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| Alert Criteria: Stocks (Any Indian Exchange); Price at least 5.00; Classic Patterns; Bearish; Daily Events; Pattern Duration at least 25 days. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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| Symbol | Exchange | Name | Event | Close at Event | Target Price Range | Opportunity Type |
| BRSN | NSE | Bharat Rasayan Ltd | Continuation Diamond (Bearish) | 47.00 | 19.00 - 25.00 | Long-Term Bearish |
| EPSO | BSE | Epsom Properties Ltd | Continuation Wedge (Bearish) | 8.35 | 4.20 - 5.00 | Intermediate-Term Bearish |
| IFBI | BSE | IFB Industries Ltd | Top Triangle | 21.50 | 1.00 - 5.00 | Long-Term Bearish |
| KLFI | BSE | Kailash Ficom Ltd | Head and Shoulders Top | 49.30 | 20.00 - 26.00 | Intermediate-Term Bearish |
| KSBP | BSE | KSB Pumps Ltd | Descending Continuation Triangle | 218.10 | 78.00 - 105.00 | Intermediate-Term Bearish |
| RAUN | BSE | Raunaq Automotive Components Ltd | Downside Breakout | 11.84 | 4.50 - 6.25 | Long-Term Bearish |
Sensex Technical View :
Sensex made a good move today and is now close to 10800. Sustaining above 10800 or closing basis could tgt 11200 /11900. On the lower side the recent low remains the support. Technically one needs to watch the 10800-11200 levels which if crossed with volumes/momentum then 11900 comes into reckoning. On the upside there is a gap at 12480 which needs to be filled. Continue to wait and watch the levels and trade accordingly.
Stocks to watchout for :
Pasting yesterdays
Aban Offshore seems to be bottoming around and could see a bounce if crosses 1170 could tgt 1300 after which 1500.
JSW steel seems oversold and could see a bounce back if sustains the recent low of 240 .Above 280 could see 310-350 levels also.
KOTAK Mahindra Bank below 390 could see a drop to 320-350 quickly.... Traders can keep a watch .. Above 500 could be a different thing altogether.
IDFC has bounced back but if closes above 65 can target 75-80 . Although has already moved up 20 % but has scope after such a huge correction.
One of the most oversold sectors is Metals and Steel stocks ---
JSW Steel , Jindal Steel and Power , TISCO, Sterlite Inds could see a good 10-20 % bounce if markets are to bounce above 10800. Traders can keep a watch for quick trades.
Market Observations and Thoughts :
GOLD :
In the last update we had was if it goes below 815-820 it could see 780 levels and it has come close to that. Technically 920 + was a resistance similarly important supports are at 725-690 zone on downside. If breaks below 770 and stays could expect lower levels... Out of a sudden all the gold bulls who spoke of 1000-1100 seem to have ran away . But it seems the rally was more due to the hedge created or quick money running for gold as a currency or economic hedge but not coz of demand of GOLD... So now can it go the commodity ways like other metals ??? is the question ...
CRUDE :
As said before no need to update as may not impact equities anymore... Technically 65-70 is a good support zone where it should stabilize and below which the next support is 50 which is a tooo far-fetched.
Dow Jones :
Dow Jones technically seems to be trying to find a base around 8k zone. Supports for long term on downside is 7300-7500 which should not broken watever comes otherwise it could have implications beyond a recession as supports are way way lower technically . Also the consolidation around 7800 bottom zone if lasts for some more weeks then the markets can get into a range of 8k-9800.
For intraday, nifty weak below 3210, may see 3170.
now 3167 is a very imp level for the rest of the week, and closing below it will be bad for the bulls.
yestrday, nifty gave a breakout, but couldnt sustain it, so bulls have to be a bit cautious.
However we are also making higher bottoms and higher tops, so signals are mixed.
Crossing 3266, nifty may go to hit 3309-3336, please trade with strict SL
Nifty CMP : 3234.9
As per the trend channel shown in the weekly chart. Nifty is a Buy Only above 3250.
From the figure it is witnessed that nifty has broken its blue trend channel and now
started trading between the red trend channel. Failure of nifty below red trend channel
will initiate continuation of long term selling pressure once again. If mangage to Nifty
close above 3250 will target 3800 and 4000 in short term
Nifty :: Strong up move seen in Nifty chart but as per technical up to 3425 (channel bottom works as strong resistance) momentum seems side way with positive bias.. And that’s why our strategy for 22nd Oct. Book profit at high.. Watch two strong supports at lower level 3175 and 3083. Below 3083 may be we see again new low .Till then our strategy Buy in deep (S.L 3083) Sell at high (S.L 3326).. Supports at 3175/3100/3083/3050/3000.. Resistance 3272/3326/3346/3425/3470..
Volatility to continue in the market
Even though Nifty was bullsih and got past 3240 yesterday in the last hour, it couldn't sustain above that and closed below 3240-which will again play an important role today also.On global front, mixed third-quarter reports were dissappointing and The Dow Jones industrial average fell 231.77 to 9,033.66.The technology-focused Nasdaq saw steeper declines than the other major indexes after server and software company Sun Microsystems warned it would post a loss for its fiscal first quarter and book a write-down.Though credit markets around the world are easing out and is a good sign for the market.The dollar was higher against other major currencies, while gold prices fell.Light, sweet crude fell $3.36 to settle at $70.89 barrel on the New York Mercantile Exchange.In indian market for today, if Nifty gets past 3240 and sustain above that only we can see some movements around 3300-3330 levels and if nifty stays below 3240, it will test 3200 first and if breaks that, downside strong support is at 3150.Volatility will be continued for the time being.
Not much change from yesterdays position. NF manages to close just above the pivot low 3216 and Reliance will now take a shot at the gap.
This stock is in deep trouble. The first big resistance is the gap area 1463-1485.
A reader has pointed out the gap as 1512-1463 and that is correct; I'm taking the low of 1485 to 1463 as the first resistance will come at 1485.
The U.S. markets have pushed higher bringing up the S&P to 985. So we will have one of those follow up kinda day today. There are three resistances on the way up on Nifty Futures - 3358, 3490 and 3729. The 20 period average sits at 3727. There is nothing much one can do about this set up except to wait and see where to open fresh shorts. Waiting is like pain and fun at the same time.
The Indian market continue to gain ground and close in green zone .On daily chart nifty trading in inside bar and upper trend-line is 3354 any breakout from range can up-move or if break on lower side can see lower side move .For coming session we can test 3353 zone .
***Technicals
Nifty is in terminal phase of downtrend and now it seems that nifty will trade sideways in 3050-3500 range for some time.
Nifty is in process of intermediate bottom formation.
So far bottom is formed at 3047.
******Trading system for NIFTY
3d LMA- 3074, 3d HMA- 3276.
3d SMA- 3155, 8d SMA- 3291, 34d SMA- 3917.
~BIAS – neutral, MOMENTUM – negative, TREND – negative.
~STRATEGY-no new call generated. (Hold shorts with closing stop at 3276)
~stoploss for shorts at 3276.It is time to tighten your stop if you are short as bias turned neutral.
~stoploss for longs at 3074.
***Derivatives (October 21)
-Nifty (October) future premium decreased to 7 points and around 15 lakh shares were added in open interest with decrease in the cost of carry, indicating new shorts at higher levels.
-Nifty call option shed 10.5 lakh shares in open interest, whereas put option add 27.5 lakh shares in open interest. Thus open interest put-call ratio increased to 0.78.
-Implied volatility has decreased by 1000 points which indicate stability in the coming days.
***Fund flow (October 20)
~FIIs net in Index fut. + 461 cr, FIIs net in Stock Fut. + 219 cr
~FIIs in Cash Market - 840 cr, Mut Funds in Cash Market + 219 cr
***total fund flow + 59 cr today & nifty was up by 48 points.
*** So far net fund flow of - 9290 cr in October series. (Nifty is also down in October series).
***Past fund flow
-8071 cr in June series (-520),+6474 cr in July series (+18), -6641 cr in August series (-119), -6903 cr in September series (-104)& closed at 4110.(-15141 cr from May closing of 4835)
Happy trading and investing.
Nifty :: Strong up move seen in Nifty chart but as per technical up to 3425 (channel bottom works as strong resistance) momentum seems side way with positive bias.. And that’s why our strategy for 22nd Oct. Book profit at high.. Watch two strong supports at lower level 3175 and 3083. Below 3083 may be we see again new low .Till then our strategy Buy in deep (S.L 3083) Sell at high (S.L 3326).. Supports at 3175/3100/3083/3050/3000.. Resistance 3272/3326/3346/3425/3470..
Volatility to continue in the market
Even though Nifty was bullsih and got past 3240 yesterday in the last hour, it couldn't sustain above that and closed below 3240-which will again play an important role today also.On global front, mixed third-quarter reports were dissappointing and The Dow Jones industrial average fell 231.77 to 9,033.66.The technology-focused Nasdaq saw steeper declines than the other major indexes after server and software company Sun Microsystems warned it would post a loss for its fiscal first quarter and book a write-down.Though credit markets around the world are easing out and is a good sign for the market.The dollar was higher against other major currencies, while gold prices fell.Light, sweet crude fell $3.36 to settle at $70.89 barrel on the New York Mercantile Exchange.In indian market for today, if Nifty gets past 3240 and sustain above that only we can see some movements around 3300-3330 levels and if nifty stays below 3240, it will test 3200 first and if breaks that, downside strong support is at 3150.Volatility will be continued for the time being.
Not much change from yesterdays position. NF manages to close just above the pivot low 3216 and Reliance will now take a shot at the gap.
This stock is in deep trouble. The first big resistance is the gap area 1463-1485.
The U.S. markets have pushed higher bringing up the S&P to 985. So we will have one of those follow up kinda day today. There are three resistances on the way up on Nifty Futures - 3358, 3490 and 3729. The 20 period average sits at 3727. There is nothing much one can do about this set up except to wait and see where to open fresh shorts. Waiting is like pain and fun at the same time.
The Indian market continue to gain ground and close in green zone .On daily chart nifty trading in inside bar and upper trend-line is 3354 any breakout from range can up-move or if break on lower side can see lower side move .For coming session we can test 3353 zone .
***TechnicalsNifty is in terminal phase of downtrend and now it seems that nifty will trade sideways in 3050-3500 range for some time.
Nifty is in process of intermediate bottom formation.
So far bottom is formed at 3047.
******Trading system for NIFTY
3d LMA- 3074, 3d HMA- 3276.
3d SMA- 3155, 8d SMA- 3291, 34d SMA- 3917.
~BIAS – neutral, MOMENTUM – negative, TREND – negative.
~STRATEGY-no new call generated. (Hold shorts with closing stop at 3276)
~stoploss for shorts at 3276.It is time to tighten your stop if you are short as bias turned neutral.
~stoploss for longs at 3074.
***Derivatives (October 21)
-Nifty (October) future premium decreased to 7 points and around 15 lakh shares were added in open interest with decrease in the cost of carry, indicating new shorts at higher levels.
-Nifty call option shed 10.5 lakh shares in open interest, whereas put option add 27.5 lakh shares in open interest. Thus open interest put-call ratio increased to 0.78.
-Implied volatility has decreased by 1000 points which indicate stability in the coming days.
***Fund flow (October 20)
~FIIs net in Index fut. + 461 cr, FIIs net in Stock Fut. + 219 cr
~FIIs in Cash Market - 840 cr, Mut Funds in Cash Market + 219 cr
***total fund flow + 59 cr today & nifty was up by 48 points.
*** So far net fund flow of - 9290 cr in October series. (Nifty is also down in October series).
***Past fund flow
-8071 cr in June series (-520),+6474 cr in July series (+18), -6641 cr in August series (-119), -6903 cr in September series (-104)& closed at 4110.(-15141 cr from May closing of 4835)
Happy trading and investing.
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