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TRADING STRATEGY FOR 23RD AUGUST 2010 (Based on technical by O P AGARWAL)     Markets close the week on buoyant note   The market closed in the positive during the previous week scaling fresh 52- week peaks. The market ignored the weak global trend, led by continuous buying by foreign funds coupled with fall in inflation and rise in exports for the ninth month in a row. The sentiment remained firm and kept the indices well above the 18,000 level despite selling by domestic funds. Banking and financial shares remained strong on sustained buying with HDFC Bank hitting a record high and HDFC and ICICI Bank scaling fresh 52-week tops. The inflation based on wholesale prices for July slid to single digit, at 9.97 per cent, as against 10.55 per cent in the previous months supported the market sentiment. The Sensex hardened further by 234 points to settle the week at 18,401as against the last week’s level of 18,167 whereas the Nifty gained 78 points and ended the week at 5530. The current August F&O series expires this Thursday and fresh positions in the September series evidence some more upward steam for market. The readers are however, advised to trade with caution in view of high volatility the market may witness owing to August F&O expiry week.  NIFTY FUTURE (Last close 5522.55) The counter closed the week gaining over a percent amid high volatility and intra week swing of more than 140 points. The counter remains positive on charts and may remain this week in the range of 5449-5594, break above NF may move further to 5621/5649 or else break below NF may slide to 5423/5395. For today’s trading the counter to gain further strength needs to trade and remain above 5539.75 whereby it may move up further to 5553/5567. Strong short term support for NF exists at 5505.25 which if breached decisively with volumes then NF may slide to 5492/5478. MPHASIS FUTURE(Last close 596.85) The enterprise is a service company engaged in providing IT solutions and related services specializing in providing a suite of application development and maintenance services, infrastructure outsourcing services and BPO to clients around the world. Its application services cover consulting, application development, testing and application maintenance services. Meantime, the stock of the company after consolidation during the later half of the previous week closed flat with marginal loss but with positive bias on daily charts. The stock may move up to 608/614 once it trades and remains above 599.75. Strong support for the stock exists at 592.25. Further, the company will announce its quarterly results on the 25th August’10 which are expected to be positive. HERO HONDA FUTURE (Last close 1915.50) The stock after consolidation during the previous week closed the week gaining over 2% with average volumes. The stock remains positive on charts and may move further up to 1928/1943 once it trades and remains above 1919.75. Strong support for the stock exists at 1909.25.   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.