The Indian market opened on slightly lower on weak global cues. Market traded in narrow range and close in flat zone .For coming session if nifty trade above 2754 it can test 2860- 2900 on other side 2630 will act as support zone .Nifty will more react on global cues .Many stocks have done 80% retracement to the rise from Oct.27 bottom and are poised for a rally.Once Nifty clears 2739 and then 2860, 3000& above is possible.
If Reliance(1145.00) can hold the 1100 bottom and rally past 1220, it has the potential to reach 1305 to 1400.., provided Nifty stays in uptrend.
If Reliance(1145.00) can hold the 1100 bottom and rally past 1220, it has the potential to reach 1305 to 1400.., provided Nifty stays in uptrend.
Nifty is struggling to close above 5 ema, just managing it..
Nifty unable to close above 5 high ema (Didn't even touch it..)...momentum is lacking..
Trade cautiously till a convincing up trend materialises above 2860 (Channel break point)..Trade the points with resistances & supports..
Nifty unable to close above 5 high ema (Didn't even touch it..)...momentum is lacking..
Trade cautiously till a convincing up trend materialises above 2860 (Channel break point)..Trade the points with resistances & supports..
The markets became volatile right from the word go and traded in the range written in the blog today.....2750-2630,,,, hope all enjoyed todays call and again it proved to be a traders day.., Some amount of help is reqd. to push the markets to 2860 and above zone..Otherwise it may just start drifting downwards again..Lets hope some cues come from overseas markets ..weekly range pls. keep in mind for trading...take care cheers ..
Looking at the chart above we are looking at a range of 2750-2870 and supports at 2630 zone.The TSI has turned positive but needs to cross zero to gather strength for any upmove..( the weekly range already given below ).The melt down over the weekend of CITI GROUP is having its effects on the Asian trade today,CITI incidently has good holdings in equities all around including India.Hope all turns out well, otherwise another round of liquidation can start in Asia etc.Trade with caution, as this week has lots of news coming, hopefully positive ,trade with the trend..Cheers.
Looking at the chart above we are looking at a range of 2750-2870 and supports at 2630 zone.The TSI has turned positive but needs to cross zero to gather strength for any upmove..( the weekly range already given below ).The melt down over the weekend of CITI GROUP is having its effects on the Asian trade today,CITI incidently has good holdings in equities all around including India.Hope all turns out well, otherwise another round of liquidation can start in Asia etc.Trade with caution, as this week has lots of news coming, hopefully positive ,trade with the trend..Cheers.Sell Reliance for a Target of 1170, 1155
Buy HDFCBANK for a Target of 848,860
Sell DLF for a Target of 198,194
though there is huge intraday volatility, nifty is still bullish, and the next fall will come only after market sees close to 2838 levels.
my gut feel is ( 85% sure) that market wont cross 2838 on closing basis, however gut feel shud never be trusted, and we will trade with SL only .
i will definately take short position in the range of 2800-2840 levels, and hold with SL above 2840 on closing basis.
i am not saying that we will fall heavily from those levels, but it can surely give 150-200 points in positional trade.
today for intraday, supp is at 2688 and resistence around 2770-2786 levels.
Sensex Technical View :
Sensex has been sustaining above the lower end of the flag which comes to 8300-8500 zone. On the upside the flag level comes to 9300-9500 for this week. Ideally we should see Sensex making an attempt to that range in this week itself. Check the chart here --- .
The positive bias remains and a quicker pullback would give more momentum to the current counter move. Some days back had clearly stated that 8900 downside tgt done and markets could go down till 8300-8500 on the lower side. Sensex made a low of 8316 which was very close to the expected zone... CHECK CHART HERE . Also if one is buying it should be done closer to the lower end of the channel /flag only or wait for a breakout above the flag which comes to around 9300-9500 .
Crossover and sustaining above the flag would lead to a target of 9900/ 10500. The volatility would remain high as there are lot of overhead resistances.
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Stocks to watchout for :
Deccan Chronicle Holdings has been seeing lot of insider trades of late and sustaining above the recent lows too. Technically sustaining 48 could again touch 55 stop would be 44.
GTL infra ... One of the rare stocks which has remained silent or not taken much crack in last 3-4 mths. 40-40.5 remains a resistance level above which it can tgt 47-50 levels.
HPCL , IOC , BPCL all Omcs have given a sharp bounce and nearing resistance zones which would be very difficult to cross.
HPCL 255-259 , IOC 418-423 .
Trades could be short closer to resistance with small stop or go long if sustains above those levels for quick trade.
NALCO a consolidation phase is on it looks like in the range of 140-190 . Closing above 193 would target 205-225.
Some stocks trading close to the Oct bottoms but have not broken and can see a bounce if doesnt break lows. If they do then expect a quick crack too. Go stock specific. Pick a trade as per your stock specific view.
Praj Inds 49. Aditya Birla Nuvo 420.
Punj lloyd 139.
Unitech 27 .
GMR Infra 45.
Nifty will get its trigger today. The first resistance comes in at the 20 period average at 2812. As we have seen plenty of times in the past, these triggers ( Citi bailout in this case) don't last long and the market resumes its main trend - down, sooner or later. Besides, to add some more spice to the set up, we have the F & O expiry approaching on Thursday.
Sensex has been sustaining above the lower end of the flag which comes to 8300-8500 zone. On the upside the flag level comes to 9300-9500 for this week. Ideally we should see Sensex making an attempt to that range in this week itself. Check the chart here --- .
The positive bias remains and a quicker pullback would give more momentum to the current counter move. Some days back had clearly stated that 8900 downside tgt done and markets could go down till 8300-8500 on the lower side. Sensex made a low of 8316 which was very close to the expected zone... CHECK CHART HERE . Also if one is buying it should be done closer to the lower end of the channel /flag only or wait for a breakout above the flag which comes to around 9300-9500 .
Crossover and sustaining above the flag would lead to a target of 9900/ 10500. The volatility would remain high as there are lot of overhead resistances.
For Sms updates.
http://labs.google.co.in/smschannels/subscribe/AnalyseIndia
Stocks to watchout for :
Deccan Chronicle Holdings has been seeing lot of insider trades of late and sustaining above the recent lows too. Technically sustaining 48 could again touch 55 stop would be 44.
GTL infra ... One of the rare stocks which has remained silent or not taken much crack in last 3-4 mths. 40-40.5 remains a resistance level above which it can tgt 47-50 levels.
HPCL , IOC , BPCL all Omcs have given a sharp bounce and nearing resistance zones which would be very difficult to cross.
HPCL 255-259 , IOC 418-423 .
Trades could be short closer to resistance with small stop or go long if sustains above those levels for quick trade.
NALCO a consolidation phase is on it looks like in the range of 140-190 . Closing above 193 would target 205-225.
Some stocks trading close to the Oct bottoms but have not broken and can see a bounce if doesnt break lows. If they do then expect a quick crack too. Go stock specific. Pick a trade as per your stock specific view.
Praj Inds 49. Aditya Birla Nuvo 420.
Punj lloyd 139.
Unitech 27 .
GMR Infra 45.
Nifty will get its trigger today. The first resistance comes in at the 20 period average at 2812. As we have seen plenty of times in the past, these triggers ( Citi bailout in this case) don't last long and the market resumes its main trend - down, sooner or later. Besides, to add some more spice to the set up, we have the F & O expiry approaching on Thursday.
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