>Nifty outlook feb 2009

Nifty is stuck in a range for quite some time now three months approximately.
Which provided good opportunities to Traders who follow trend both upside and
downside.

The first impression what we get from nifty chart is that 3100 onwards nifty faced
stiff resistance and ended up falling steeply ,Lower side 2600 is holding for last 2
months,So a triangle like structure is seen on Nifty ,Now the million dollar question
is what next!!!!.

From last 20-25 days Nifty is moving in tight 200 point range.
2660-2870,Ended up producing many lackluster trading sessions,With new series
ie February series already started ,I expect break of this range.Which side?
Up or Down,With nifty giving very few hints about its movement,We will have find
another way.

Lets see the top ten Nifty stocks according to their composition.
RELIANCE 12.26%
ONGC 8.14%
BHARTIARTL 5.79%
NTPC 5.37%
RCOM 3.95%
INFOSYSTCH 3.46%
SBIN 3.44%
DLF 3.33%
BHEL 3.15%
TCS 3.12%

With Reliance being the super heavy weight its movement plays vital role
Reliance would witness stiff resistance near 1400.

ONGC gave a nice move on friday 720 onwards stiff resistance for ongc.

Bharti though has got potential to move up to 700 it becomes vulnerable
every time it reaches near 650-660.

NTPC would witness stiff resistance 190 onwards kindoff rising wedge in progress.

Reliance communication this could be the surprize package if it holds 155 ,
Yet to show a good upward run.

Infosys hovering near resistance of 1300 and has tested it twice.

Sbi is nearing it support band of 1000-1050 .

DLF is beaten badly after quaterly results with profits falling more than 60%
looks oversold on charts.

So with all this above a conclusion can be made that some more nifty rise is pending
before it hits its resistance.
Hourly resistance at 2870-2900.

Advise would be to trade catiously and book profits at regular intervals.
And don't get carried away by chart patterns,In a Bear market patterns are bound
to fail at times.Expecting comments from active traders who track nifty as well as top 10
nifty stocks can turnout to be an interesting discussion.

Regards
Rish


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