Wednesday, January 20, 2010

January 21, 2010, Single Stock

Bharti - Bharti made a higher low and a higher high. We hit our stop loss and booked profits. It was also a doji candle. We will go long.
Trading strategy: Go long with a stop loss at 315.
Supports: 311-15, 300, 288.2
Resistances: 332, 348.8

Infosys - Infy made an inside day and a doji candle. We can expect a sharp move in Infy now. It could be on the upside.
Trading Strategy: Stay short with a stop loss at 2700, but be prepared to switch to long if there is a break out above 2700.
Supports: 2628, 2464-76, 2355
Resistances: 2700

RIL - RIL made a lower low and a lower high. We will still watch for RIL to get out of the 1050-1150 band and switch our positions accordingly.
Trading Strategy: Play for resistance/support breaks or bounces.
Supports: 1050, 1011, 901
Resistances: 1150

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