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Friday, 8 February 2013

What to trade on 07 Feb

Dow is down today and Nifty could also be down. So I am not looking at any long trades today.

1. ICICI Bank - Negative. One of the key supports 1150 is broken. Open below this level and staying there is a good opporunity to short.

2. Cipla - Negative. Poor results; Brokerage downgrades. Negative technicals. Will go down further. 100 day moving average may offer some support. Please sell only below the days low on 06 Feb.

3. SBI, L&T are likely to slide down if market is very negative. Both of them are likely to bounce back in the short term.

SBI - RSI on daily charts is oversold and bounce back is possible. So sell only on reversal during the day similar to 07 Feb movement.

L&T may be sold for few more points downfall. But daily candle on 07 Feb is doji and stochastics is oversold, with fast stochastics slightly pointing upwards. Be carefull if you are shorting this .

4. M&M Positive. MACD bullish crossover.

5. Hero Honda Negative. MACD bearish crossover.



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