strict stop and trade as volatile move going to continue for few days. Eye small banking stocks here for good return.


Levels ::

Bearish > 4800 < Bullish

Stocks to watch ::

Dredging
ISMT
Ushamartin

Happy trading !!!!