The Indian market opened on firm note but saw selling pressure at higher levels close with red zone. For coming session nifty is moving downward channel if nifty trade above 3390 one can go long .Hence on the downside if nifty trade below 3303 on closing basis one can short lower side target 3263-3240zone .On upside 3423-3440 zone will act resistances.Long Side
- Buy NIFTY Spot @ 3409 SL=3387 Targets=3421, 3459, 3470, 3489, 3505, 3520,
- Buy RELIANCE Spot @ 1756 SL=1743 Targets=1763, 1786, 1794, 1805, 1814, 1824,
- Buy SBI Spot @ 1262 SL=1249 Targets=1269, 1292, 1300, 1311, 1321, 1330,
- Buy EDUCOMP Spot @ 2579 SL=2537 Targets=2604, 2685, 2710, 2750, 2782, 2815,
- Buy ONGC Spot @ 860 SL=855 Targets=863, 872, 875, 879, 883, 886,
- Buy ICICIBANK Spot @ 423 SL=417 Targets=426, 437, 440, 446, 450, 454,
- Buy RELINFRA Spot @ 704 SL=695 Targets=709, 725, 730, 737, 744, 750,
- Buy RELCAPITAL Spot @ 526 SL=520 Targets=530, 541, 545, 551, 555, 560,
- Buy DLF Spot @ 236 SL=233 Targets=238, 243, 245, 248, 250, 252,
- Buy ABAN Spot @ 459 SL=452 Targets=462, 475, 479, 485, 490, 495,
- Buy BHEL Spot @ 1613 SL=1603 Targets=1618, 1636, 1641, 1650, 1657, 1663,
- Buy INFOSYSTCH Spot @ 1435 SL=1419 Targets=1445, 1475, 1484, 1499, 1511, 1524,
- Buy NTPC Spot @ 191 SL=190 Targets=192, 194, 194, 195, 196, 197,
- Buy BHARTIARTL Spot @ 716 SL=710 Targets=720, 730, 734, 739, 743, 748,
- Buy ITC Spot @ 190 SL=190 Targets=191, 191, 192, 192, 192, 192,
- Buy LT Spot @ 861 SL=851 Targets=866, 884, 889, 898, 905, 912,
- Buy ABB Spot @ 502 SL=498 Targets=504, 512, 514, 517, 520, 523,
- Buy HDFCBANK Spot @ 1092 SL=1086 Targets=1095, 1105, 1108, 1113, 1117, 1121,
- Buy TATASTEEL Spot @ 260 SL=256 Targets=262, 270, 273, 277, 280, 283,
- Buy MARUTI Spot @ 799 SL=787 Targets=805, 827, 833, 844, 853, 861,
- Buy TATAMOTORS Spot @ 244 SL=241 Targets=246, 251, 252, 255, 257, 259,
- Buy WIPRO Spot @ 311 SL=305 Targets=314, 325, 328, 334, 338, 343,
- Sell NIFTY Spot @ 3375 SL=3394 Targets=3360, 3341, 3329, 3292, 3280, 3261, 3246, 3231,
- Sell RELIANCE Spot @ 1735 SL=1746 Targets=1726, 1715, 1708, 1684, 1677, 1666, 1657, 1647,
- Sell SBI Spot @ 1241 SL=1252 Targets=1232, 1220, 1213, 1190, 1183, 1171, 1162, 1152,
- Sell EDUCOMP Spot @ 2507 SL=2542 Targets=2474, 2434, 2409, 2329, 2304, 2264, 2231, 2199,
- Sell ONGC Spot @ 852 SL=857 Targets=849, 844, 842, 833, 830, 826, 822, 818,
- Sell ICICIBANK Spot @ 413 SL=418 Targets=409, 404, 400, 390, 386, 381, 377, 373,
- Sell RELINFRA Spot @ 689 SL=696 Targets=683, 675, 670, 654, 649, 641, 635, 628,
- Sell RELCAPITAL Spot @ 516 SL=521 Targets=511, 505, 502, 490, 487, 481, 476, 472,
- Sell DLF Spot @ 232 SL=234 Targets=229, 227, 225, 220, 218, 215, 213, 211,
- Sell ABAN Spot @ 447 SL=453 Targets=442, 436, 432, 420, 416, 410, 405, 400,
- Sell BHEL Spot @ 1598 SL=1606 Targets=1591, 1582, 1577, 1559, 1554, 1545, 1539, 1532,
- Sell INFOSYSTCH Spot @ 1408 SL=1422 Targets=1396, 1381, 1371, 1341, 1332, 1317, 1305, 1293,
- Sell NTPC Spot @ 190 SL=191 Targets=189, 188, 187, 186, 185, 184, 183, 183,
- Sell BHARTIARTL Spot @ 707 SL=712 Targets=702, 697, 694, 683, 680, 674, 670, 665,
- Sell ITC Spot @ 190 SL=190 Targets=190, 189, 189, 188, 188, 188, 187, 187,
- Sell LT Spot @ 845 SL=853 Targets=838, 829, 824, 806, 801, 792, 785, 778,
- Sell ABB Spot @ 496 SL=499 Targets=493, 490, 488, 480, 478, 475, 472, 469,
- Sell HDFCBANK Spot @ 1083 SL=1088 Targets=1079, 1074, 1071, 1060, 1057, 1052, 1048, 1044,
- Sell TATASTEEL Spot @ 253 SL=256 Targets=249, 245, 243, 235, 232, 228, 225, 222,
- Sell MARUTI Spot @ 780 SL=789 Targets=771, 760, 754, 732, 726, 715, 707, 698,
- Sell TATAMOTORS Spot @ 240 SL=242 Targets=238, 235, 234, 229, 227, 225, 223, 221,
- Sell WIPRO Spot @ 301 SL=305 Targets=296, 291, 287, 277, 273, 268, 263, 259,
Nifty reversed just near the channel bottom after consolidating for the past 5 days with a series of LH &LLs.
The low ema gave the perfect low for the day. Only a close below will warrant an aggressive shorting exposure.
5DMA has turned up again indicating fast moves ahead. And so too stochastics in daily charts.
Though Nifty went past the high ema but has closed below that.Momentum increases on a close above that.
Sl for longs should be around 3370.
As Nifty has closed above the 200DMA again(3395), it should become a support zone.
I wish to stress a point here: Never miss a divergence play. Big money is made on them..please.
Well, today Nifty behaved as anticipated. Market opened near 3340, touched low at 3315 and found proper support near 3330 ( Higher highs and higher lows pattern) and traded higher all day thought touching high at 3440. So Buy order from 3330 to 3400 target met as expected yesterday. In near term, Nifty is heading towards 3500 and then 3686. Tomorrow some profit taking activities can be seen. However, upside momentum could continue at the same time as well. So watch the opening price level and see how market acts around 3400/3410 level. If gets buying pressure, then BUY near 3410 with stop loss below 3385 for target at 3482/4500. On the other hand, if market opens higher and sell off continuously( Check for lower highs and lower lows pattern), then SELL near 3465 with stop loss above 3495 for target at 3420/3400.
The low ema gave the perfect low for the day. Only a close below will warrant an aggressive shorting exposure.
5DMA has turned up again indicating fast moves ahead. And so too stochastics in daily charts.
Though Nifty went past the high ema but has closed below that.Momentum increases on a close above that.
Sl for longs should be around 3370.
As Nifty has closed above the 200DMA again(3395), it should become a support zone.
I wish to stress a point here: Never miss a divergence play. Big money is made on them..please.
Well, today Nifty behaved as anticipated. Market opened near 3340, touched low at 3315 and found proper support near 3330 ( Higher highs and higher lows pattern) and traded higher all day thought touching high at 3440. So Buy order from 3330 to 3400 target met as expected yesterday. In near term, Nifty is heading towards 3500 and then 3686. Tomorrow some profit taking activities can be seen. However, upside momentum could continue at the same time as well. So watch the opening price level and see how market acts around 3400/3410 level. If gets buying pressure, then BUY near 3410 with stop loss below 3385 for target at 3482/4500. On the other hand, if market opens higher and sell off continuously( Check for lower highs and lower lows pattern), then SELL near 3465 with stop loss above 3495 for target at 3420/3400.
Nifty :: As we say in our yesterday post as far as stay above 3300 nothing to worry for bulls.. And it is, Nifty take strong support near 3300 level and bounce beck sharply and break important resistance 3400.. May be Nifty start to move up for last leg y of c.. (Target already given in our last weekly post)..For 24th April watch important resistance 3478/3507 (and previous high 3511) above it next strong resistance 3600.. Our strategy for 24th April above 3382 buy on deep (S.L 3382) Sell at high (S.L 3600).. Resistance for up move at 3458/3478/3507/3572/3600/3636.. Supports at 3382/3328/3312…
(Be careful at higher level Nifty heading towards target level and enter in strong resistance level if open gap up.. All indicators are in overbought zone. use this opportunity as profit
The markets took support to bounce back from the day’s lows to close at day’s high is a clear bullish sign. The results of RIL and other major companies results shall be discounted at current levels is debatable. The internal demand for infra structure, construction and related activities were grossly stalled for want of Govt direction and the 3-G auction and other related policy decisions were put on hold will see light after the new budget. The list can be enlarged but the fact is that they store potential for sustained growth by meeting the internal demand.
The RIL results are not good on the face of it as the other income has increased considerably to 993 cr and the purchase of traded goods has increased from 590cr to 5807cr during this year. The other income and profit from exceptional items has contributed 1363 cr nearly 25% of the profits from operations. The future out look is bright due to KG basin oil & gas may hold the price and the RPL merger may add value but the upside is definitely capped for a quarter at least. The stock has very good support at 1530 level. Any dip below this is a buying opportunity as the support at 1330 level may not breach under present conditions.
The Rel Infra results are good under these difficult times. The R Power news flow is good as many projects are in pipe line, RNRL results are good. The HDFC bank results are good but it says that the NPAs may increase due to the economic slow down is a cause of concern.
The inflation was at 0.26% when compared to the last week gave good signs of relief to the RBI as it plans to induce more money into the system to spur the demand as the estimates of growth was pegged at 6% much below the regularly suggested levels of 8%-few months later7.5%- few weeks later it was at 7% and now the latest figure.
For today the Nifty has to trade above 3381 level to continue the up trend. The street reaction on RIL results hold key. The yesterday levels are for RIL, Rel Infra. As such there no serious change in the levels as they were discussed earlier. The ICICI has to face resistance at 442-39 level but the support exists at 415 level. The Relcap may face resistance at 549-51 level.
Today BEL, CIPLA,IDBI, Ranbaxy, Maruti will announce their numbers.
The RIL results are not good on the face of it as the other income has increased considerably to 993 cr and the purchase of traded goods has increased from 590cr to 5807cr during this year. The other income and profit from exceptional items has contributed 1363 cr nearly 25% of the profits from operations. The future out look is bright due to KG basin oil & gas may hold the price and the RPL merger may add value but the upside is definitely capped for a quarter at least. The stock has very good support at 1530 level. Any dip below this is a buying opportunity as the support at 1330 level may not breach under present conditions.
The Rel Infra results are good under these difficult times. The R Power news flow is good as many projects are in pipe line, RNRL results are good. The HDFC bank results are good but it says that the NPAs may increase due to the economic slow down is a cause of concern.
The inflation was at 0.26% when compared to the last week gave good signs of relief to the RBI as it plans to induce more money into the system to spur the demand as the estimates of growth was pegged at 6% much below the regularly suggested levels of 8%-few months later7.5%- few weeks later it was at 7% and now the latest figure.
For today the Nifty has to trade above 3381 level to continue the up trend. The street reaction on RIL results hold key. The yesterday levels are for RIL, Rel Infra. As such there no serious change in the levels as they were discussed earlier. The ICICI has to face resistance at 442-39 level but the support exists at 415 level. The Relcap may face resistance at 549-51 level.
Today BEL, CIPLA,IDBI, Ranbaxy, Maruti will announce their numbers.
The Performance of yesterday :
Nifty 3439.90 3310.5 3423.70
ICICIBANK
431.60 395.10 424.40
RIL 1774.90 1696 1763.70
REL infra 716.65 662.10
712.35
Rel Cap 535.60 496.05 531.80
DLF 240.7 222.40 238.05
HDIL 147.25
124.15 144.85
HDFCBANK 1100 1065.40 1092.50
T.STEEL 266.35 238.65
262.85
SAIL 116.40 106.50 115.10
Use it learn & Learn to make money and convey the same to others.
INDEX GAME-
BUY NF ABOVE 3447 SL 3333 TARGET 3550/3630
SELL NF BELOW 3447 SL 3550 TARGET 3333/3221
BUY BANK NF ABOVE 5000 SL 4950 TARGET 5050/5100
SELL BANK NF BELOW 5000 SL 5050 TARGET 4950/4900
STOCKS GAME-
BUY DLF ABOVE 240 SL 235 TARGET 245/250
BUY EDUCOMP ABOVE 2600 SL 2550 TARGET 2650/2700
BUY OFSS ABOVE 900 SL 880 TARGET 920/940
BUY RCOM ABOVE 225 SL 220 TARGET 230/235
BUY RELIANCE ABOVE 1770 SL 1750 TARGET 1790/1810
BUY TULIP ABOVE 480 SL 460 TARGET 500/520
SELL ABB BELOW 490 SL 510 TARGET 470/450
SELL RIIL BELOW 580 SL 600 TARGET 560/540
SELL ROLTA BELOW 80 SL 85 TARGET 75/70
BUY NF ABOVE 3447 SL 3333 TARGET 3550/3630
SELL NF BELOW 3447 SL 3550 TARGET 3333/3221
BUY BANK NF ABOVE 5000 SL 4950 TARGET 5050/5100
SELL BANK NF BELOW 5000 SL 5050 TARGET 4950/4900
STOCKS GAME-
BUY DLF ABOVE 240 SL 235 TARGET 245/250
BUY EDUCOMP ABOVE 2600 SL 2550 TARGET 2650/2700
BUY OFSS ABOVE 900 SL 880 TARGET 920/940
BUY RCOM ABOVE 225 SL 220 TARGET 230/235
BUY RELIANCE ABOVE 1770 SL 1750 TARGET 1790/1810
BUY TULIP ABOVE 480 SL 460 TARGET 500/520
SELL ABB BELOW 490 SL 510 TARGET 470/450
SELL RIIL BELOW 580 SL 600 TARGET 560/540
SELL ROLTA BELOW 80 SL 85 TARGET 75/70
Sensex Technical View :
The sharp upmove today was surprising but the important part is 10700 holding up. This eases out the technical situation of buying on the flag breakout above 11300 or below 10650 to go short.
As the range is around 600 points we could consider a possibility of a move of similar magnitude on breakout.
Also the best strategy now would be to stay nimble footed and be ready to react on convincing moves. As i have said in last few months its better to react then to predict but human nature is frail ( even i speculated the possibility of 10700 break yest and we got stopped out in 3200 puts ).
Stock specific moves will continue to be more prominent then the index moves.
Stocks to watchout for :
Grasim , Balrampur Chini , gateway distriparks,TRIL chart posted in the post below this one.
Max India recommended as a long term bet at 105 has moved to 130-135 levels. Continue to remain invested. Technically if crosses 140 may see more momentum. Partial booking can be done at 135 to reduce acquisition cost and create patience for long term.
Adani Ent
The stock has given a small breakout on daily charts. Traders can look to buy around 380 zones with a stop of 364 tgt 405-430 in short term.
Even Mundra Port looks good for short term and may see more momentum above 410 buy with a stop of 378.
Investors with a medium term view can look to study HEG ,Rain Commodities, Subhash projects which are seeing good volumes. Readers having more fundamental info mail me noorrock2002@gmail.com
JUST a little unusual observation---
The public awareness due to media channels has been high to unusual happenings like short squeezes or major drops.
Satyam surprised the markets with a scam followed by that we saw an opposite in Akruti with a huge short squeeze.
A misbalance of positions does lead to short squeeze and its a common market phenemenon --- http://www.reuters.com/article/ousiv/idUSTRE49R3I920081028
Volkswagen also saw a 100% jump almost !
But there is one thing which may not happen elsewhere :P ... After a problem company trying to change its name by a single letter addition. Is it numerology to change fate ! ... No idea
But Akruti City wants to be now ACKRUTI CITY LTD
3300 held today early morning and "a big down move ahead" evaporated faster than a dream!!
The most interesting part in today's trade was the marathon struggle between 3360-65-85-3400 and the first breakout above 3400 pushed it back in the range only to come up again and finally make it to 3426. Phew! This was a fantastic lesson in real time.
That's why these rising wedges are scary - they keep rising and frustrate the shorts. Yesterday's 70 point drop coupled with the overbought internals were enough to convince me that we really have a big down move ahead but was proved wrong and today's price action again strengthens the fact - don't trade your beliefs about the markets but trade the market itself.
The most interesting part in today's trade was the marathon struggle between 3360-65-85-3400 and the first breakout above 3400 pushed it back in the range only to come up again and finally make it to 3426. Phew! This was a fantastic lesson in real time.
That's why these rising wedges are scary - they keep rising and frustrate the shorts. Yesterday's 70 point drop coupled with the overbought internals were enough to convince me that we really have a big down move ahead but was proved wrong and today's price action again strengthens the fact - don't trade your beliefs about the markets but trade the market itself.
Trading
SENSEX: 10700 has given good support so far. It seems we have completed small correction as 4th wave which was approx 25% of last up wave from 8867 to 11367. Keep strict stop loss for this view at 10716. On crossing 11367 we will be heading towards 11600-12500 area.
IFCI: Targets 27-30
R POWER: buy for target 150
SAIL: target 132, stop loss 105.
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