We are updating Reliance industries ltd (500325) End of Day chart (EOD) during live markets when the scrip is trading around 1090 lvls, today Open 1075 High 1112 Low 1058 Yesterdays close 1072.
The charts has formed a triangle on daily basis which indicates that if Reliance managed to close above 1145 for 2 to 3 days then we can see 1200 - 1300 lvls. But if the stock manages to close below 1025 levels then we can stock testing previous lows.
Markets on intra day basis are trading very choppy in narrow range b4 expiry of November month futures, Ril being the leader in the pack can help markets move either ways due to its heavy weightage in Index.
Stock specific trading news & levels only to PREMIUM CLIENTS.
Market news by sms, register your mobile nos on this website in both groups for Financial markets.
Last week nifty rose 2.39% on lower inflation number and decent GDP data .On daily chart nifty is forming bullish symmetrical triangle. If nifty cross 2840 we can test 3050 -3100 levels on the lower side 2630 -2580 will act support zone . For the coming session closing above 2775 nifty can test 2834-2883 zone on the lower side closing below 2721 it can test 2660 zone .
BUY PATNI ABOVE 142 TGT 153>165 STOPLOSS 136
The Indian market opened on positive note and close in green zone . After terror attacks on Mumbai market where closed on Thursday on Friday market opened on positive at last session saw smart buying and close in green zone .On hourly chart nifty is forming inv head and shoulder pattern closing above 2790 it can test 3050 zone .For any long 2630 will act as support and stop-loss.
Weekly Nifty had made INSIDE BAR breakout above 2834 good up move can see and same breaking below 2504 can see nifty to move more lower side .
BUYBHARTI ABOVE 674 TGT 690 >706 STOPLOSS 664Last week we saw markets going marginally up after good global cues.
It was one of the most volatile weeks on the bourses with benchmark indices gyrating sharply as profit booking alternated with short covering before the F&O expiry date. While a big bailout package in which the US Government promised USD 326 billion to Citigroup helped the markets rebound, the buzz that Bank of America could be a potential bailout candidate spooked market participants.
Meanwhile, surprise steep rate cuts by China's (CRR by 108 basis points and interest rate reduced to 5.58% from 6.66%) during the mid week increased anticipation that other central banks too would follow the suit. Expectations of further cut in interest rates in India too gathered momentum after the Finance Minister announced that the monetary policy was now biased towards stimulating growth and the Reserve Bank of India (RBI) was likely to lower rates further as inflation cooled.
However, the terror attack in the Indian financial capital led to the postponement of derivatives expiry by a day as the markets remained shut. This led to greater volatility on the last trading day of the week. Nevertheless, the Indian markets still managed to close above the 9000 points mark.
The stocks that were in the limelight this week included Kingfisher Airlines and IVRCL Infra in the mid-cap space while in the large-cap segment, Reliance stocks demonstrated considerable weakness.
The global slowdown and its imact on the Indian economy is no longer breaking news. There is a discernible slowdown being witnessed across the Indian economy. This is also reflected in the GDP data released for second quarter of 2008-09 wherein our economy grew at 7.6% as against 9.3% a year-ago and 7.9% in the previous quarter.
Slackening demand and increased inventories, liquidity crunch on account of reduced availability and rising cost of funds have been taking its toll on the performance of Indian Inc. With major manufacturing companies already announcing production cuts and temporary plant shutdowns, its adverse impact will be visible in the coming quarters.
There is some pessimism again building up that the massive bailout could worsen rather than improve the ongoing crisis. The depreciating rupee which hit a record low of 50.60 against the US dollar too does not provide near-term comfort.
For now, though there are some positives like cooling off of the inflation rate and expectations of a further rate cut, the weighing scale tilt towards the negative. Nevertheless, the next sell-off in the financial markets could provide a decent buying opportunity for investors with a long term view, although utmost caution is advised for the time being.
Stocks to look into this week.
ICICI Bank and SBI - Banking may soon see a Rate cut advantage to move up as Inflation is cooling.
India Hotels Ltd - The Mumbai terror attack one you cant afford to forget destroyed the Taj Heritage Hotels in South Mumbai we may see a sell of in this scrip.
Unitech - Unitech is still not a good buy can easily go below 20 levels. Dont buy levels to watch are 17.50 - 19.25 - 21.65 - 23.85 - 25.90 - 28.30 (Levels for whole month of December ) It can move between 17.50 to 28.30 levels.
Hindalco - Technicaly speaking this stock has ability to climbe up 10- 12 % from CMP in the week.
Nifty :: Once again an insider positive 3rd bar after engulfing bullish pattern... Watch trend decider level for up swing 2790 and for down swing 2633.. Above 2790 momentum turns up and close above 2860 momentum turn strong above 2790 watch major resistance zone in between 2860 to 2894.. Still short term bias and momentum seems up and that’s why our strategy for 1st Dec. Buy on deep (S.L 2596) Sell at high.. Resistance for up move at 2790/2795/2820/2860/2874/2894.. Supports at 2726/2712/2690/2633/2596..
MKT FOR COMING WEEK WIL REMAIN VERY VOLATILE SO WATCH THIS LEVEL & THAN DO TAKE UR POSITION SHORT OR LONG
NIFTY CLOSED…2755
MKT IS REMIN & TRADE & CLOSDE ABV 2750 LEVEL FOR THIS WEEK WIL BE +VE FOR THE MKT SO GO LONG WITH TR IN MIND —FOR 2810 WHICH WIL BE THE 1ST HURDLE ………TO 2910…….3145….ALSO MKT BEL–2750 WIL BE WEAK …
DN SIDE LEVEL TO WATCH WIL BE—-2650 IF REMAIN INTACT IS GOOD IF NOT C MKT MOVING DN TO TOUCH 2500 LEVEL OK ..
SO FOR THIS CONSIDER 2700 AS GOOD BASE BUY AT LOWER LEVEL & GO LONG…
LEVEL TO WATCH ;—-ABV 2745 TR 2775……2792………..2820…
IF BR & TRADE BEL—2700 TR 2685……….2652………
LEVEL FOR NIFTY FUTURE :—-
ABV :———-2764 TR 2783………….2810…………..2848……….2877
BEL ;———2720 TR 2690………2673………..2635
DO WATCH & GET THIS OPTION FOR THIS WEEK :—-
2900 NIFTY CALL & 2500 NIFTY PUT :—-BUY & HOLD
we have two scenario this could be a triangle or a flatThis view holds good if Rcom holds 180.First target would be 212 and if 212 holds rcomwould target 240-250.Nifty holds the key if 2860 is ta
Sensex Technical View :
The view remains the same ...
Sensex is inching towards the upper end of the flag . It needs to be seen whether it can close above 9300-9500 and give a fresh breakout which could tgt 9900/10500 or more ( channel line imp) . So wait and watch is the view for a move either beyond 8300 or 9300-9500. Till then the trades should be extreme short term.
Stocks to watchout for :
SBI
The stock is available closer to the July/Oct lows. Ideally should give a bounce in coming sessions. Stop would be placed around 1025-1040 for a tgt of 1200 -1250 in short term. Strong supports around 980-1000 below which a strong breakdown is possible which can give short opportunities.
Larsen n Toubro
Available closer to Oct lows . Strong support around 680-700 buy on dips with a stop of 695 for tgt of 780 above that more momentum. below 680 would be a strong downmove to trade.
MTNL above 76 , ITC above 178 ,IDEA above 49 could go 5-8 % pops to trade.
Market Observations and Thoughts :
Its become common to see very weird moves on expiry days in lot of new fno stocks.
Educomp , gtl infra saw huge discounts in Dec series but continued to move up in the cash segment on NSE and different high or avg prices in bse, nse , nov fut , dec fut.!.... These were the only 2 i noticed there might have been many such moves.
Statistically Indian indices are lagging behind the asian , american indices coz of the curtailed week and bomb blasts impact. All the other indices moved up smartly in last 3-5 sessions. Is there a small upmove pending in Sensex , Nifty in this week is to be seen as pressure would remain.
Some weeks back had discussed on insider trades / disclosures list continues to become longer and still is. LIC has increased stakes in PSU Banks. Gitanjali being bought by promoters. AM naik increases stake in LT. NBventures, patel engg , man inds etc promoter buying... One can keep checking these deals over the next 3 months as i believe these are good indicators !!... Will update a consolidation soon if possible...
The picture given below consisting of nine charts (read from 1 to 9 in that order) is from one of my scalping trades I did last week. The idea here to show is that if we keep things simple like trend lines and good old Dow Theory of HH’s and HL’s and vice versa we can have good trading set ups. The biggest drawback to this system; is believing in the system itself. Who the hell wants a simple set up like this when we have a wide gamut of indicators to choose from! KISS …any takers????
US markets had rallied after Citi group gets bailout.
No comments:
Post a Comment