TRADING RECOMMENDATIONS For 26Th May

OFSS Ltd. CMP— Rs 2212.05
We recommend going long in this counter at current levels.

Technical Outlook:-
The most important observation to be made on the daily charts of OFSS is that the share price has given a breakout from a
pennant formation, which is a continuation pattern and suggests the stock has gained momentum for a fresh up move after
consolidating for the past few sessions of trade. The momentum indicators of the stock are still bullish zone and indicate strength
in the current up-move. We believe that the stock price could test the level of Rs 2280- Rs 2350 levels in near future.

Suggested Trading Strategy:-
Hence we recommend buying 50% at current levels and again between Rs 2180--Rs 2160 levels with a stop loss placed below
Rs 2138.70 levels for the targets of Rs 2280 and/or Rs 2350 levels, expected to be achieved over the upcoming 2-3 sessions of trade.

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TRADING RECOMMENDATIONS For 25Th May

Wipro Ltd. CMP— Rs 439.45
We recommend going short in this counter at current levels.

Technical Outlook:-
The important observation to be made on the price chart of Wipro Ltd. is that the price movement since 21 st March 2011 is forming Bearish Head & Shoulders Pattern on the daily chart. Traders should note that the Bearish Head & Shoulders Pattern is the most
acclaimed Bearish reversal pattern. The stock is trading below its key long term moving average. The RSI indicator on the daily chart has also given fresh sell signal.

Suggested Trading Strategy:-
Hence we recommend selling 50% at current levels and again between Rs 443--Rs 445 levels with a stop loss placed above Rs 451.60
levels for the targets of Rs 420 and/or Rs 408 levels, expected to be achieved over the upcoming 3-4 sessions of trade.

Check our website for free stock market tips on Intraday Trading , Equity Trading Calls , Pay Per call (DV Ace) , Commodities MCX , Commodities NCDEX

Worst not yet over for stock market

The free-fall of the stock market is expected to continue in the coming week, with investors likely to reduce their exposure even further amid concerns over rising inflation and the volatile situation in Egypt, according to market experts.

The Bombay Stock Exchange benchmark Sensex , which plummeted by over 10.6 per cent in the month of January, continued its southward journey in the first week of February, with the index shedding over 441 points in the last session on Friday.

"The investor sentiment was hammered by Prime Minister Manmohan Singh's statement that inflation posed a 'serious threat to the growth momentum'," Motilal Oswal Securities Associate Director Equities and Derivatives Manish Shah said.

The key index plunged by nearly 388 points, or 2.1 per cent, during the week ended February 4 and analysts feel that the fall is likely to continue, as there is a dearth of positive news and buying on the street.

However, market observers also feel the latest industrial growth numbers for the month of December, 2010, which are slated to be announced in the coming week, may give some respite to the market.