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Market Outlook 2 June 2010 and Calls (Dhawal Joshi)
| From : Dhawal Joshi at 05:29 PM - Jun 01, 2010 ( ) |
Share it on FacebookNifty (4970) – Black Opening Marubozu
After making Deliberation pattern on Monday, yesterday Nifty has formed “Black Opening Marubozu” a bearish candlestick pattern and dragged Nifty to below 200 Days SMA , which is placed at 5005 levels, more over Nifty has also broken 50 % retracement level of 5035 levels. Daily momentum indicators are showing sign of weakness after yesterday’s big down fall. Now again Strong support shifted down to 4900 levels but traders should reduce long position as Nifty is trading below 200 SMA and immediate resistance placed at 5005 – 5035 levels.
United Phose (175.40) – Dark Cloud Cover
Stock has tested two important resistance of 177 – 184 in last two days but unable to sustain on closing basis and yesterday stock has formed “Dark Cloud Cover” a bearish candlestick pattern on daily chart. Weekly chart also making high wave pattern with longer upper shadow, which technically suggests supply at higher level. Daily momentum indicators are also showing sign of weakness. Looking at all above technical aspects traders with High risk appetite can consider Sell below Rs.173 with tight stop loss of Rs.179 for a Target of Rs.160.
Cipla (324) – Ascending Triangle
Stock has formed “Ascending Triangle” a bullish continuation pattern on daily chart with decent volume breakout. Short term moving averages are indicating upward movement; momentum indicators are also forming higher highs in bullish zone. Looking at all above parameter traders with moderate risk appetite can consider buy above Rs. 325 with tight SL of Rs. 320 on closing basis for a Target of Rs.342.
Source: www.candleseye.com
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