Sensex Technical View :
Although there were a couple of dojis in last two session the index dint break below 14600 which was suggested as a support level to watch for.
So the indecision remains as we are still not comfortably above 15k. Technically the index is pointing towards 15580/16200 levels as major resistances. Continue to stay long stock specific with a stop of 14500-14550.
Would stick to specific stocks as momentum is more there
Some charts posted below with view. Click to enlarge
Stocks to watchout for :
Manugraph 2 ckts down seems bad timing but thats the risk with small caps some may go bad ! Hold for bounce.
Maithan,Classic,Uflex, Saksoft and Alembic do look good for medium term. Do ur own research.
UFLEX Ltd seems good accumulation. Investors can take small exposures with medium term view.
GLENMARK maintain positive view and can tgt 275/300 levels in medium term. Ranbaxy , Glenmark, Venus Remedies , Sun Pharma Advanced, Piramal Healthcare continue to be good investment picks provided one has patience. Pharmas are defensive picks as well.
Educomp above 3200 , Icici above 760 ,Ranbaxy above 290 could be possible momentum trades for quick day traders.
MARKET OBSERVATIONS AND THOUGhTS :
In the month of March not many seemed to be interested in going for stock specific research and now at 15k everybody is trying to justify buying a stock 300% from the lows.
This is how market works -- :) But in all its a disciplined investment strategy which keeps you insulated from any market misbehavior !
If you are investing do some research and be early into the stock and then lay back with patience and keep booking very small parts to generate cash and reduce acquisition cost.
While trading be strict with the stoploss and better have a technical or some ticker reason rather then betting on luck coz some day a bad trade can take a lot of hard work
The Indian market opened on gap-down on weak global cues but saw recovery in second half session and close with positive zone. For coming session 4615 level to watch it will act resistances zone for as show on chart .If nifty trade above 4590 it can test 5620-4640 zone .On the lower side 4450 level will act as support zone .On hourly chart still Rsi is showing negative divergences .
Nifty Spot
R-4540/4620/4665.
S-4490/4407/4361.
NiftyFut
R-4545/4631/4679.
S-4496/4409/4361.
Sensex
R-14878/15157/15305.
S-14730/14451/14303.
Nifty :: After 3day’s consolidation with an insider day Nifty made triple bottom near 4450.. Now 4450 works as long term stop loss in buying.. Once again we repeat, be careful in up move still indicators are not supporting any major breakout.. For 5th Jun watch first breakout level 4486 above it next strong resistance 4610.. After breakout of 4610 Nifty may be easily touch our last weekly post Elliott Wave target.. Our strategy for only intraday above 4610 buy on deep sell at high (S.L 4788).. Or if Nifty face strong resistance near 4610 sell at high buy on deep (S.L 4450).. Resistance for up move at 4610/4650/4694/4725/4788.. Supports at 4510/4500/4450/4400..
The Indian market opened on gap-down on weak global cues but saw recovery in second half session and close with positive zone. For coming session 4615 level to watch it will act resistances zone for as show on chart .If nifty trade above 4590 it can test 5620-4640 zone .On the lower side 4450 level will act as support zone .On hourly chart still Rsi is showing negative divergences . Yesterday Market open down andalso the trend continued moreover 2 to 3 hours. The Nifty fut 4460 is good support this level market will rebounding it. The uptrend continued upto 4590 level the Nifty Fut closing 4580 level.Today also market will go further uptrend contined upto 4620 to 4880 and 4920 levels. Today also market open gapup we expect 30 to 40 points. Fii , mutual funds and LIC this all big organisations till and fourth coming days more money invest in markets . Because the market will bullish for next two month's . Every Script every dip buy and every new high to book your profits. The Sensex is target of 17000 ++++ we expected. Textiles,pharma,Auto anserclis, Bank's , Fertilisers and fuel Secter's bullish in market's in coming day's. Andalso Crudeoil price daily Rise in global market's. The market will come 4300 to 4400 level good buying oppertunity .
Nifty Spot
R-4540/4620/4665.
S-4490/4407/4361.
NiftyFut
R-4545/4631/4679.
S-4496/4409/4361.
Sensex
R-14878/15157/15305.
S-14730/14451/14303.
Yesterday our sell call first target only achived. But Buy call all target's achived. Today Nifty buy abv 4545 SL 4490 tgt 4560,4580,4595,4620 and 4660. Nifty Sell below 4490 SL 4545 tgt 4470,4460,4440 and 4420 levels.
Nifty bounced off the critical low of 4452 and keeps its uptrend intact. Momentum backed by good volumes keeping this market up and buying has been emerging during intra dips.
Nifty manages to break past the trading range marginally and the -ve divergences persists. There is 4630 - 4670 resistances ahead.
More stocks look set for further upmoves. Ride this momentum...it is backed by liquidity..When will it dry up..?? Though many stocks looks stretched, we are yet to see weakness in any stock..Even a satyam has nearly doubled in two weeks..And it is about time biggies like RIL, SBI, NTPC, ONGC start moving further up.
Yesterday, as we discussed, Nifty sold off after opening gap high and traded near session low during first half hour but however come to upside and closed just near previous day close. Thus our sell order from 4535 to 4485 target was met for intraday setup. Today market opened well below yesterday close near 4480 but did not go much lower, rather found support at 4460/4480 level and now trading higher by making higher highs and higher lows pattern. So far nifty has touched high near 4555 and now trading at 4539. Since it went up too much in too little time, small pullback is expected from 4555. If nifty goes high again to 4560/70 level and unable to sustain the top, then SELL below 4550 with stop loss above 4580 for target at 4530/10 ( Fibonacci retracement levels between 38.2% and 50%). However by looking upward momentum, it is better to take a quick exit as soon as sell oreder target hit, because Selling in a bull market would be a counter trend trade which is not advisable. If EUROPEAN markets do well today, then there is a great chance that Nifty will make new high above 4570/80. In that case try avoiding selling.
Support at 4450 has now become strong after today's retest at 4453 forming a double bottom with a target of 4685, though the high of 4586 needs to be crossed. Other support levels are marked on the charts.
The continuous rise is tiring everyone who is waiting for a fall. Don't get too tired and jump into this speeding markets. If you have to, then do so with a proper strategy. Else wait for the elusive fall.
Nifty manages to break past the trading range marginally and the -ve divergences persists. There is 4630 - 4670 resistances ahead.
More stocks look set for further upmoves. Ride this momentum...it is backed by liquidity..When will it dry up..?? Though many stocks looks stretched, we are yet to see weakness in any stock..Even a satyam has nearly doubled in two weeks..And it is about time biggies like RIL, SBI, NTPC, ONGC start moving further up.
Updated: 4thJun, Thursday @ 9:30 GMT
Yesterday, as we discussed, Nifty sold off after opening gap high and traded near session low during first half hour but however come to upside and closed just near previous day close. Thus our sell order from 4535 to 4485 target was met for intraday setup. Today market opened well below yesterday close near 4480 but did not go much lower, rather found support at 4460/4480 level and now trading higher by making higher highs and higher lows pattern. So far nifty has touched high near 4555 and now trading at 4539. Since it went up too much in too little time, small pullback is expected from 4555. If nifty goes high again to 4560/70 level and unable to sustain the top, then SELL below 4550 with stop loss above 4580 for target at 4530/10 ( Fibonacci retracement levels between 38.2% and 50%). However by looking upward momentum, it is better to take a quick exit as soon as sell oreder target hit, because Selling in a bull market would be a counter trend trade which is not advisable. If EUROPEAN markets do well today, then there is a great chance that Nifty will make new high above 4570/80. In that case try avoiding selling.
Nifty Half Hourly Chart
Nifty Daily Chart
No breakout from Inside Day . Half hourly charts show upward breakout from the triangle. Thus chances of breaking the Inside Day pattern's high at 4586 are higher. If breaks out, then resistance is at 4650-4685.
Nifty Daily ChartSupport at 4450 has now become strong after today's retest at 4453 forming a double bottom with a target of 4685, though the high of 4586 needs to be crossed. Other support levels are marked on the charts.
The continuous rise is tiring everyone who is waiting for a fall. Don't get too tired and jump into this speeding markets. If you have to, then do so with a proper strategy. Else wait for the elusive fall.
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