Weekly Market Commentary 3rd March 14

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Information about Weekly Market Commentary 3rd March 14
Finance

Published on March 2, 2014

Author: MarwahFinancial

Source: slideshare.net

Description

Dear All,

We hope that our research is proving out to be valuable for everyone. We would like to have your valuable feedback and suggestions so that our effort stays relevant to your needs.

Wishing all of you happy trading!


Note: The recommendations are based on technical analysis. There is a risk of loss in trading.

Weekly Commentary 3/3/2014 Technical View of Indices Nifty Nifty & Banknifty traded within our expected range and we booked profits at the levels we specified last week. Market has reached a crucial juncture now and thus should be traded with caution. Even though the overall bias is still positive, but market is trading in overbought zone and is due a correction. Thus, it is imperative that trading is done with strict levels in the coming week. Let us evaluate Nifty’s daily chart in detail to check out important In This Issue  We will be covering technical view of Nifty and BankNifty for the coming week as well as give trading strategies for these indices to come out on the top and minimize losses. We will also be giving some stock recommendations on the basis of technical analysis. levels and formulate trading strategy: As can be seen from the chart that Nifty moved swiftly from 6100 levels to close near 6300 level. Now, it is nearing its first resistance zone of 6305-6320. Any break in this level will push Nifty higher to 6350 level: a) We will take cautious approach in Nifty as it reaches its resistance zone. Go long at current levels of Nifty with stop loss of 6050 with TG1 of 6305, TG2 of 6350 and TG3 of 6400. b) If Nifty breaches 6250, go short with target 1 6200, target 2 6180 with stop loss 6280.

Always remember to keep stop losses while trading in order to minimize losses and always book profits at suggested levels or keep trailing stop losses to maximize returns. Bank Nifty BankNifty moved more than 700 points from its strong support level of 10000 and bias is still positive. Let us evaluate its chart to formulate trading strategy for this week: a) Go long in banknifty at 10700 level with target 1 of 1100 and target 2 11200 with stop loss of 10600. Any breach of this resistance will take Banknifty to 11600. b) Go short if BankNifty breaches 10500 for target 1 10200 and target 2 10000 with stop loss at 10600 level. Stock Picks Very important: Remember to trade with no more than 2 lots at one time. Whenever you buy or sell a stock, remember to place a stop loss immediately. This ensures mental preparedness. Also, our research and recommended levels ensure that you get good risk to reward ratios. Therefore, please ensure that you do not enter the stock if it is not in our suggested price range. Secondly, always make sure that you book some profits at different target levels and start placing trailing stop losses as per your comfort levels.

Last Week’s Picks Our first pick of ALBK moved up from 73.9 levels to 75.6 levels. One can continue holding it with stop loss of 71.80 for target of 80 and above. Our second pick of SBI moved from our buying levels to 1530 level. One can book partial profits and continue to hold while moving trailing stop loss to 1495. This Week’s Picks Since both our existing calls are still open and all stocks are nearing their resistance levels, we would advise clients to not enter new positions for the beginning of the week and sit on cash to enter more favorable positions by the end of the week when a more clear trend will emerge.

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