Trading strategy for 17th July 2009
TRADING STRATEGY FOR 17TH JULY 2009
(Based on technical by O P AGARWAL)
Markets end flat on profit booking
The market opened on a buoyant note yesterday on strong overnight U S markets. However, the market could not sustain at higher levels under selling pressure and slipped in the red around early noon. The market thereafter once again attracted investors interest and rallied smartly but it too remained short lived and fizzled out on profit booking. The markets finally ended flat with marginal loss. The Sensex, which made a high of 14,493 and a low of 14169 yesterday after opening with a positive gap of nearly 100 points ended the session at 14,250 with marginal loss of 2 points. The Nifty closed at 4231, with a loss of 2 points. The Nifty touched a high of 4305 and a low of 4205 yesterday. Stocks of consumer durables, auto and oil fared well but stocks of power, bank, metal and realty pared their earlier gains and ended subdued. The market witnessed profit booking at every rise and therefore, readers are advised to trade with caution and wait for a clear market trend.
NIFTY FUTURE (Last close 4224.85)
The counter after gap up opening yesterday on strong global cues remained range bound during the first hour of trade but thereafter slipped in the red amid high volatility and bouts of buying and selling intermittently. The counter witnessed selling pressure at higher levels yesterday and finally closed the session marginally lower losing 12 points. The counter to gain strength needs to trade and remain above 4257.75 whereby it may move up to 4296/4342. Strong immediate support for NF exists at 4192.25 which if breached decisively it my slip further to 4176/4147.
MPHASIS FUTURE (Last close 367.60)
The company provides application services, business process outsourcing (BPO) services and infrastructure technology outsourcing (ITO) services and is 60.83% owned by US-based Electronic Data Systems Corporation, a unit of Hewlett-Packard Company. Meantime, the companys net profit rose 2.95% to Rs 192.90 crore in Q2 April 2009 over Q1 January 2009 despite economic slowdown worldwide. Further, a block deal constituting 0.25% of equity changed hands on 14th July 09 at around 368. Meantime, the stock is moving range bound for the past few trading sessions with varied volumes. The stock appears positive on charts and may move up to 374/379 once it trades and remains above 368.75. Strong support for the stock exists at 364.75.
BHARTI AIRTEL FUTURE (Last close 784.15)
The company is the biggest provider of telecom services in India and is a pioneer in deploying innovative operational models, having achieved an industry first recently by partnering Ericsson and Nokia Siemens to manage its networks and IBM for its IT management. Meantime, the stock of the company is moving range bound for the past four trading sessions with high volumes. The stock closed yesterday with positive bias and may move up to 792/798 once it trades and remains above 784.75. Strong support for the stock exists at 779.25.
Readers may avoid trading in the above recommended stocks
unless, they have risk taking capacity.
DEAR READERS,
PLEASE WATCH THE MARKET TREND AND USE YOUR
OWN DISCRETION BEFORE TAKING A TRADE.
Protect profits with trailing stops and cut losses fast.
Avoid adding contracts in loss making trades
Disclosures: At the time of writing this article, author, his clients & dependent family members may have positions in the stocks mentioned above. The author, his firm, his clients or any of his dependent family members may make purchases or sale of the securities mentioned in website. Author may have positions in above stocks so have vested interest obviously in their going up or down as the case may be.
Disclaimer : Investing in any equity is risky. Our recommendations are based on reliable & authenticated sources believed to be true & correct, and also is technical analysis based on & conceived from charts. Investors should take their own decisions. We assume no responsibility for any transactions undertaken by them. The author won't be liable or responsible for any legal or financial losses made by anybody.
TRADING STRATEGY FOR 17TH JULY 2009
(Based on technical by O P AGARWAL)
Markets end flat on profit booking
The market opened on a buoyant note yesterday on strong overnight U S markets. However, the market could not sustain at higher levels under selling pressure and slipped in the red around early noon. The market thereafter once again attracted investors interest and rallied smartly but it too remained short lived and fizzled out on profit booking. The markets finally ended flat with marginal loss. The Sensex, which made a high of 14,493 and a low of 14169 yesterday after opening with a positive gap of nearly 100 points ended the session at 14,250 with marginal loss of 2 points. The Nifty closed at 4231, with a loss of 2 points. The Nifty touched a high of 4305 and a low of 4205 yesterday. Stocks of consumer durables, auto and oil fared well but stocks of power, bank, metal and realty pared their earlier gains and ended subdued. The market witnessed profit booking at every rise and therefore, readers are advised to trade with caution and wait for a clear market trend.
NIFTY FUTURE (Last close 4224.85)
The counter after gap up opening yesterday on strong global cues remained range bound during the first hour of trade but thereafter slipped in the red amid high volatility and bouts of buying and selling intermittently. The counter witnessed selling pressure at higher levels yesterday and finally closed the session marginally lower losing 12 points. The counter to gain strength needs to trade and remain above 4257.75 whereby it may move up to 4296/4342. Strong immediate support for NF exists at 4192.25 which if breached decisively it my slip further to 4176/4147.
MPHASIS FUTURE (Last close 367.60)
The company provides application services, business process outsourcing (BPO) services and infrastructure technology outsourcing (ITO) services and is 60.83% owned by US-based Electronic Data Systems Corporation, a unit of Hewlett-Packard Company. Meantime, the companys net profit rose 2.95% to Rs 192.90 crore in Q2 April 2009 over Q1 January 2009 despite economic slowdown worldwide. Further, a block deal constituting 0.25% of equity changed hands on 14th July 09 at around 368. Meantime, the stock is moving range bound for the past few trading sessions with varied volumes. The stock appears positive on charts and may move up to 374/379 once it trades and remains above 368.75. Strong support for the stock exists at 364.75.
BHARTI AIRTEL FUTURE (Last close 784.15)
The company is the biggest provider of telecom services in India and is a pioneer in deploying innovative operational models, having achieved an industry first recently by partnering Ericsson and Nokia Siemens to manage its networks and IBM for its IT management. Meantime, the stock of the company is moving range bound for the past four trading sessions with high volumes. The stock closed yesterday with positive bias and may move up to 792/798 once it trades and remains above 784.75. Strong support for the stock exists at 779.25.
Readers may avoid trading in the above recommended stocks
unless, they have risk taking capacity.
DEAR READERS,
PLEASE WATCH THE MARKET TREND AND USE YOUR
OWN DISCRETION BEFORE TAKING A TRADE.
Protect profits with trailing stops and cut losses fast.
Avoid adding contracts in loss making trades
Disclosures: At the time of writing this article, author, his clients & dependent family members may have positions in the stocks mentioned above. The author, his firm, his clients or any of his dependent family members may make purchases or sale of the securities mentioned in website. Author may have positions in above stocks so have vested interest obviously in their going up or down as the case may be.
Disclaimer : Investing in any equity is risky. Our recommendations are based on reliable & authenticated sources believed to be true & correct, and also is technical analysis based on & conceived from charts. Investors should take their own decisions. We assume no responsibility for any transactions undertaken by them. The author won't be liable or responsible for any legal or financial losses made by anybody.