Stock Advice and Market Analysis for 10th August 2009

On Friday, 7th August 2009, the markets witnessed heavy selling pressure across all the counters, with the worries over poor monsoons this year across the country.

4480 proved to be the intraday support for the Nifty.

Nifty finally closed at 4481.40 after losing 104 points or approx. 2.27 %.

Intraday Support for the market shall be between 4432 and 4385 while the resistance can be seen at 4542 & 4588.

Best Strategy for the day shall be to:-

Buy above 4505 with a Stop Loss of 4450.

Sell below 4460 with Stop Loss of 4510.

Trading Tips for 10th Aug, 2009:

If Nifty Trades above 4506 then Buy

Buy BHEL above 2192 with a Stop Loss of 2165 for a Target of 2235.

Buy AXIS BANK above 821 with a Stop Loss of 811 for a Target 831.

Buy GAIL above 322 with a Stop Loss of 317 for a Target of 326.

If Nifty Trades below 4458 then Sell

Sell MARUTI below 1285 with a Stop Loss of 1302 for a Target of 1264.

Sell ICICI BANK below 733 with a Stop Loss of 743 for a Target of 722.

Sell RCOM below 392 with a Stop Loss of 393 for a Target of 383.

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