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TRADING STRATEGY FOR 16TH AUGUST 2010 (Based on technical by O P AGARWAL)     Global cues trend decider this week       The markets closed firm on Friday on news driven buying in several blue chip stocks coupled with impressive earnings announced by the State Bank and Tata Steel earlier in the week. The market sentiment firmed up further on upbeat economic data from Germany and France that came in during the trading hours. However, weekend profit taking and a lack of clear direction from the global markets limited the upside. Realty, consumer durable, banking, FMCG and oil/gas stocks led the gainers. The Sensex, ended up 93 points or 0.52% at 18,167, with 20 of its components ending in the green. The Nifty rose by 36 points or 0.66% to 5,452.  In the broader market, the market breadth was slightly positive, with 1517 gainers versus 1434 decliners. The markets however, finally closed the week flat with the Sensex gaining a paltry 23 points at 18167 whereas the Nifty closed at 5452 gaining 12 points. The market outlook this week appears to be positive but global cues remain to be watched out for.     NIFTY FUTURE (Last close 5456.45) The counter closed the week flat with marginal gain amid moderate volatility and intra week swing of more than 125 points. The counter this week may remain in the range of 5393-5519, break above NF may move further up to 5543/5572 or else break below NF may slip to 5369/5339. For today’s trading the counter to get further strength needs to trade and remain above 5474.25 whereby it may move up to 5486/5508. Strong support for NF exists at 5437.25 which if breached decisively with volumes then NF may slide to 5415/5401.    WELCORP FUTURE (Last close 254.05) The enterprise is one of the premiere pipe company and considered second biggest in the world having an order book of more than 7K crores. The company recently bagged an order for 700 crores for plates and pipes. The company’s profit rose 37.16% to Rs 189.57 crore in the quarter ended June 2010 as against Rs 138.21 crore during the previous quarter ended June 2009. Meantime, the stock of the company closed the week gaining over one percent with good volumes. The stock appears positive on charts and may move up to 258/261 once it trades and remains above 255.25. Strong support for the stock exists at 249.50. SUZLON FUTURE (Last close 56.65) The enterprise, a pioneer in wind power energy reported net loss of Rs 407.63 crore in the quarter ended June 2010 as against net loss of Rs 160.47 crore during the previous quarter ended June 2009 despite sales rising 59.84% to Rs 503.43 crore in the quarter ended June 2010 as against Rs 314.95 crore during the previous quarter ended June 2009. The company has remained under pressure in the past on several counts as is reflected in declining stock price. Meantime, the stock closed flat on Friday near its day’s low with very high volume. The stock appears with negative bias and may slide further to 54/52 once it trades and remains below 55.75. Strong resistance for the stock exists at 57.75.   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.