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TRADING STRATEGY FOR 15^TH MARCH 2010

(Based on technical by O P AGARWAL)

Global cues to set the trend

The week after moving range bound ended flat amid low volatility but with positive bias. The market has remained firm throughout after the presentation of highly growth oriented budget last month and hopes of economic revival on the back of some encouraging data from across the globe. Further, it appears that the near term prospects of the market remains positive in the absence of any negative news in sight. However, the market will be keenly watching advance tax payment figures being paid by corporate houses as the last installment which falls due on 15 March 2010. The data on inflation will also play a key role in dictating the trend. Meantime, the markets have been on rise since the first week of March of 2010 on sustained buying by foreign funds. As per data from the stock exchanges, foreign institutional investors (FIIs) bought stocks worth a net Rs 7815.98 crore this month, till 11 March 2010. It is widely believed that inflow of funds from foreign institutional investors together with buying by the domestic funds contributed to the market's gains over the past two weeks. Readers are however, advised to trade with caution keeping in mind the market trend.

NIFTY FUTURE (Last close 5144.70)
The counter closed the week flat with marginal gain of one percent amid low volatility with lower than average volumes. The counter appears to be consolidating at current levels and awaits some trigger to set its direction. Meantime, readers will appreciate that the NF last week exactly touched our weekly resistance at 5169 and retraced. The counter this week may remain in the range of 5091-5197, break above NF may move further to 5230/5283 or else break below NF may slip to 5035/5006. For today’s trading the NF to gain strength needs to trade and remain above 5159.75 whereby it may move up to 5174/5197. Strong support for the NF exists at 5124.25 which if breached decisively with volumes then NF may slip to 5105/5084.

TECH MAHNDRA FUTURE (Last close 909.35)
The company is the global leader in providing end-to-end IT services and solutions to the telecom industry. Meantime, the stock after recent decline remained range bound closing the week losing over 2%. The stock however, appears positive on charts and may move up to 919/927 once it trades and remains above 913.75. Strong support for the stock exists at 905.25.

RELIANCE INDUSTRIES (Last close 1025.90)
The stock after consolidation during the previous week closed positive with marginal gain. The stock appears positive on charts and may move up to 1039/1056 once it trades and remains above 1029.75. Strong support for the stock exists at 1019.25.

NALCO FUTURE (Last close 391.00)
The stock after moving range bound closed on Friday last with positive bias albeit with low volumes. The stock appears positive on charts and may move up to 397/401 once it trades and remains above 392.50. Strong support for the stock exists at 387.25.

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

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