Sensex took a pullback from 11900 zone which was a short term resistance. The gap up opening left a gap at 11361 zones . So the gap filling process should take place in coming days ideally. Extreme short term supports are support are placed at 11350, 10900. On the upside 12300/12900 is the immediate resistance. Sensex could continue to consolidate around 10900-11900 for some sessions before trying for 12300-12900 or maybe 9700 . For Nifty this could be roughly 3350-3650.
Other levels have been discussed in previous posts.
Stocks to watchout for :
GTL infra has sustained the major drop in current market corrections and is trying to give a breakout but 39-43 is a resistance which if crossed could see a quick move. On downside 30-34 is good support.
SBI stiff resistance around 1580-1640 . Traders can short closer to 1580 with 2-3 % stop and reverse trade above 1640.
Tata communications a strong technical breakout in such markets but a difficult stock to trade. Can it touch 525-550 ..
Lanco hit stop, DLF moved but huge gap up may not have given chance to take a trade though.
Market Observations and Thoughts :
ICICI files a complaint against a sub-broker,some websites with sms , some sebi banned advisors site etc etc. But it seems a lack of study on part of icici or leaving it to Sebi to do the needful. Can any malicious intent be proved as there is no rule which can punish a wrong rumour , view or advise unless there is a proof of the sender or group making unusual amount of money out of it , ICICI is such a highly traded stock it will take long time to substantiate it.... So lets c i dont expect much as not seen a biggie or even a small one :) in the dirty games being punished for a long time now...
Core Projects sees another 22 lakh shares sold by Indiabulls on BSE and 13 lakh on NSE that totals around 70 lakh + pledged shares sold ? in 2 days. Promoter group comes on TV says no selling by promoters or group then who is selling is the big question. Public holding as per june shows 2.2 crores roughly in hands of institutions or firms.One insurance firm holds 29 lakh shares which may not be sold so easily so who is selling is the question ???? ... Once this pressured selling and clarity comes out would be easier to take a larger call and stick to small quantity till then may it be of higher price...
Nifty :: An Inverted Hammer & Shooting Star with Body Gap up,Spining Top Candle pattern occurred …!!! And we clearly mention this situation in our yesterday post..!! In rally or at high it can be sing that prices are loosing momentum & bulls may be in trouble. Now Watch strong support 3452 & 3420/3369 below 3369 fair chance that once again Nifty may touch last low or slides below it. Till then our strategy for 15th Oct. Sell at high buy on deep (S.L 3369).. Resistance for up move at 3526/3567/3600/3620/ 3677/3710.. Supports 3502/3474/3452/3420/3369..
The Indian market opened on positive note but saw profit booking at higher levels which we had mention 3650 levels. For coming session 3430 is key levels for bounces if it cross 3597 it can test 3650 -3710 levels one lower side 3430-3410 will act as support zone .
Be Prepared for strong moves in both directions... Play with technical tables if you are a trader..As an investor buy in small quantities only & book profits periodically..Medium Term investor may pick stocks on every FALL & may hold....
First, a thank you to Indian bureaucracy.
You saved this country from sub-prime or similar disasters. By remaining convervative in your approach, insisting on a proper regulatory environment, the Reserve Bank has saved this country from the greed of dalal street / investment bankers.
Now for the Market.
The Nifty closed at 3518.65, just 20 points above yesterday's close. This was a setback on a day when most world markets were roaring up. The next few days will tell us if the Nifty is going to underperform or today was just an exception.
For the Nifty, the nearest pivot high is at 4000. An intermediate up trend is possible if the Nifty were to close above 4000. With time, these levels may change. Closer to current market price, we have resistance at 3600. A short term up move will be signalled if the Nifty were to close above 3600.
While the Nifty remains below 3600, it will be locked in a range beetween 3250 and 3600. This means support should come in at the lower end of this range. It also suggests that a breakout above 3600 should see a rally to 3950 - 4000.
Is there a selling opportunity ? Yes, below today's low - 3495, a high risk sell exists with a stop above 3600. The area between 3495 and 3600 is a no trade zone.
OUR NEXT BULL RUN MAGICAL SENSEX TGT-29302 DATE-12-10-2008 CUT AND PAST IN UR COMPUTER.
Monthly (22-09-2008 To 21-10-2008) High Volatility Expected
S3-3330, S2-3624, S1-3978 [NIFTY SPOT] R1-4558, R2-4848, R3-5027.
S3-10983, S2-11972, S1-13160 [SENSEX] R1-15107, R2-16081, R3-16682.
Weekly Trend (13-10-2008 to 17-10-2008) Volatile and Mix
S3-2724, S2-2888, S1-3056 [NIFTY SPOT] R1-3346, R2-3583, R3-3964.
S3-8677, S2-9217, S1-9769 [SENSEX] R1-10722, R2-11503, R3-12754.
15-10-2008 Tuesday
DATE INDICATOR GREEN- BULLISH RED - BEARISH YELLOW- WAIT & WATCH
IF NIFTY SPOT DO NOT CROSS 4284 AND 4379 THEN.....
Ready for a big correction......up to 3621(Achieved) & 3219(Achieved) Next 3040 open.
Technically Nifty Spot made very bad signal & this signal will accept when Nifty gives the closing after break its Tuesday’s high level 3648.25. If it does not happen then again sharp fall can get to see. So traders please are alert when you do trade but long term investors are continuously start buying & take the profit of falling market. Market does not make the bottom, so please be careful during the trading.
On the Wednesday if Nifty Future cross the level of 3565 then it can go up to the level of 3679 to 3816 but if Nifty Future does not cross the level of 3565 then it can go below the level of 3449, 3362 to 3135. Please always use the level of Nifty Future 3565 for stop loss.
Happy & Safe Trading
Daily Tips:-
1) Buy NF Above @ 3565 Target 3676 to 3816.
2) Buy ASIANPAINT Above @ 1033 target 1056-1085 to 1151.
3) Buy Dr.REDDY Above @ 458 Target 467-477 to 499.
4) Buy ROLTA Above @ 200 Target 214-229 to 266.
5) Buy HLL Above @ 241 Target 245-250 to 261.
6) Sell BAJAJAUTO Below @ 540 target 514-485 to 417.
7) Sell BHARTI Below @ 760 Target 751-732 to 697.
8) Sell CANBK Below @ 176 Target 171-164 to 150.
9) Sell DABUR Below @ 78 Target 77-74 to 70.
10) Sell GAIL Below @ 254 Target 245-234 to 210.
11) Sell GRASIM Below @ 1495 Target 1465-1422 to 1332.
12) Sell HEROHONDA Below @ 817 Target 802-776 to 724.
13) Sell IOB Below @ 93 Target 89-85 to 76.
14) Sell ITC Below @ 168 Target 166-162 to 154.
15) Sell MCDOWELL-N Below @ 817 target 797-762 to 691.
Note--- If market open green then buy our buying tips and If market open red then sell our sell tips.
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