Nifty making good run from budget day as we discussed before and closed above 5080. Bank nifty was hot spot in yesterdays trade with realty pack.Reliance and SBIN made it for bulls yesterday.Most of the world markets are trading sideways with +ve bias. Sensex closed above 17000 mark after Jan 2010.lets see some technical triggers today.
Nifty done our positional target 4977 and 5050. Now 5011 on closing basis is the trail stoploss for positional long. Break out in Nifty happened for new high i.e 5300 mark. Bears will argue volumes are thin in this rise. But we saw many previous occasions like that where thin volumes had a big rally. Indicators are overbought until it breaks the overbought territory bulls will play extreme. We can expect big swings in market from here on. Buying @ current level is not advisable, just wait for a good retrace to enter long or with 5011 as strict stop one can try a long @ current levels.SBIN done our first target 2000 can book partially here and keep rest for 2100. Tvs motor done its target from 66 to 72. Long term traders can eye for EKC which has good demand @ current levels (119).
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4/3/10 >>>>>>> NIFTY FUT BREAKOUT LEVELS 5041 AND 5106
Indiabulls
buy @ cmp 114.9
stop loss 95
target 145
10 days
Northgate
buy @ cmp 18.9
stop loss 18
target 22 - 25
5 days
Note :: SUN OUTAGE from March 05, 2010 to March 18, 2010 between 11:00 hrs to 11:35 hours
Happy trading !!!!!!!!!!
Jay
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