Dow Target 6600 - Adam Hewison

Make no mistake about it, the market action on Wednesday (November 19th) was extremely negative for all of the indices that we track. The close below 8,000 on the Dow can only be described as negative, indicating further weakness to the downside. I am looking for this index to trade down to around the 6600-6700 level.

Looking at the charts using our "Trade Triangle" technology, it is clear that the Dow has been under pressure since our first major sell signal at 11,290. I see no reason to alter this stand, as I believe the trend will continue to be on the downside. I expect to see further weakness in the weeks and months to come.

Here are the three choices you have as an investor:

1. You can go long a market.
2. You can go short a market.
3. You can move into cash.

I'm often amused when I see people buying "defensive stocks." Why not get out of the market entirely when it's going down. Doesn't that make more sense to everyone?
However, most brokers want you to stay in the market at all times fearing that they will miss a bottom. Truth is, most investors (including brokers) missed the top, so what makes anyone so sure that they'll catch the bottom?

The key in trading is not to get out at the top, or in at the bottom. Anyone who tells you to do that isn't playing smart in the markets, and most likely claims that they are holding the "holy grail" of trading.

An investor's goal should be to capture 70 percent of a move. The middle is the sweet spot, and if you make enough in the middle then who cares about the tops and bottoms. Forget picking up the 15 percent on the top and 15 percent on the bottom, it doesn't work consistently to use it as a trading strategy.

Check out my new video and see exactly where we got out of the indexes and were we see them headed right now...

VIDEO

Nifty Futures: Time to Go Long ?

Atleast for some time. Enlarge and read the chart.

Nifty Update for November 21 - Inder Bhatia

The Indian market opened on weak global cues and drifted lower. As the day progressed, it saw some pullback in the last session but closed in the red zone. On the daily charts, Nifty has made a DOJI. If we open gap-up we could test 2722 but it has to cross 2635. On the lower side, 2520 will act as a support zone. If we open flat we may see a narrow range but we can get the 2.30 action. On the upside 2634 is the main zone. For any longs today's lows will be the stoploss .

Nifty Views for November 20 - Manoj Bhagra

Someone had aptly said that there are no resistances in a bull market and there are no supports in a bear market. This seems to be playing unusually well nowadays, we are banging on to the resistances only to be pushed back and when we come to supports they just plop.

Let’s take a brief look at today’s action and see what we can see for tomorrow. The chart on the left is the hourly chart, we can see a series of LH’s and LL’s in the making…yup…downtrend…no marks for guessing that. Every rise on the hourly chart is barely making it to the 20 periods MA and reverting. All intraday pullbacks are met with strong line of supply and eager bears ready to unleash new shorts. Hourly chart doesn’t show any supports below, other than the trend line below, but I am beginning to doubt weather it would hold.

The daily chart on the right shows we have just managed to close above 61.8% retracement, the last point of hope for all the leftover bulls! Like I have been often saying that for me the game is over if we break and trade below 2500 (its here where we would start eating into our tail!). And if we talk about the up moves from here…man….we need to really do better than the intraday upswings we’ve been doing so far. It is a painful exercise now starting with 2695/2700 to 2770 to 2860 to 2950 to 3060 and …..Zzzz… the story goes on!

"The minute you settle for less than you deserve, you get even less than you settled for." - Maureen Dowd

Dow Jones Tonight for November 19 - Viral Joshi

Pivot is 8,280 and support is 8,100.

S1 8,400; S2 8,350; S3 8,280; and R1 8,450; R2 8,500; R3 8,550/8,580.

Above 8,450 Dow is positive and below 8,400 Dow is negative.

Nifty Future for November 19 - Viral Joshi

Pivot is 2700 and support is 2650.

S1 2680; S2 2650; S3 2620/2600; and R1 2700; R2 2720/2750; R3 2780/2820;

Buy above 2700 and if it breaks 2720 then 2750 - 2780 - 2800 - 2820.
Short below 2680 and if it breaks 2665 then 2650 - 2620 - 2600.

Daily moving averages:

5DMA 2816;
20DMA 2901;
50DMA 3519;
200DMA 4409.

Nifty Update for November 19 - Inder Bhatia

The Indian market opened on a weak note and drifted lower. As the day progressed, the Nifty was not being able to sustain its small mid-session recovery and closed in the red zone. For the coming session 2640-2622 will act as a support zone. If we break 2622 it could test the 2580 zone. On the upper side 2751-2806 would act as a strong resistance zone. Market will more react on global cues.

Dow Jones Tonight for November 18 - Viral Joshi

Pivot is 8,420 and support is 8,100.

S1 8,250; S2 8,200; S3 8,150; and R1 8,300; R2 8,350; R3 8,400/8,450.

Above 8,500 Dow is positive and below 8,450 Dow is negative.

Nifty Future for November 18 - Viral Joshi

Pivot is 2750 and support is 2700.

S1 2750; S2 2720; S3 2700/2680; and R1 2765/2780; R2 2820/2850; R3 2900/2950;

Buy above 2765 and if it breaks 2780 then 2820 - 2850 - 2900 - 2950.
Short below 2760 and if it breaks 2750 then 2720 - 2700 - 2680.

Daily moving averages:

5DMA 2909;
20DMA 2920;
50DMA 3545;
200DMA 4420.

Nifty Update for November 18 - Inder Bhatia

The Indian market opened on a flat note and drifted in to the red zone. The market did recover in the last hour of the session and closed in the red zone. For the coming session Nifty could test 2866 zone, and if crosses 2870 it could test the 2910 zone. On the lower side 2746–2717 would act as a support zone. For a clear direction Nifty needs to trade above 2976.

Dow Jones Tonight for November 17 - Viral Joshi

Pivot is 8,700 and support is 8,350.

S1 8,450; S2 8,400; S3 8,350; and R1 8,500; R2 8,600; R3 8,650/8,700.

Above 8,500 Dow is positive and below 8,450 Dow is negative.

Nifty Future for November 17 - Viral Joshi

Pivot is 2842 and support is 2750.

S1 2820 ; S2 2800; S3 2780/2750; and R1 2842; R2 2880; R3 2900/2920;

Buy above 2835 and if it breaks 2842 then 2880 - 2900 - 2920.
Short below 2820 and if it breaks 2800 then 2780 - 2750 - 2720.

Daily moving averages:

5DMA 2944;
20DMA 2944;
50DMA 3587;
200DMA 4432.

Weekend Views On Nifty - Manoj Bhagra

The daily chart below shows that we are still struggling to conquer and close consistently above the 20 period MA. We are moving in tight ranges but unfortunately the bias is down. We have a bull flag happening, marked in pink lines but this only gets confirmed once we trade above 3070/3115 levels which of course is also near the 3160 levels we are hoping for our inverse H&S breakout.

Speaking of pattern failure we will negate the flag pattern if we fall below 2750. I am still betting on 2700/2750 to hold (wishful thinking again!) and as far as going down to check the lows goes, I am of the view that till 2500 the Nifty is safe for bulls - no worries.

For now 2750 to 2950 (breaking either should generate about 200 points) is the new range we have made, and between this range we have 2860/70 an an important pivot, which if once crossed, would give a fast 100 points to the upside.

Once again, I wish to reiterate with so much of wild swings in global markets and news-based rises and falls (which is what we are doing off late), just make sure that if in doubt, just be OUT and for people who are in, the magic phrase coined long long time back is USE STOPS!

"Everyone has his burden. What counts is how you carry it." - Merle Miller.

Nifty Update for the Week Nov 17-21 - Inder Bhatia

Hourly: The Indian market opened on a positive note but was not able to sustain at higher levels. The Nifty drifted lower to close in the red zone. On the hourly chart Nifty is in a congestion zone. For the coming session if Nifty trades above 2871 it could test 2853-3001. On the lower side 2750 could act as a support zone. For a clear direction Nifty has to trade above 2976.

Daily: Last week Nifty fell 5.47 percent and broke the momentum of the two-week gain. On the daily chart Nifty is hovering in the range from 2770-3240 for the last nine trading sessions. The Nifty is still making lower tops and lower bottoms indicating some bearish signal. For the coming session Nifty can take support near 2740. If it breaks 2740 it could test the 2650 zone. On the other side if Nifty trades above 2920, it could test 2989-3054 levels.

Reliance for Week November 17-21 - Rakesh Chandra

Buy above 1,166.09 Stoploss 1,134; Up target 1,218>>1,303>>>1,355.
Short below 1,133.91; Stoploss 1,166; Lower Target 1,082 >>997 >>>945.

Nifty Future for Week Nov 17-21 - Rakesh Chandra

Buy above 2,856.84 Stoploss 2729; up target is 2,953 >> 3,109 >>> 3,205;
Short below 2,797.36 Stoploss 2,857; lower target is 2,701 >> 2,545 >>> 2,449.