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TRADING STRATEGY FOR 4TH AUGUST 2010 (Based on technical by O P AGARWAL)     Markets close flat with cautious optimism   The market opened flat yesterday despite buoyant close of Wall Street overnight and firm trend in the Asian markets. The markets remained range bound during the early morning trades with moderate volatility. Market participants remained wary of building fresh positions and preferred to trade with caution in the absence of any positive trigger. Select PSU, pharma and oil stocks coupled with banking stocks led by ICICI Bank closed in the positive and remained in demand throughout the session. IT and capital goods stocks remained laggards and closed on a weak note. The Sensex, which surged to 18,167 in opening trades dipped to a low of 18072 in afternoon trades but finally closed the day at 18114 with a marginal gain of 33 points. The Nifty closed flat with a meager gain of 8 points at 5439 after touching a high of 5459 in early trades. The market breadth yesterday remained marginally positive as out of 3055 stocks traded on BSE, 1507 stocks closed with gains. 1430 stocks declined and 118 stocks ended flat. NIFTY FUTURE (Last close 5437.45) The counter after flat opening yesterday moved sideways throughout the session with moderate volatility. The counter appears to be consolidating at current levels and may move up to 5463/5479 once it trades and remains above 5441.75. Strong support for the NF exists at 5419.25 which if breached decisively with volumes then NF may slide to 5402/5385. RELIANCE INDUSTRIES FUTURE (Last close 1032.10) The stock after consolidating during the past four trading sessions closed yesterday above its weekly buy signal with high volumes. The stock appears positive on charts and may make an up move to 1041/1049 once it trades and remains above 1035.50. Strong support for the stock exists at 1026.25. ONGC FUTURE (Last close 1277.30) The stock after remaining steady during the past few trading sessions closed flat yesterday with good volumes. The stock remains positive on charts and may make an up move to 1286/1292 once it trades and remains above 1279.75. Strong support for the stock exists at 1273.25.   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.