Unitech A nice channel breakout can target 92/100 in short term if volumes increase can be quicker.
( Disclosure : adviced to clients at 77-76 )
Karnataka Bank : Looks good for short term
Glenmark giving nice opportunity, Buy call at 210/235/240 to our advisory members.
Sensex Technical View :
Karnataka Bank : Looks good for short term
Punj Lloyd Channel breakout ?? lets c
IDFC 145-148 resistance
IDFC 145-148 resistance
Glenmark giving nice opportunity, Buy call at 210/235/240 to our advisory members. Sensex Technical View :
As shown with many charts head and shoulders trap is done with and the uptrend is back in full force but is now a lil overbought but it can remain so for a long time so till we dont get stopped out on trailing stops or see turnaround signal would prefer to ride the rally tilll it goes .
Sensex important resistance levels are now at 15600/16050 on upside and downside 14500-14800.
Maintain my stance that action would now shift to broader segment with stock specific moves !!
Stocks to watchout for :
BEL , Infosys rocked ... Maruti Hero Honda on new highs ....
Keep strict stoplosses of 3-4% in short term trades.
Jindal Steel and Power if stays above 2710 can cross 2850/3000 in short term.
Prakash Inds if stays above 122-124 can see a quick move to 140.
ICICI after giving a breakdown to sub 600 levels has reversed back sharply and crossed recent tops and positioning up for a move to 825/890 also.
BRITANNIA , GILLETE and Godrej Consummables are nice bets for a defensive portfolio which can yield 10-20% returns over next 3 months. Accumulate.
Nifty :: Given breakout of last pivotal high 4480 and close above it .. Five day’s rally wipe out six day's loss and change structure of chart from bearish to bullish. Be careful V shape rally heading towards heavy supply zone 4650 to 4700.. One of the possibility is Inverted Head and Shoulder pattern required to break neckline 4700 with expand volume for bigger bullish structure conformation.. Till then trade cautiously at higher level, use strictly stop loss (4400/4377) in buying.. In overbought zone our strategy for 21st July if Nifty open gap up Sell at high (S.L 4700) buy in deep (S.L 4377/4400).. If Nifty open flat then buy in deep (S.L 4400) Sell at high (S.L 4700).. Resistance for up move at 4525/4555/4567/4588/ 4640… Supports at 4480/4400/4390/4377..
Punkj Lloys is showing multiple top formation and a perfect channel Buy above 226 for a tgt of 230 and 234
SL 217
MACD showing positive momentum.
2.The rally is guaranteed to topple because it is a once in Blue Moon Occurance (a breakdown of a H&S Pattern negated by a rally)--- that makes the Bears stronger, i reiterate, not the Bulls. 
Contributed By SG
Punkj Lloys is showing multiple top formation and a perfect channel Buy above 226 for a tgt of 230 and 234
SL 217
MACD showing positive momentum.
A look at the Chart with the Institutional Money Flow against NIFTY clearly shows a BULLISH DIVERGENCE(Shown in Blue Lines), thus giving more room to the upside.
At the same time the Chart showing the TICK(Advancing-Declining Issues) against Nifty clearly shows Market Weakness after this 500+ Point correction on upside.
The market is facing an imminent downside move in very short term perspective. All shorts should be either covered or hedged at the first major low(Maybe over 3950). Am strictly No-No for longs even after a strong breadth thrust in NIFTY (Chart Attached) because of the abnormally High PCR (Chart Attached). One should judiciously watch for institutional weakness once 4700 is crossed(Yes, this time there seems nothing to stop it).
POINTS TO NOTE: 1.The weakness may develop anywhere between 4700-5200. If one wants to trade that zone from the longside, he must be real real cautious.
3.This is the best challenge for Price Action readers(I hate the term TA)---- sentiments turning bearish, while the rally is sponsored by the HONCHOS----- just place your bet when the Smart Kids are ready to pull off the carpet.
4. The toughest question is what happens if the BREAKDOWN Does not stop at 3900 and continues all the way down? I would suggest everyone to join the party a bit late(initiating shorts below 3700--- though that might mean not trading a Gap Down of 3800-3500) or rather well equipped(by hedging with 4000 calls, even at high premiums) rather than arrive naked at a gathering(i.e. without the precious capital if 5200 is reached on the upside)
Contributed By SG
Slow macd into +ve area. "Budget day High of 4480" crossed in shorter time. Look for resistances @ 4625-4695 area..
The final "weekly High ema" also scaled today.. Any corrections may be bought into. For positional, 4350 may be a SL on close basis.
Macd..smooth transition into +ve area.
No weakness is visible. many stocks are undergoing corrections for the past 3-4 days as a 2nd wave or "b" wave..
A smooth follow up for the break out..Any pull backs to be bought into..
Well, nifty did not seem to find resistance near upper rectangular box, rather it broke though it and closed above 4500. This is a good sign for overall market and we could see nifty touching 4570 and 4670 very soon. Tomorrow market could go higher and touch 4570. So watch the opening price level. If nifty opens near today’s close ( 4500) and pulls back a bit before going higher, then BUY at pullback ( 4485) with stop loss at 4435 for target at 4560/70. While BUY always check higher highs and higher lows pattern and while SELL check lower highs and lower lows pattern.
Half Hourly Chart
Bullish Observations
Bearish Observations
The final "weekly High ema" also scaled today.. Any corrections may be bought into. For positional, 4350 may be a SL on close basis.
Macd..smooth transition into +ve area.
No weakness is visible. many stocks are undergoing corrections for the past 3-4 days as a 2nd wave or "b" wave..
A smooth follow up for the break out..Any pull backs to be bought into..
Well, nifty did not seem to find resistance near upper rectangular box, rather it broke though it and closed above 4500. This is a good sign for overall market and we could see nifty touching 4570 and 4670 very soon. Tomorrow market could go higher and touch 4570. So watch the opening price level. If nifty opens near today’s close ( 4500) and pulls back a bit before going higher, then BUY at pullback ( 4485) with stop loss at 4435 for target at 4560/70. While BUY always check higher highs and higher lows pattern and while SELL check lower highs and lower lows pattern.
Daily Chart
Half Hourly Chart
- Moving Averages bullishly aligned on all charts.
- Oscillators on daily and intraday charts strong, daily macd moved above zero line in buy mode.
- Breakout from falling channel confirmed with huge white candle giving a target of 4810.
- Having scaled the 61.8% retracement levls of fall from 4693-3918, clearing 4693 is a strong possibility.
- Advance Decline figures is strong.
Bearish Observations
- Rising wedge on half hourly charts, break down of which could lead to some correction.
- Trendline joining January 2008 peak and recent high at 4693 will be strong resistance.
- 61.8% retracement of fall from 6357 to 2252 offers resistance at 4788.
- Rise has been too sharp so possibility of a correction is high.
Nifty Futures Hourly Chart:
As nifty moved up around 13% with out any good pullback. Retracements are good and healthy for increasing the momentum, which is very much required for any kind of trending market. I am expecting this momentum to cease in next few sessions and may show a pull back.
On the higher side 4550 - 4575 levels may act as resistance. Above which 4620 may become next resistance.
On the lower side nifty has made good number of supports. Initial supports are 4480 -4450 levels, todays's low may act as very good support if Nifty breaks 4450 levels.
On the higher side 4550 - 4575 levels may act as resistance. Above which 4620 may become next resistance.
On the lower side nifty has made good number of supports. Initial supports are 4480 -4450 levels, todays's low may act as very good support if Nifty breaks 4450 levels.
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