BEAR:- "ABC" correction of 4th wave up is over and the move looked tired and reversed today and closed below 5 day & 50 day avges.(But managed to close above 5 day ema)
In either case there is a down move expected..
Hourly is in midway down..5 Minute is oversold. Any bounces will be for selling with appropriate SL. Any Gap down, watch the 2895 area for intra bounces.. Close below 2895 will confirm down
Nifty gapped up to Deceive, made shorts take a stop loss yesterday/today then trapped the baby bulls seeking 3150-3250 levels..to just reverse and grind down to the levels I gave as support of 2945 ..HOWS THAT. ?????? All visiting my blog would have gained by reversing positions and clearing all longs..& going short even in small lots..THE MAGIC LEVEL OF 3078 WHICH I WAS WRITI NG for days as a top NEVER GOT BREACHED...SO RANGE 3078-2945 worked well today....It was a good profitable day on the short side..hope all friends coming here and in a friendly chat room enjoyed the sell call and levels given... enjoy the evening
* NIFTY/ SENSEX !
Nifty - On verge of Bearish Breakout / Close below 2920 may Target 2800-2775
Book Profit in Overbought Stocks to Re-Enter at lower Levels
* UNITECH LTD. !
Charts favor further decline to 32-Use pullback for short term profit booking
* HDIL !
Extremely overbought-Corrective decline to 132 & 124 likely
* JP ASSOCIATES !
EST indicators in favor of decline to 72-73/Book part profit to re-enter
* IB REAL ESTATE !
Short term bullish targets achieved-Decline to 122 likely
* PUNJ LLOYD !
Bullish targets maintained-Use pullback for fresh buying with SL
* TATA STEEL !
Bearish target of 205 & 194 maintained-Use every rise for profit booking
* REL. CAPITAL !
Enters extremely oversold zones-Ripe for technical recovery
* GUJ NRE COKE !
Recovery target of 27-28 achieved-Minor decline to 24.5-25 likely
* HCC !
EST indicators favor decline to 42-Use rallies for short term profit booking
* JP HYDRO !
Bullish pattern with resistance at 34-Breakout with volumes to target 44+
* DISH TV !
Target of 26-28 maintained-Use every decline for buying with SL
* BHARTI AIRTEL !
Bearish breakout in EST charts-Likely to go below 675 in near term
* RENUKA SUGAR !
EST indicators favor further decline to 60-Use recovery for short term profit booking
* IVRCL INFRA !
Strong support at 138-Bearish breakout may wipe off Rs.10/- in near term
Buy dlf at dips at 240-46 zone sl 237 target 256-61.
On Upside3010. is a key resistance,3014 should be the sl for any shorts in Intra basis.Bearish engulfing pattern seen in end of the day charts.
Markets have strong support in 2860-2920 zone.closing below 2860 will indicate change of short term trend.
Stock strategy
company name:-DLF LIMITED
Stock has seen a correction move and is now poised near its 20 dma. AT 240
Let the stock move down and short the reversal TO the 50dma whenever it happens.Sl will be of 237
Do note that the 20dma is dynamic in nature and one has to keep note of the values for the trade.
sgx nifty at 2971
Nifty :: We clearly indicate in our yesterday post that avoid buying at higher level.. In yesterday trade Nifty face strong resistance near first resistance zone and turn down sharply and break short term S.L in early trade.. For mid term investor we revise S.L 2882 with closing basis..(Still mid term momentum is up) Watch two strong support at down side 2917/2882 .. In one level above 2950 momentum seems up , below 2950 momentum down.. Our strategy for 18th Dec sell at high buy on deep (S.L 2882).. Resistance for up move at 3012/3055/3074/3106.. Supports 2717/2882/2864/2825..
Europe was trading mixed. Asia opened weak but now has picked up.
Expect Indian markets to have a flat to negative opening.
Satyam takes a U turn by canceling the deal with Maytas Infra.
Markets can go either ways depends on FII’s buying and profit booking.
The support for the Sensex is 9600-9460 and the resistance to the up move is at 9800
Nifty: (2954) the support for the Nifty is at 2902-2883-2795 and the resistance to the up move is at 3000
Day Trading Ideas.
Satyam
Buy Above 162.90 for targets of 168.50 and 173.90
Sell below 155 for targets of 151 and 148.50
Punj Llyod
Buy Above 161 for targets of 164 and 168
Sell below 154 for targets of 151 and 149
LNT
Buy above 791 for targets of 796 and 801
Sell below 770 for targets of 765 and 761
RNRL
For levelks click HERE.
Random Posts
- Jindal Steel Q1 net profit at Rs 402.30 cr
- Buy Infosys Technologies, target of Rs 2130: Sharekhan
- Balrampur Chini Mills an underperformer: Karvy
- Buy Mahindra Lifespace Developers,tgt Rs 828: Sharekhan
- Moser Baer.
- Weekly Review for the Week September 1st - 5th 2008
- Alkali Metals IPO opens today for financing its 3rd plant
- Buy Kalpataru Power; Tgt Rs 1030: Karvy
- Bosch board to consider buyback today
- GSS America locked at 10% upper circui
Markets are seeking direction and there is confusion galore… it is not that the confusion is our state of mind only. It is so in rest of Asia, Europe and US. So many things are playing on the mind of investors perhaps. Is it to get any worse? The markets are generally known to take a view forward – that is a quarter, perhaps a few quarters ahead – but for the markets to have confidence in that future outlook just does not seems to come. The bad news just keeps on getting worse. The good news hardly gets bigger or better. So we are in a hang fire where the technical try to take us to higher levels and the fundamentals pull us down. Remember what I had thought loudly yesterday on the reduction of interest rates in US? the debate around the same points is there now in US and the euphoria of 0% rate of interest and the utility is being questioned and the markets fell – well not really hard but the kind of upswing they showed on the announcement of the same is down and out – now this debate will continue and let us see where we reach when we are at the end of the road.
I am already late in posting this so I will hurry up and leave touching controversial thought process to myself. The markets yesterday were cautious to say the least – they kept both bearish and bullish well within the striking distance – and atleast as far as we were concerned struck and went the bearish way. Europe was also in the same state – FTSE opened green – fell down and then recovered to the flat line closing just 0.35% in green, DAX was down 0.46% and CAC was in red 0.30%. US opened red – closed red red with a good attempt to go green. Finally Dow closed 1.12% in red, Nasdaq down 0.67% and S&P down 0.96%. The confused state in Asia in the morning opening today continues. Nikkei is green less than a percent, hang Seng too was green but red by half a percent point and Strait Times is just about green and looking down.
The state of affairs on the candles have turned from all bullish to mixed now. The candle was black and it missed engulfing the previous candle by 2 points otherwise it would have been a good bearish engulfing pattern. What are two points within good friends? we will call is bearish engulfing pattern. The Bollinger band has expanded a bit and 5 EMA still trails comfortably above 20 EMA and the candles trail the upper edge. The volumes were more than recent average and I will be posting the averages figures (comparative) from tomorrow onwards. (just came to know how and where to look up the figures from! Okay the bad news first – the Slow Stochastic have given a signal that is used by many traders to sell the positions. Apart from that the RSI is actually not too enthused. MACD divergence remains positive and at the same place we left them yesterday. TRIX still looks up and refuses to show doubts on the run up. Take your pick of being a bear or a bull now.
Pivot data…
R3 3209 against 3141 on yesterday
R2 3124
R1 3039
Pivot 2991 against 3081 on yesterday
S1 2906
S2 2858
S3 2773 against 2896 on yesterday
Projected High Range 3015 to 3081
Projected Low Range 3070 to 3004
Fib Projected High 3112
Fib Projected Low 2906
Nifty (2954) Sup 2900 Res 3020
Buy Everron (253) SL 249
Target 261, 263
Buy Renuka Sugars (63) SL 61 Target 67, 68
Buy ICICI Bank (432) SL 427 Target 442, 444
Sell ACC (486) SL 491
Target 476, 474
Sell Tata Power (704) SL 711 Target 690, 685
ABOVE 2951 TARGET 2990-3050-3099
BELOW 2936 TARGET 2918-2873-2803
Buy INFOSYS above 1150 SL 1140 Target 1162-1188
Buy M&M above 314 SL 306 Target 323-343
Buy RCOM above 208 SL 199 Target 214-220-223 (High Risk Call - Keep Strict SL)
Sell RELIANCE below 1324 SL 1341 Target 1270-1215
Sell NTPC below 172 SL 173.50 Target 170-169-167
Sell HDFCBANK below 988 SL 1002 Target 966-949
Sell AMBUJACEM below 64 SL 67.50 Target 61-59
breaking up the range.
The breakup which came was with fair volume(more than the range volume)
and after the breakup its come back to retest the range support .
So here we have a good trade setup with good risk reward.
50 remains the stop loss for this trade and 65 would be conservative
target in coming days.
Remember Stoploss is must.
To read what brokerage houses say about hindalco read here
HINDALCO(Merrill Lynch)
Sensex Technical View :In the last many posts it was mentioned about a pullback rally on Sensex which should try hittin 9900 or higher and touch the channel as shown in the chart. Check earlier chart .
Also it was shown the possible flag/channel breakout would give us an upmove in short term. Check earlier chart.
In the last few days it was clearly mentioned to be long on specific stocks and keep trailing or partial booking which has given good returns.
Now currently if we see the last few sessions of move have been following a short term channel for which the rough level comes to around 9600 . Sustaining above this could keep the momentum of upswing and if stays below could expect testing of 9000-9200 or the lower trendline which is an important level. Also markets have tested the channel yet again and need to see whether it tries to close above or not in next few sessions.
Time wise as was mentioned after a drop of 50 odd sessions we have seen a counter rally which lasts for around 30-40 sessions. or can say 11-12 weeks and 4-8 weeks. It was shown that we could have a stable nov mth n more. Check time analysis chart
Tomorrow would be the 34th session and we are nearing the ending days if this is a counter rally and near a turning point unless there is a sustained close above 10500 which opens up possibility of an extended bear rally targetting 50/61 % reracement arnd 11.6k/12.5k. So next 2-3 weeks would decide which possibility Sensex is shaping towards.
SO strategy would be to watch the 9000-9200 and 9600 levels over the next few sessions and trade for short term with strict stops on either side for intra or 1-2 sessions.
For more detailed analysis check the previous posts to get a more clear idea of the movements till now.
Stocks to watchout for :
HUL moved a bit above 246 , ITC fizzled after 178 hittin stop. Hindalco dint do much . Praj , Essar Oil ,RNRL , RPL , RIL did tgts and more . That was about the last few discussions. Other bounce back stocks some gave super bounces.
Some days back had put up a few charts for short term moves . namely Tata power , ACC , Power grid , Bharti , Reliance , NTPC of which only power grid flopped and others did give a smart short term move ..... CHECK POST ....
Will put follow up charts to show the use of technicals for short term by above examples soon.
For current stock specific picks would wait and watch how stocks move around 9450-9600 mark. Lot many stocks have reached their 50 day moving avgs and in some cases 200 days so the strategy would be to wait and watch.
No fresh picks as of tonight. If there are some trades possible and if i get time to pass on would be sent on the sms channel. ( Please use your own trading strategies as not all calls may be followed so keep strict stops and manage ur risk )
No comments:
Post a Comment