Stock Trading Tips For 2nd March

NIFTY view for 2nd March 2012

NIFTY (5339.75)
1st March 2012

"Stock Trading Tips
Nifty Released and traded lower in the launch of the day, it stayed there for most of the day; however had a small rally near the end of the day. This signifies that the bulls came in towards the end of the day to support the Nifty from falling further. As I have been mentioning in my earlier trainings that the Nifty and Bank Nifty futures are trading at big rewards, and they do not seem to decrease with every passing day as they should, hence we continue to hold our short conditions on the Nifty as long as it does not close above 5455. The Nifty could stay in this range for a little bit longer as the technical drive indicators are close to oversold territory.

Technical picks for the day:-

Aditya Birla Nuvo
: Aditya Birla Nuvo has approved trend reverse after prices closed above 205 DMA with spout in volumes. This break has chanced after long s consolidation which shaped like a rounding saucer pattern. The bounty of breakout indicate near term target beyond 1000 levels supported with positive crossover in daily RSI. The MACD has been also filling above the orientation line thus supportive buying drive in the counter.

Recommendation: We recommends traders to buy Aditya Birla Nuvo above Rs892 with stop loss of Rs860 for Target of Rs945.

Hathway Cable: Hathway Cable has confirmed strong reversal with breakout from the formation of ‘falling wedge’ after an down trend which continued for almost two weeks from second week of February 2011. The getaway was visible on daily chart and was backed with positive crossover on the daily RSI. Hence forth, we expect the pullback to continue and it could retrace 61.6% of the decline from the high of Rs192 to Rs145.

Recommendation: We recommends traders to buy Hathway Cable above Rs162 with stop loss of Rs156 for target of Rs172.

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