==>>>Nifty closed at our resistance levels

Few Buy calls recommended today. All the calls have been consolidated together.
1. RPL has taken a good support at 156. Buy with the same SL for the target of 184. Small resistance at 166. Cmp 162.5. 9.19 AM
2. BUY JKIL with SL of 97. Del call. 9.19 AM
3. BUY ON Mobile @ 550 target 555-568-583, then one sided… 1.50 PM
4. Carry forward ONLY the Nifty Buy position which was given yesterday 25/02/2008 at 5050-5055 levels 03.05 PM

Yesterday nifty took support exactly at our “SUPPORT” trend line. Today Nifty Opened in green and the outlook has improved considerably as the bears ran for short covering yesterday and even the world markets where in the green. Markets were very volatile today. Nifty closed at 5270, exactly at our “REST.” trend line. Rally is still not confirmed. The confirmation will come within 2-3 days. If the “REST” trend line is broken and the close is above, then the Nifty will touch 5400 very fast, but if at all the Nifty comes down from the current levels then again the “SUPPORT” trend line can be tested.

THE TRENDLINES WERE MADE ON 18/02/2008

Volumes are increasing, that’s a good sign. But still the markets are likely to remain volatile ahead of the Union Budget and expiry of February contracts. So I would rather advise investors to keep your position light. Play with strict SL. View Mildly bullish.