Just when everything was going to favor the Bears.......... from Monday's high to Thursday till 2:30, Last 30 mins move of Nifty on Thursday trapped the Bears. And i am not sure if Fridays trading can be termed as Bear covering. I hope none of my readers were trapped
NIFTY - Week ahead
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| Nifty Chart Upto 1st Oct 10 |
Firstly fibonacci retracements point a resistance of 6390, There is another resistance of 6357 our earlier high of Aug 2008.
Secondly i marked a parallel rising channel which NIFTY breached at 5600 on 9th Sep 10. This is a 600 points channel thus giving a target of 6400 also. I presume as per my last blog we should safely trade with a bullish mindset till 6350-6400 is reached.
VERDICT
If You are a Bull : Play small with an extreme target of 6400. Book small profits and cut losses as you ride the trend.
If You are a Bear : DON'T SHORT THE MARKET until and unless you see the first reversal in candlesticks
NIFTY STOCKS TO WATCH
Reliance - Though i am still bullish in reliance for a target of 1100 but this time i will buy it only above 1020
Reliance - Though i am still bullish in reliance for a target of 1100 but this time i will buy it only above 1020
ONGC - Our short got triggered last week and we will remain short with a SL of 1440
SBIN - Our long trade got triggered and we will remain long with a SL of 3200
TCS - SL hit as per last week analysis, still bullish on TCS can touch 1000 shortly
Infosys - Long triggered at 3065 SL for the week will be 3000
NTPC - Our clear winner, do not advise any positions in NTPC for this week, Trend decider 215
HindLever - advice to wait for correction to enter again Trend decider 303
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 has turned a bit but needs a bigger fall to retrace to 0.5+ levels
NIFTY PE Ratio - PE ratio is at 25.54 which is reasonably high, we have witnessed a max value of 28 earlier when markets peaked
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 continuous negative flows for 3 consecutive days this will mark a short term top)
NIFTY TRIN - TRIN has turned a bit but needs a bigger fall to retrace to 0.5+ levels
NIFTY PE Ratio - PE ratio is at 25.54 which is reasonably high, we have witnessed a max value of 28 earlier when markets peaked
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 continuous negative flows for 3 consecutive days this will mark a short term top)
TRADING SETUPS - HVR/NR4-I
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 |
| BHARAT PETROLEUM CORP LT | 762.5 | 746.05 |
| JINDAL POLY FILMS LIMITED | 1023.3 | 996.25 |
| EDUCOMP SOLUTIONS LTD | 618.8 | 609.2 |
| IDEA CELLULAR LIMITED | 74.55 | 73.3 |
| RELIANCE POWER LTD. | 162.8 | 160.35 |
| BOMBAY DYEING & MFG. CO L | 638.2 | 626 |
| NILKAMAL LIMITED | 421.9 | 411.8 |
| CONTAINER CORP OF IND LTD | 1313.95 | 1295 |
| COX & KINGS LIMITED | 582.75 | 572.3 |
| JINDAL PHOTO LIMITED | 243.85 | 238.1 |
| REI AGRO LIMITED | 21.25 | 20.85 |
| JINDAL DRILLING IND. LTD | 565 | 552.85 |
| APOLLO HOSPITALS ENTER. L | 457.7 | 446 |
| NESTLE INDIA LIMITED | 3370 | 3341 |
| KALINDEE RAIL NR. (E) LTD | 170.3 | 167.6 |
| GODAWARI POW & ISP LTD | 213.5 | 209.55 |
| MANG.CHEM.FERT.LTD | 35.4 | 34.5 |
| THERMAX LTD | 804.8 | 793 |
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 .........................
"Life is more strict than a teacher. A teacher teaches a lesson n takes an exam....... But life takes an exam n then teaches a lesson..... :)"
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