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Wednesday 27 February 2013

Which stocks to trade–27 Feb

Dear Readers
Today Indian markets crashed due to negative news from Europe and lackluster rail budget. When I write this , US market is rallying due to a positive view from  Bernanke on easing measures in US.
Todays Sector analysis shows that all sectors except IT are negative in both hourly and daily charts. So tomorrow, I will try to trade IT from positive side. Will check if banks are bouncing back and go long on SBI and ICICI Bank. Both these stocks are negative in both daily and hourly charts so, we should book profits on longs quickly and sell on rise.
Tata Steel is still negative and I will look for opportunities to sell on rise.

1. Infosys – Infosys  went up on good volumes towards the end of the day and I expect this momentum to continue tomorrow. Infy will be positive above 2950. (Also keep watch on Wipro)
2. SBI – Positive above 2200 levels. There was buying at this levels today. Below 2190, SBI is again a strong sell. On the upside resistance is at 2220 and then at 2240. We can sell here if charts go negative.
3. ICICI Bank – We can go long on ICICI only if it sustains above 1068-70 and goes up. Else , ICICI is a short below 1050 for a big fall.
4. Tata Steel – Trend strong negative with very limited scope for bounce back. Sell on rise at around 355.



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