A close above 5210 on Nifty and above 10600 on Dow will give confidence to Bulls, Major supports around 5130 till then expect stock specific moves

It was a low volume day at Dalal Street up till 2:30 pm, but in the last one hour of trade there was a late sell off in the markets due to some profit booking on the account of yet another Mini Week ( with only 3 working days instead of 5 ). Markets have given a breakout but there is no news or participation from large funds to propel the markets higher from current levels. Dow Jones did show a similar pattern as Nifty, it also witnessed a late sell off.

Intraday chart Nifty 29/12/2009 ( Yesterday )


Intraday chart DowJones 29/12/2009 ( Yesterday )



As you can see both had a late sell off due to profit booking because of low participation and volumes.



Dow Jones View:


Dow Jones is still following a pattern of rising wedge on a short term chart, and is also following a trading range of 10250-10550. 10550 was broken on the upside and it touched 10580 but due to late sell off it could not close above 10550. A major move uptill 10800 will come if it closes above 10600 with huge volumes . Till then 10350-10250 is a strong support.





Stock View: Electcast

The stock is unable to cross the trendline formed from May 2009.A close above 51 level with huge volumes can take this stock to 58 and 65. Buy Electcast only if it closes above 51 with a stop of 47 for targets of 58 and 65.




Stock View: Sintex Inds

A perfect triangle pattern is seen in this stock. It is a buy above 273 for extreme short term targets of 295-300.




Have a nice trading day

Regards

Ankit