Sunday, July 11, 2010

BOOK PROFIT IN S&P NIFTY BUY CALL

Date: 16 June 2010

BOOK PROFIT IN S&P NIFTY BUY CALL


TECHNCIAL OVERVIEW:
S&P NIFTY DAILY CHART



NIFTY is in a Price Channel (Continuation) Formation Targeting 5475

POSITIONAL CALL (4 weeks TO 8 weeks): BUY S&P NIFTY IN THE RANGE OF 4950-5010 WITH S/L 4800 FOR TARGET1: 5330 AND TARGET2: 5480, CMP 5066.55 (28 MAY 2010)

BOOK PROFIT IN S&P NIFTY BUY CALL IN THE RANGE OF 5230-5240 AT RESISTANCE ZONE

A Price channel is a bullish continuation pattern in an uptrend. The upper trend line marks Resistance and the lower trend line marks Support. Price channels with positive slopes (up) are bullish. For explanatory purposes, a "bullish price channel" will refer to a channel with positive slope.

Here is the daily chart of Nifty. It is in a Price Channel (Continuation) formation, the main trend line as a support with the prices having touched down to 4787.45 on 25 May 2010. A number of technicians have been watching it form. The advance from this new low and the subsequent pullback is expected in next few weeks. Prices are expected to move in between 4960 to 5330 levels, which is the upward price channel resistance line.

Report By: Pradeep Karnani
Research Analyst

Mobile: 09966028055


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FOR PRIVATE CIRCULATION ONLY
DISCLAIMER: Stock & Commodity trading is a high-risk movement. The above recommendations are based on Technical Analysis. Any major fundamental news or market sentiment can make these levels irrelevant or unsuccessful. The targets and time frame for the same mentioned above are indicative and may vary depending upon the market situation. Receivers are urged to exercise their own judgment in trading. Any action you choose to take in the markets is totally your own responsibility. We (TRUE INFOTEC) will not be liable for any, direct or indirect, consequential or incidental damages or loss arising out of the use of this information. This information is neither an offer to sell nor solicitation to buy any of the commodities mentioned herein the writers may or may not be trading in the securities mentioned.

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