Sensex : (14543.73) Today Sensex face resistance at 14671, if cross 14671 then goes up to 14798 and 14926. Sensex find support at 14519, if 14519 break then fall up to 14392 and 14240.
Nifty : (4368.25) Today Nifty face resistance at 4403, if cross 4403 then goes up to 4438-4462. Nifty find support at 4359-4347, if 4347 break then fall up to 4324-4280.
Nifty (4368) Sup 4320 Res 4440
Buy Tech Mahindra (762)
SL 755 Target 775, 780
Buy Gujarat Alkali (171)
SL 167 Target 179, 180
Buy Bongaigaon (69)
SL 66 Target 74, 76
Sell Sesa Goa (166)
SL 170 Target 158, 156
Sell Crompton Greaves (254)
SL 258 Target 244, 242
HEG : (263.45) Buy HEG at current price for a target of 275 and 293, if cross and close above 293 then next target is 320. Stoploss at 252.
India Bulls : (280.45) Buy INDIABULLS above 281 for a target of 290-294, if cross 294 then next target is 310. Stoploss at 268.
Air Deccan : (86.95) Buy AIRDECCAN above 87 for a target of 96, if cross 96 then goes up to 105. Stoploss at 83.
Triveni : (109.15) Buy TRIVENI above 107 for a target of 116-122. Stoploss at 101.
BUY RCOM 400 C.A AT 13-15 TGT 22-23 S/L 8.5
Based on weak global indicators, the Nifty opened with a slight negative gap and for most of the day held and traded above the support of 4330. For a brief period of time, after 1 pm, it did go below 4330 to make a low of 4316 but soon recovered from those levels and the recovery at 2 pm was remarkable. Had it not been for the average calculation method of Nifty to calculate the closing price, we would have had another doji candle today.
Seen above is the daily chart of the Nifty. As suggested in yesterday’s newsletter the Nifty was likely to find support between 4330 and 4380 and though, it did overshoot the lower end of the target by about 15 points and eventually closing better, we shall consider it as a successful test of support. As can be seen on the chart by the dotted trendline, the Nifty did find support today near the line.Also seen on the chart is the Moving Averages Convergence Divergence (MACD – not to scale), an oscillator indicator which gives excellent signals. It is calculated as the difference between two exponential moving averages of the prices, known as the slow and the fast moving averages. Usually the slow moving average is the 26 period moving average while the fast moving average is usually the 12 period moving average. This has been graphically illustrated as the brown line on the chart above. A 9 day simple moving average of the difference thus calculated is graphically shown as the red line and is also called the signal line. We get a buy signal when the MACD goes above the signal line while a sell signal comes when the MACD moves below the signal line. A quick look at the chart tells us that except for the month of February, this indicator has been giving pretty accurate and quick signals. The MACD has today given us a sell signal.
Well, we are talking of support and a short term turnaround and the MACD is giving us a sell signal? The European markets were down today by between 2-3% and the American markets are trading more than a percent in the red at the moment. Crude oil too jumped up today and after showing a high above $116 a barrel is currently trading in the vicinity of $114 a barrel. So, all global cues, as of now, happen to be negative and except for the technical reasons, there is no reason to expect a recovery. Technically also we have just mentioned that 4330 is a fairly strong support but it can easily be broken if the Nifty so decides. The MACD has also given a sell signal so the market may be coming down now. Well, what is the guarantee that the MACD will not function now like it did in February this year.
All in all, there are some negative cues and some positive ones. So, one should be cautious and let the Nifty decide what it wants to do next. A move below today’s low of 4316 (after 10:30 AM) should be taken as a bearish sign while a sustenance above 4330 should be viewed positively.
BALAJI TELEFILMS (169)
Buy Above 170.60 Target 174.55, 179.00
Sell Below 167.70 Target 164.05, 160.00
MERCATOR LINES (80)
Buy Above 80.80 Target 83.95, 88.05
Sell Below 79.00 Target 76.15, 73.
PUNJ LLOYD (281)
Buy Above 283.50 Target 288.25, 295.00
Sell Below 279.10 Target 274.75, 270.00
SEL MANUFACTURING (310)
Buy Above 313.85 Target 322.40, 335.00
Sell Below 307.20 Target 300.05, 290
INDIABULLS REALEST (311)
Buy Above 314.20 Target 320.10, 328.00
Sell Below 308.80 Target 302.05, 295.00
ESSAR OIL (221)
Buy Above 222.75 Target 227.45, 232.00
Sell Below 219.45 Target 215.35, 210.00
Others for Intraday: RPL, RCOM, REL Infra, RPOWER, CAIRN INDIA.
Short Term Delivery Buy SELMCL 532886 (310) Target 450+
Very Short Term Delivery Buy SCI 523598 (215) Target 260+
Zeenews buy above 41 target 46 and 50
Dated: August 19, 2008
HCL TECH (229)
HCL TECH is India's 5th largest IT Sector co into offshore IT & software development and other various services like application development & outsourcing software
Buy for a target of 275 with a stop loss of 219.
Time Tenor: 2 months
Risk Reward Ratio = 1:4.20
Nifty will open weak, but if sustains above 4371 will be bullish for the tgt of 4424 to 4450-4462.
4462 is max that nifty can go for today.
if 4371 is broken, nifty may fall to 4350, and if tht is also broken, nifty will be very weak and may see 4281 as well.
so tgts are big, so trade with these level
As said and expected the markets behaved just as predicted and played a highly deceptive role , trapping both bulls and bears.
The planetary conjunction was of indication that markets can turn tide any time and it did in the later part of the day on account of short covering.
Technically some more short covering is on cards but with huge volatility and choppiness.
The markets are again going to be deceptive and swinging on both sides and will turn tide anytime
The supports for the nifty is at 4319 levels and resistance at 4445 levels
The supports for the sensex is at 14300 levels and resistance 14850 levels
Stocks to watch
As per our advance predictions sugar and capital goods outperforms and will continue to do so..
Positional calls
Reliance 2310 ca – bought reliance 2310 call option
Rnrl 95 ca – bought rnrl 95 call option
Nifty straddle reverse strangle – we are applying the strategy at every levels for nifty targets 3900 or 4800…?
05.09.08 will mark the biggest change of astrological planets in world stock markets.
Will it create a base for nifty 7200 or will create havoc for nifty 3200…..?
ACCUMULATE EVERONN AT 506-526 LEVELS....TARGETS WILL B MORE THAN 585 ONCE CLOSING COMES ABOVE 543.....
Later when I posted market thoughts, I mentioned we should have weakness and then strength later in the week. Played out pretty much as expected. Now the weakness might be over or very close to over. Yesterdays lows are important...Or slightly lower at approx 4270 levels. Below this the most important number as stated before is 4150.
I am trying to build some longs right now - this will be a very short term position..Or a scalp only...I will bail on weakness or if I get something close to 4520. But lets see how it plays out.
See hourly below. We look like we are very close to some important support levels. I think its critical we hold this area where we are at now.
Next the daily - I have added some notes on this. Nothing much more to say.
I will post a 'Big picture' article after some time.
Buy Opto Circuits - Target 378 - Within 2 Months
Buy Colgate - Target 440 - Within 2 Months
The Indian market opened on weak note and traded with negative till noon session and saw smart recovery during the final trading hours but closed with marginal losses. Nifty had bounces from 38%retrcement of rally started from 3790 to4611 . For coming session we can see more side towards 4443-4463 on the other side 4317 will act as support zone .
HOT CALL BUY HIND CONSTRUABOVE 101.90 TGT 106>111 STOPLOSS 99
As said and expected the markets behaved just as predicted and played a highly deceptive role , trapping both bulls and bears.
The planetary conjunction was of indication that markets can turn tide any time and it did in the later part of the day on account of short covering.
Technically some more short covering is on cards but with huge volatility and choppiness.
The markets are again going to be deceptive and swinging on both sides and will turn tide anytime
The supports for the nifty is at 4319 levels and resistance at 4445 levels
The supports for the sensex is at 14300 levels and resistance 14850 levels
Stocks to watch
As per our advance predictions sugar and capital goods outperforms and will continue to do so..
Positional calls
Reliance 2310 ca – bought reliance 2310 call option
Rnrl 95 ca – bought rnrl 95 call option
Nifty straddle reverse strangle – we are applying the strategy at every levels for nifty targets 3900 or 4800…?
05.09.08 will mark the biggest change of astrological planets in world stock markets.
Will it create a base for nifty 7200 or will create havoc for nifty 3200…..?
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7:55 AM (14 minutes ago) (1) Nifty Chart For 20/08/2008 :: |
ACCUMULATE EVERONN AT 506-526 LEVELS....TARGETS WILL B MORE THAN 585 ONCE CLOSING COMES ABOVE 543.....
Later when I posted market thoughts, I mentioned we should have weakness and then strength later in the week. Played out pretty much as expected. Now the weakness might be over or very close to over. Yesterdays lows are important...Or slightly lower at approx 4270 levels. Below this the most important number as stated before is 4150.
I am trying to build some longs right now - this will be a very short term position..Or a scalp only...I will bail on weakness or if I get something close to 4520. But lets see how it plays out.
See hourly below. We look like we are very close to some important support levels. I think its critical we hold this area where we are at now.
Next the daily - I have added some notes on this. Nothing much more to say.
Then the weekly. Again same thing..Notes on the chart. We are quite close to a big intermediate term decline but before that I am expecting a decent bounce. How much we bounce I do not know yet..But it could very well be a lower high...Watch carefully - Things could get quite ugly soon. I think longs are risky unless you are very nimble....I am also looking to build up some shorts at higher levels.
I will post a 'Big picture' article after some time.
Trade safe ;)
Buy Opto Circuits - Target 378 - Within 2 Months
Buy Colgate - Target 440 - Within 2 Months
The Indian market opened on weak note and traded with negative till noon session and saw smart recovery during the final trading hours but closed with marginal losses. Nifty had bounces from 38%retrcement of rally started from 3790 to4611 . For coming session we can see more side towards 4443-4463 on the other side 4317 will act as support zone .HOT CALL BUY HIND CONSTRUABOVE 101.90 TGT 106>111 STOPLOSS 99
STOCK OF THE DAY :
NAME: IFCI AROUND 46.5-46.8
SL : 45.5 (STRICT SL.)
TRGT:47.8--48.2
REVISED SL TO : 46 IF 47 IS CROSSED.
Nifty Futures - 4370 Holds !
The appearance of a hammer on the spot Nifty chart (below) suggests that this round of selling is about to get over. Number of stocks above their 10 day average (below), is also approaching a level from where we can expect a reversal. The Nifty Futures made a low of 4331, pulled back from there to close at 4390.05. So the first line of support at 4370 holds today. In the above chart, the middle blue support line rests at 4252 and is most likely to hold in case there is some more selling. That will also bring us closer to the lower BB.
heg approve buy back offer
The board of directors of HEG, a diversified company with interests in graphite electrodes, textiles, sponge iron and hydropower, at its meeting held on August 19, has approved the buyback of fully paid up equity shares of the company.
The board has approved the buyback at a price not exceeding Rs 350 a share for an aggregate amount not exceeding Rs 485 million being 10% of the total paid up share capital and free reserves of the company.
Shares of the company declined Rs 4.2, or 1.56%, to settle at Rs 264.65. The total volume of shares traded was 33,718 at the BSE (Tuesday).
NAME: IFCI AROUND 46.5-46.8
SL : 45.5 (STRICT SL.)
TRGT:47.8--48.2
REVISED SL TO : 46 IF 47 IS CROSSED.
Nifty Futures - 4370 Holds !
The appearance of a hammer on the spot Nifty chart (below) suggests that this round of selling is about to get over. Number of stocks above their 10 day average (below), is also approaching a level from where we can expect a reversal. The Nifty Futures made a low of 4331, pulled back from there to close at 4390.05. So the first line of support at 4370 holds today. In the above chart, the middle blue support line rests at 4252 and is most likely to hold in case there is some more selling. That will also bring us closer to the lower BB.
heg approve buy back offer
The board of directors of HEG, a diversified company with interests in graphite electrodes, textiles, sponge iron and hydropower, at its meeting held on August 19, has approved the buyback of fully paid up equity shares of the company.
The board has approved the buyback at a price not exceeding Rs 350 a share for an aggregate amount not exceeding Rs 485 million being 10% of the total paid up share capital and free reserves of the company.
Shares of the company declined Rs 4.2, or 1.56%, to settle at Rs 264.65. The total volume of shares traded was 33,718 at the BSE (Tuesday).
1. Indian Stock market tip: Market is in a state of flux and thus it is better to avoid trading till the direction of market is not clear. Nifty is trading below crucial support levels.
2. Intraday tips result: Amar raja gave a profit of RS 125, Infosys gave a profit of Rs 960 aand DR reddy gave profit of Rs 430 for every 100 shares traded as per tip given given. BATA did not reach the entry price set up and thus trade was not executed. However BATA is most high probability trade for the trading as per set up given.
3. Result oriented strong future stocks data
Polaris software
Strides Arcolab
Balrampur Chini
Ansal Prop & Inf
Aia Engineering
Bongaigaon R
Rolta(I)ltd
Cummins India
Triveni Engg
Network 18
4. Weak trend in stocks indicated by Weak Future stocks
Housing Devp Finance
Reliance communications
NDTV
Amtek Auto
Bombay Dyeing
5. Free stock tips from financial blog for day trading:
Buy Bata>179.1,181,184 sl 175.5
Buy Bartronics>183.1,186,191 sl 179.5
Buy Punj Llyod>284.5,287,293 sl 279.5
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