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TRADING STRATEGY FOR 22ND JULY 2010 (Based on technical by O P AGARWAL)     Markets close higher with cautious optimism   The market opened higher yesterday on the back of strong global cues and remained firm in early trades and hit day’s high at noon. The market however failed to sustain at higher levels and slipped back but on sustained buying in frontline stocks moved up again in late afternoon trades and closed in the positive with substantial gains. The market sentiment remained buoyant ahead of major earnings and investors appeared bullish in their outlook. Metal and auto stocks led the gains in the market with technology stocks also advancing. The banking stocks remained subdued on concerns of a rise in interest rates later this month when the apex bank meets to review the credit policy.  The Sensex finally closed gaining 99 points at 17977 while the Nifty closed up 0.6 percent at 5399. The market appears good but subject to positive global cues. NIFTY FUTURE (Last close 5403.80) The counter after gap up opening yesterday on positive global cues remained steady and moved up to hit day’s high at 5411.90 at noon but failed to sustain at higher levels and slipped back on profit taking. The counter however, recovered in late afternoon trades on sustained buying in metal and auto stocks and finally closed gaining 40 points. The counter to gain further strength needs to trade and remain above 5417.75 whereby it may move further to 5429/5443. Strong support for the NF exists at 5391.25 which if breached with volumes then NF may slide to 5366/5332. NALCO FUTURE (Last close 435.75) The Company is an integrated aluminium complex, encompassing bauxite mining, alumina refining, aluminum smelting and casting, power generation, and rail and port operations. The Company operates in three business segments: chemicals (alumina), aluminium and electricity. The company announced a rise of 4.71 times in the net profit for the quarter ended March 31, 2010. During the quarter, the profit of the company was at Rs 3,914.80 million as compared to Rs 830.20 million in the prior year period. The outlook for the company remains bright. Meantime, the stock after remaining range bound during the past four trading sessions closed yesterday above its weekly buy signal with high volumes. The stock appears positive on charts and may move up to 441/445 once it trades and remains above 436.75. Strong support for the stock exists at 431.25. RELIANCE INDUSTRIES FUTURE (Last close 1064.00) The stock after remaining subdued during the past four trading sessions closed yesterday above its short term trend line with average volumes with marginal gain of eight rupees. The stock has not participated in the current rally despite favourable decisions in RNRL gas case. The stock appears positive on charts and may make an up move. The stock may move up to 1071/1077 once it trades and remains above 1066.25. Strong support exists at 1058.25.   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.