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TRADING STRATEGY FOR 11TH AUGUST 2010 (Based on technical by O P AGARWAL)     Markets close lower on profit taking   The market opened flat to negative yesterday and remained range bound till early noon when sustained selling in front line stocks led by the bellwether Reliance pulled down the indices to day’s low. The market participants remained cautious amid weak global cues and on concerns about the pace of global economic recovery. The market however, had a couple of smart rallies from lower levels but none of them could lift the indices up into the positive territory. IT stocks remained under selling pressure along with pharma, PSU, metal and consumer durables.  The Sensex, which dipped to a low of 18,170 in mid afternoon trade, closed the day at 18,219 with a loss of 67 points whereas the Nifty settled at 5460 , around 15 points off the day's low, losing 25 points. The market breadth remained negative as out of 3087 stocks traded on BSE, 1706 stocks declined. 1283 stocks recorded gains and 98 stocks ended flat. Meantime, the much awaited Fed’s meet yesterday kept the key interest rates unchanged. NIFTY FUTURE (Last close 5460.95) The counter after lower opening yesterday on weak global cues remained sideways till early noon when a spate of selling in front line stocks led by Reliance pulled down the NF to day’s low at 5440 which however recovered in closing hours but remained in the negative and closed the session losing 21 points. The NF to gain strength needs to trade and remain above 5472.75 whereby it may move up to 5494/5523. Strong support for the NF exists at 5436.25 which if breached decisively with volumes then NF may slide to 5420/5398. CROMPTON GREAVES FUTURE (Last close 283.90) The stock after remaining range bound during the past four trading sessions closed yesterday flat with good volumes. The stock remains positive on charts and may move up to 287/291 once it trades and remains above 284.50. Strong support for the stock exists at 281.25. HERO HONDA FUTURE (Last close 1847.35) The stock after a recent decline over its Q1 numbers last month appears to be consolidating at current levels. The stock closed yesterday way above its weekly resistance suggesting accumulation at current market price. The stock may move up to 1859/1874 once it trades and remains above 1850.75. Strong support for the stock exists at 1844.25.   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 Visit         www.bazaarbhavishya.com regularly Email:       opagarwal805@gmail.com Mobile:  09825029446   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.