Stocks view for 15.03.2010

#1
By stockdunia

nifty view from- 15.03.2010 to 21.03.2010

in the last week nifty was in a range of 5092 to 5158 and finally closed at 5136.in the last issue we have written market was overbought and some sort of profit booking expected.in the last week market was range bound with very low volume and not moved either sides.

As market overbought and tired at higher level, it is required dips before move up.so it is recommended to buy on dips rather breakout.

Let discuss what levels should be ideal buying zone and nifty target in this week.

Trend-

nifty trend decider point 5092, below it nifty will take down trend and above which nifty try to up move.

Understand market very carefully-

for up move


1. Nifty will not break 5090 level.
2. Resistance 5162 zone.trade above it you will get first
symptom that market try to go higher
3. Next resistance 5220 zone, where from selling/profit
booking expected.
4. Mind it, for confirmation nifty must close above 5164 levels
for 2 days.

For down move


1. Nifty will break 5090 level.
2. Support 5068 and 5029 zone.trade below 5090 you will get first
symptom that market try to go lower
3. Next support 4950 and 4912 zone, where from some sort of buying
expected
4. Mind it, for confirmation nifty must close below 4990 levels
for 2 days.

Summery-

unless above 5164 buying interestwill not attract we have to book profit at resistance zone.unless trade above 5220 we will book our profit and dont carry any fresh position.on dips we will buy at our supports zone keeping 4848 as stop loss and below it we will not try to buy on dips.

As market is quite overbought, it will be better to buy on dips rather breakout. As market overbought and tired at higher level,it is required dips before move up.

We are not providing short term calls in this issue,let market decide its trend , we will provide you short term calls during this week in your mobile by sms/newsletter time to time.
 

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