Finally Nifty rested this week, though at these levels it will be healthy for NIFTY to consolidate a little more, but these are markets we should not expect but react........
NIFTY - Week ahead
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| Nifty Chart Upto 24th Sep 10 |
In-spite of the fact that at this juncture 90% of indicators Technical or Fundamental are pointing towards a downward reaction, Only and only the sentiment analysis is pointing to a rise but in-spite the fight between Technical's and Sentiments we cannot ignore the fact that the trend is so powerful that NIFTY is just not stopping. The high of 6048 should also get violated on Monday with support from the US markets. What should i do ?????, should i buy, should i short. Almost everyone is confused, with every rise conviction levels are coming down. So this week again lets be prudent and trade the direction of the levels being breached which ever side BULL or BEAR.
VERDICT
If You are a Bull : Play small with an extreme target of 6400. And at the first signal get out of your positions. Strong resistance will be faced by NIFTY at 6066 & 6128 also.
If You are a Bear : DON'T SHORT THE MARKET at this juncture wait for 5943 to be breached before you act.
NIFTY STOCKS TO WATCH
Reliance - This is the only stock that hasn't witnessed the bull run. We can build long positions with a SL of 990. No Shorts for now
If You are a Bull : Play small with an extreme target of 6400. And at the first signal get out of your positions. Strong resistance will be faced by NIFTY at 6066 & 6128 also.
If You are a Bear : DON'T SHORT THE MARKET at this juncture wait for 5943 to be breached before you act.
NIFTY STOCKS TO WATCH
Reliance - This is the only stock that hasn't witnessed the bull run. We can build long positions with a SL of 990. No Shorts for now
ONGC - Looking bullish for now, heading towards 1570. Shorts can be build only below 1389
SBIN - Fresh longs can be built above 3170. On the lower side a short can be built above 3100
TCS - Longs can be created for a target of 1000 with a stoploss of 925.
Infosys - Fresh longs can be built above 3065.
NTPC - Is expected to be the winner of this week, longs are advised at current levels of 209 with a stoploss of 204 for a target of 216
HindLever - A clear winner of this week. We advise you to book profits and wait for a retracement to enter again
INTERESTING DATA (a technical analyst giving fundamental data might seem to be a irony, but friends for me all this data can be plotted as a chart and i am reading the same)
NIFTY TRIN - TRIN is at the lowest values since Oct 09 suggesting a top nearby
NIFTY PE Ratio - 25.41 was the value on 24th Sep 09, We have witnessed a maximum value of 28. A higher PE denotes market top nearby
FII DATA - FII's have been continuously buying since 30th Aug 10, historically it has been witnessed FII's positive flows create a bullish momentum. (watch for negative flows this will mark a short term top)
TRADING SETUPS
This section will cover lists of various technical setups under formations and levels where action can be taken. These are time tested and profitable systems which Technical analysts have been using for the last hundreds of years| Scrip | High | Low |
| INDIAN HUME PIPE CO. LTD. | 164 | 161.6 |
| EDELWEISS CAP LTD | 54.35 | 53.25 |
| S.E. INVESTMENTS LTD | 49.7 | 48.1 |
| BAJAJ AUTO LIMITED | 1452 | 1435 |
| ZENSAR TECHNOLOGIES LTD | 166.65 | 164.5 |
| UNITED PHOSPHORUS LIMITED | 188.45 | 185.5 |
| PANORAMIC UNIVERSAL LTD | 21.65 | 21.05 |
| RALLIS INDIA LTD | 1449 | 1419 |
| SOFTPRO SYSTEMS LIMITED | 200 | 190.3 |
| LOTUS EYE HOSPITAL LTD. | 17.35 | 16.95 |
| NATIONAL ALUMINIUM CO LTD | 406 | 402.1 |
| ASTRAL POLY TECH LTD | 160.9 | 155.2 |
| VISHAL RETAIL LIMITED | 49.8 | 49.15 |
| ACTION CONST EQUIP LTD | 66.7 | 64.9 |
| RAYMOND LTD | 383.75 | 374.5 |
Our Trades : http://bit.ly/dwF0SS
You are welcome to post your comments on each trade that i take based on the above newsletter and do not forget to rate me and follow my trades.
You are welcome to post your comments on each trade that i take based on the above newsletter and do not forget to rate me and follow my trades.
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Happy Trading .........................
"When flood comes, the fish eat the ants, But when water dries, the ants eat the fish....... Life gives a chance to everyone, just wait for it."
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