Trading Today (April 11, 2011)

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Trading Today (April 11, 2011)

From Our Technical Desk From The Dealing Desk Nifty Nifty opened on a positive note in the morning and made a high of 5926, but once again it could not sustain on higher levels and fell sharply, the selling intensified as Nifty broke the Tuesday's low of 5855. It took support near to immediate term support of 5810 and made a low of 5822, finally it ended at 5842 with a loss of 0.74%. The Advance Decline ratio was almost 1:3. On the daily chart, Nifty is forming a "Flag" pattern; it has strong support at 5810 for immediate term. If Nifty breaks this support then it can correct the entire rally from 5348 to 5944, but we still feel that the short-term trend is bullish hence any correction would be a good buying opportunity and Nifty has strong support at 200 DEMA for short term, which is now placed at 5608. On the Upside we maintain our target of 6181 and 6324 for short term. Trading Ideas Remain stock specific from current levels. Trading ideas which we like are Dena Bank (Target Rs118), Tata Motors (Target Rs1,340), L&T (Target Rs1,775) & BHEL (Target Rs2,300). Traders maintain stop loss accordingly. Investment Ideas Coromandel International: CMP @ Rs305 (Target Rs435)