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TRADING STRATEGY FOR 12TH AUGUST 2010 (Based on technical by O P AGARWAL)     Markets close lower on weak global cues  The market opened flat to negative yesterday on weak global cues and remained range bound in early trades, did rebound however, into positive territory but failed to sustain at higher levels and slipped back into the red. The market thereafter failed to make any up move on sustained selling in front line stocks across various sectors and growing concern about the economic recovery in the aftermath of the U S Fed signaling a warning about the economic slowdown. The market participants amid weak global cues preferred to stay away from the market resulting in the indices falling in the negative territory. The Sensex, after making a high of 18263 in early morning trades dipped to a low of 18042 in closing hours and finally ended the session losing around 150 points at 18070. The Nifty closed in the negative too losing 40 points at 5420 after making day’s low at 5412. Stocks belonging to the IT, capital goods, metal, banking, healthcare etc., remained under selling pressure and declined whereas select auto and oil stocks found support yesterday. The market breadth remained negative as out of 3059 stocks traded on BSE, 1753 stocks declined. 1202 stocks recorded gains and 104 stocks ended flat. Meantime, the U S markets plunged deep in the red yesterday with DOW losing more than 260 points and the NASDAQ more than 68 points on warnings of slowdown in the economy. NIFTY FUTURE (Last close 5411.90) The counter after flat opening yesterday closed in the negative losing 49 points amid moderate volatility and intra day swing of more than 60 points. The counter appears to have weakened since it has closed below its weekly support and therefore it may slip further to 5367/5339 once it trades and remains below 5392.25. Strong resistance for NF exists at 5431.75 which if crossed with volumes then NF may gain strength and move up to 5456/5483. BANK OF BARODA FUTURE (Last close 759.20) The banking stock after remaining firm during the previous week witnessed profit taking during the past two trading sessions and failed to sustain at higher levels. The stock closed with negative bias yesterday losing marginally. The stock may further slip to 752/747 once it trades and remains below 757.25. Strong resistance for the stock exists at 763.75. BRFL FUTURE (Last close 260.10) The stock after remaining steady during the past few trading session closed yesterday below its previous day’s low suggesting weakness of the stock. The stock may further slide to 256/252 once it trades and remains below 259.00. Strong resistance for the stock exists at 263.75.   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.