Wait for direction....may 12

Today is an important trading day as said in my earlier post. It will let us know if market is poised to move up or crack down in the coming days. Asian markets are marginally down at the time of writing this post. So we may not open below 4950. If this is held, we will see 5050 today which will act as a good resistance. If 4950 is not held, we will slide to 4700 levels in the coming days. So for today, we will wait for confirmation from the market before trading. I have attached NIFTY charts with various studies for your understanding.


Satyam computers - CMP - 474. This stock is looking good on charts and is expected to move up today. BUY above 475, target 483, 489. SL - 462.

Reliance - CMP - 2528. BUY target - 2600. SL - 2510