Insights for Stock Trading (04 March 2015)
CNX NIFTY witnessed neutral reaction to union budget. Last few days it rallied and currently placed nearer to its resistance of 9000 levels, The FII buying the Index futures is the hope for bulls.
Today’s Positive Indicaton
FII buying in INDEX futures and Out of the money call options is the sign of bullish expectation
Today’s Negative Indication
There is no major negative evidence derived from yesterday’s trading session.
- ZEEL WITNESSING ACCUMULATION PATTERN, STRONG SUPPORT SEEN AROUND 340 LEVELS, CURRENTLY PLACED AT 61.8%
- ETRACEMENT LEVEL. EQUITY TRADERS CAN BUY AND HOLD WITH THE PRICE TARGET OF 380 LEVELS.
CIPLA GAVE TECHNICAL BREAKOUT; THE UNDERLINING TREND HAS BEGUN FROM 635 LEVELS, CURRENTLY TRADING AT 735 LEVELS.
GRASIM CURRENTLY HOVERING AROUND ITS SUPPLY ZONE (3900 – 4000), THE FURTHER DEVELOPMENTS NEED TO BE TRACKED TO IDENTIFY THE NEAR TERM TREND
KOTAKBANK SKETCHED STAR PATTERN, A SIGN OF REVERSAL LOCATED ON PREVIOUS BULLISH EXHAUSTED ZONE.
THE LAST FEW TRADING SESSIONS, FII ADDED SIGNIFICANT LONG POSITION IN NIFTY FUTURES AND OUT OF THE MONEY CALL OPTIONS, MEANWHILE THEY HAVE REDUCED SHORT POSITIONS FROM AT THE MONEY CALL, INDICATING OPTIMISTIC PRICE EXPECTATION.