Sensex Technical View :After moving up very quickly the index seems to be taking a breather. Support levels for the near term are 16750/16300.
The quick upmove from 15300 levels has surprised lot many on the street. After such a rise its needed that index sees a corrective move and consolidates for some time.
Near term if 16750 holds we could see a small bounce but a move to 16300/16600 is still a good probability.
Cant stop writing .... :) ... Back on a break
Nifty :: Long Belt Hold line with bearish Engulfing line candle pattern, like Body Reversal of previous bullish trend.. Match two bearish pattern first one is Hangman second one is Engulfing line with channel breakdown… As routine in red candle volume once again increase.. Momentum already turns bearish at least for short term, now any up move 5045 to 5080 zone works as strong resistance.. For 27th Nov. watch strong support zone 4936 to 4906.. May be bulls once again try to hold this support in intraday if Nifty open gap down.. Our strategy for 27th Nov. Sell at high (S.L 5054) buy in deep (S.L 4906).. Resistance for up move at 5016/5045/5054/5080.. Supports at 4957/4936/4920/ 4906/ 5883/5860..
Weak global cues and F&O expiry saw a selloff today and the market ended weak. But it clocked huge volumes, the second highest market turnover and highest ever F&O turnover at Rs 1.59 lakh crore. Sensex shut shop at 16854, down 344 points and Nifty at 5005, down 102 points from the previous close. CNX Midcap index was down 1.21% and BSE Smallcap index was down 0.98%. The market breadth was negative with advances at 320 against declines of 957 on the NSE. Top Nifty gainers included Ranbaxy, Sun Pharma while losers were Tata Power, RIL, ICICI Bank and Reliance Capital.
The market did open flat to positive let by global cues and seen a profit booking session again from higher side,with nifty failed to cross its major hurdle of week of 5110-20 range as advised by me many times and as expected we seen a decent selling and profit booking at the last day of the F and O settlement with a highest volume.Market is seems to be toped out for the very short term and it looks like that the worst is not yet done and another selling is expected as long as we maintain below 5030-5050 range on close to close basis.Still A caution is highly advised now on every rise as I expected a selling or profit booking now any time,A close on Friday below 4985-75 will lead another selling pressure for at least 100-250 points downfall. Overall strength is negative in the market now.
NIFTY (5005.55)
Resistance : 5035 / 5085 / 5125 / 5165
Support : 4955 / 4935 / 4880 / 4840
SENSEX (16854.93)
Resistance : 16915 / 17040 / 17170
Support : 16785 / 16660 / 16520 / 16460
NIFTY FUT (4992.65)
Resistance : 5025 / 5070 / 5120 / 5160
Support : 4965 / 4935 / 4885 / 4845
4915/25 Will Act As A Big Support,If Next Support@ 4880/70.
If NIFTY Closes Below 4880/70,We Are In Bearish Zone & Can Touch 4600/4500/4400++
If NIFTY Bounces Back From 4915/25,Near Term Targets Can Be 5150/5250/5350++
MKT COMMENTS
NIFTY FUT OI up 13.95% with 132% increasing volumes indicating forming of short positions.
We expect NIFTY FUT to trade negative with volatility.
On Friday,Opening Is Flat To Down,
Buy NIFTY Above 5045,Sl Below 5025,Tgt 5075/5095/5120/5150
Sell NIFTY Below 5020,Sl Above 5040,Tgt 4990/4970/4945/4915
BUY
RANBAXY Above 430,Sl 420,Tgt 440/450
INDIACEM Above 110,Sl 105,Tgt 115/120
IFCI,Sl 47,Tgt 54/55/56
APTECH Above 168,Sl 165,Tgt 171/173/175
ZEE Above 270,Sl 265,Tgt 275/280/285
COLGATE Above 690,Sl 685,Tgt 695/700/705/710
SELL
SAIL Below 192,Sl 195,Tgt 188/185/183/180
SCI Below 145,Sl 150,Tgt 140/135
PUNJLOYD Below 385,Sl 390,Tgt 375/370/365
SBIN (2255),Sl Above 2275,Tgt 2225/2215
PUNJLOYD Below 205,Sl 210,Tgt 200/195
Karuturi Global has been deriving 95 per cent of its revenues from rose exports and has been doing this business at a healthy profitable rate. While each stem is sold for 11-12 Euro cent, its cost of produce is around 7 Euro cent, a margin of around 70 on each stem of rose. Thecompany has around 550 acres under cultivation for roses which is being expanded by adding another 150 acres in the near future.
Karuturi Global is in advanced discussions with a global food-processing major to set up a 1 million tonne unit for contract farming of tomatoes.
According to industry sources, the deal is expected to be announced this quarter and will involve value addition on top of farming. Sources indicate that Karuturi may be looking at Kolar to set up the unit.
Karuturi Global is in advanced discussions with a global food-processing major to set up a 1 million tonne unit for contract farming of tomatoes.
According to industry sources, the deal is expected to be announced this quarter and will involve value addition on top of farming. Sources indicate that Karuturi may be looking at Kolar to set up the unit.
hope u enjoyed POWER SHORT Below 5079.92 for a points of 106 profit as nifty futures 4973 low done on a expiry day,now for bulls one 20 ema is the hope which is @ 4993.96 as nifty well close above this level @5005.55 which feels bears fearful by this closing
for tomorrow click the right side chart to know more, for ema finding click left chart : -
In this article, I want to focus on few stock charts which are trying to tell interesting stories. Take a look
Jindal Polyfilms = Buying its own share
It seems Jindal Polyfilms is buying its own stock aggressively. Just have a look at the trading volume in last one week - it has zoomed up exponentially. The reason: Jindal Polyfilms is buying shares from Saif Li Mauritius company.
Source: ChartAlert [www.chartalert.com]
As you can see in the chart above - the stock seems ready for a trading move after a long period of low volatility. One should keep an eye on the stock.
Pratibha Ind: Institutional Interest and Buying Exhaustion
In last one week, there has been lots of institutional activity that happened on this stock; and yesterday the way stock went higher and then closed at a much lower level….smacks of buying exhaustion.
Source: ChartAlert [www.chartalert.com]
It would be interesting to watch where stock goes from here…
K Sera Sera: No Buyers
K Sera Sera is on its way down with no takers on the other side.
Source: ChartAlert [www.chartalert.com]
What is the reason? - I have no idea.
This article is based on random observation of stock charts. I hope you found it useful. As always, please note this is not a trading recommendation.
Disclaimer - The state of the market notes is Deepak’s perspective on the market. The column is purely for educational purpose. Nothing contained herein is a solicitation to trade or a recommendation of a specific trade. By reading this publication you agree to make no trade relying in whole or in part on the comments of the writers
About The CompanyThis stock, typically comes to the fore only during the Budget. With the Govt always expected to give sops to the agriculture sector, this is one stock which has always been a big beneficiary. But looks like the poor monsoon and the recession in international markets have played on the sequential numbers, which are clearly under pressure.
About The Financial Results
Its hi-tech agro input products, which includes micro irrigation systems, PVC piping products, tissue culture plants and agri R&D, on a QOQ has shown a 15% decline in sales. Consequently, EBIDTA on the same has come down from 26% in current Q2 to 22%. Industrial products did well and probably helped shore the margins. Revenue of IP was up 31% and EBIDTA margin was up by 1% at 21%. Overall net sales, has shown a sequential drop of 1.8%.
Apart from fall in revenue, operating expenses rose on a QoQ by 2.56%. So these two factors together pulled down the numbers. Net profit was down 23% at Rs.42.56 crore.
Drip irrigation is actually the bets method to combat a poor monsoon and with more and more states realising this, it would only go to increase business for Jain. Infact, the company which has been concentrating more in southern and western India but it is now making plans to enter central and north India. Apart from concentrating on domestic demand, the company is also looking at exports. It has invested $10 million to set up a new plant to make irrigation systems and plastic pipes in Turkey, production at which will begin this month. It is also planning to expand into Israel and U.S but no real investments for the same have been made yet.
It currently has an order book of Rs.900 crore of which majority is for micro-irrigation. It is also planning to tap Asian and Middle-east markets for selling processed food, where it already sells micro-irrigation.
About The Stock
My personal opinion on this stock with regard to its’ price performance in short to long term on basis of Fundamental analysis , Technical analysis and exclusive multi bagger reliable news sources are exclusively reserved for the registered member with detailing of the same. Only registered member have right to email me mentioning the name and date of registration to ask for the same.
The simple analysis has been that the fall of "5182 to 4539" retraced the earlier rise from 4577 to 5182 in quicker time signalling a reversal. As the fall was continuous without a pause or consolidation, the retracement rally was swift and it could not retrace that fall in quicker time. The move from 4539 to 5138 was in a clear "abc" pattern and the sharp reversal, expecially on the settlement day, indicates a reversal to the down move. Technicals support such a view and the global cues too.
I would look for 4838(50%) or 4860 an earlier pivot to hold for any bullish view. Looking at the way the world mkts were stretched making all the bears into bulls and then falling suddenly, especially when the $ was hitting new low, is a smart way to lull all the bulls into watching the $ moves & then dump it all in a swift way.
Our markets too suggested similarly with two days of "intra day falls" but closing firm, thereby keeping the Technicals intact(As all the TA is based on close prices) and then sliding down upto 5060 quietly & then a sharp fall yesterday.
Downside target: If 4838-4860 does not hold, then A = C would be 4495(5138 - (5182-4539=643))
Nowadays, the divergences do not result in immediate price reversals. They test your "Patience" with multiple divergences and then fall. But fall they ultimately do.
I am still of the view that after this correction which might last 10-15 days and if 4400-4500 can hold, Nifty should start on its last upmove to 5400-5500 or more. I see "the whole of trading post election results as one big consolidation". Being a big consolidation, it provides huge trading opportunities if one could identify the "reversals within" in quicker time.
"I might not be available for the first session". Wish you a safe trading.
I would look for 4838(50%) or 4860 an earlier pivot to hold for any bullish view. Looking at the way the world mkts were stretched making all the bears into bulls and then falling suddenly, especially when the $ was hitting new low, is a smart way to lull all the bulls into watching the $ moves & then dump it all in a swift way.
Our markets too suggested similarly with two days of "intra day falls" but closing firm, thereby keeping the Technicals intact(As all the TA is based on close prices) and then sliding down upto 5060 quietly & then a sharp fall yesterday.
Downside target: If 4838-4860 does not hold, then A = C would be 4495(5138 - (5182-4539=643))
Nowadays, the divergences do not result in immediate price reversals. They test your "Patience" with multiple divergences and then fall. But fall they ultimately do.
I am still of the view that after this correction which might last 10-15 days and if 4400-4500 can hold, Nifty should start on its last upmove to 5400-5500 or more. I see "the whole of trading post election results as one big consolidation". Being a big consolidation, it provides huge trading opportunities if one could identify the "reversals within" in quicker time.
"I might not be available for the first session". Wish you a safe trading.
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