Nifty :: Sensex finally hold last support 8340 and close above it,. Today we plot here more deep analysis and draw path of Nifty in coming days with all supports and resistance.. Watch carefully 2500 & 2450 level below it more weakness seems in coming days up to last low 2252. Below it Nifty turn down and find support within 2/3 day’s as we draw in red color.. Time wise Nifty move up from 2252 to 3240 in just seven days and still hold above 75% correction level after 10 day’s. And that’s why as per technical terms still we says mid term momentum up. Any deep correction give us buying opportunity for mid term prospective.. For 21st Nov. watch one level 2541, Above it momentum seems up below it down.. Resistance for up move at 2634/2680/2709/2732/2784.. Supports 2541/2
Sensex Technical View :
The drift in Sensex continues and has touched 8316 on the lower side which is just below the channel. As we had discussed yesterday in such a correction markets can also correct 80-85 %. So around 8250 would be a stoploss level or a trigger level to watchout for in next few sessions.
As shown in chart yesterday that markets could head towards 8300 -8500 zone in this drift.
The next big question is whether 8250-8500 will hold on for closing basis. With the time point of view check this chart we have seen a counter phase or bear rally last for 30-40 sessions or around 4-8 weeks. This pattern has been followed in previous two lows. A negation of such a pattern would lead to an uncalled situation which is not expected as of now.
Till we dont break above the upper trendline of the channel pressure would continue to remain on higher levels. The strategy yet remains same to react then to predict and keep patience with taking quick trades on either side.
Some of the calls in client recommendations :
Nifty 2900 call stop hit .
Chamble 37 odd stop 35.7 hit .
DLF 226 to 238.
Ibull real 103 to 109-113.
Hdfc bank 890 to 850 and hit 810 too.
Bharti 605 to 575.
Stocks to watchout for :
As said 2-3 days back HDFC ltd and HDFC Bank could be pivotals for any market move. These stocks broke Oct lows badly and were actually the most stable ones now. Still looking weak on charts unless they bounce back 10-15 %and sustain higher.
Bharti Airtel does 575 as expected. RCAp has come to 420 start SIPPING at 380 .
In a bounceback would expect pvt bankin , psu banks to bounce back sharply so traders with long bias shud keep a watch on these.
As of now many stocks are close to Oct lows and some have broken below. Technically none of the factors have turned positive yet and the approach now would be to buy on the way up maybe 10 % higher from lows but in comfort. So fresh stock trades would be initiated in the day.
weakness will be seen if nifty below 2535, and next support at 2451.
in case we open a gap down, and we cross 2535, nifty may blast up to 2556-2575 levels again.
overall view is still bearish, and nifty would see strong resistence around 2630 levels in next few trading sessions, i expect a good fall from there, so keep that level in mind :-)
The seven day war ends with a truce over 2525. Remember, it's only a cease fire and conflict can begin anytime again if talks fail! OK, I'm too tired now (I get up at 4 in the morn) to post anything further and wanna go and have coupla beers, dinner and go and hit the sac by 9.Sell RCOM Target: 174,170
Sell ICICIBANK Target: 299,290
Sell DLF Target: 194,188
Sell UNITECH Target: 31, 29
Sell HDIL Target: 80, 75
Sell HDFCBANK Target: 780,765
After the Gap down, you get only small intra trading opportunities.
No reversal indications. Infact some stocks closed near their lows.
Based on the world market cues and the levels as per the price charts, position your trades.
A daily close above 2685 is a minimum requirement to stop the bears as of today.
Every 80 - 100 points intra rallies have been attracting selling. So buy near channel bottom and sell near the channel tops.(Or only sell near the channel tops & cover the shorts near the channel bottoms till the reversal sign appears.)
All cycle trends remain down.
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