With Asian markets holding steady, SGX Nifty indicates that Nifty may open gap up around 4900-4920 as U.S markets closed in the black totally ignoring Fed's move. So as we go closer to 4950-4960 try reducing your positions and stay light in this budget week.
Stock Views: IOC
IOC stock is showing a converging triangle pattern but with low volumes. The stock has multiple reistances around 330-332 but it has made a higher low formation since August 2009.
Buy Ioc only above 330-332 for targets of 345/460 but with a strict stop loss of 315. Do watch out for the volumes, as with low volumes breakout can turn out to be a fakeout.
Stock View: Mcdowell-N
The stock has been trading in a downward sloping parallel channel since December2009. thes stock is looking good as it outperformed the markets during the recent fall.
The stock is a buy only above 1400-1410 for targets 1490/1550. The stock can also be bought if it is closing near 1400 with high volumes. Chances are that it may give a breakout the very next day, but it becomes a risky pick.
Due to some personal work i could not post the blog for 2 days.
Have a nice trading day
Regards
Ankit
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