Salute - Anil Desai

I salute and proud of the heroes who braved the terror.

Anil Desai,
Mumbaikar.

Nifty Future for Week December 1-5 - Rakesh Chandra

The weekly chart says that long-term momentum is upward and upward momentum is accelerating.

Next week, buy Nifty future above 2,774.93, Stop loss 2,751. Up target is 2,814>>2,876>>>2,915.

Short below 2,751.07; Stop loss 2,775. Down target is 2,712>>2,650>>>2,611.

Nifty Update for November 28 - Inder Bhatia

The Indian market opened on positive note, did not break yesterday's low and closed in the green zone. After opening the market moved in narrow range, saw some buying in the afternoon session and Nifty tested our levels 2770. For the coming session, if Nifty crosses 2793 it could test the 2821-2840 zone, and on the lower side 2630 would act as a support zone. Nifty is moving in a range as shown in the chart.

Nifty Views for November 26 - Manoj Bhagra

Hmm… just another news-based gap that got sold in to. CITI! They said never sleeps…, and it looks like its desperately trying harder not to drop dead once and for all….all those sleepless years do take their toll! Any lessons? Yeah one must always make sure one has enough sleep…!

Bad joke? Yeah it is ....need to work on my humor too. Anyway let me just leave CITI and their problems and concentrate on our own markets.

We continued from where we left of on Friday, a strong close of Dow leading to a strong opening of the Asian markets and we followed. Yesterday’s news about the bailout of the CITI, again lead to global euphoria and we as usual, in our exuberance opened gap up but sold out pretty fast too.

I said the road ahead is paved with a lot of resistances and that too pretty mean types, just news won’t help; we need a solid push and that comes with conviction - a commodity bulls are lacking and bears seem to have aplenty.

The daily chart below looks like a picture of calm but much turbulence is going around underneath it. Tough job to even break out of the 20-period moving average. Any break below 2550 might trigger a selloff whereas a break above 2960 might lead us to higher grounds that is if you consider 3060, a ground high enough - some meanies are there with abundant supply - that and we speak again.

Turbulence, I mentioned earlier is more visible in the hourly chart; we have broken down from a channel (if you prefer, you can call it a bear flag; to each his own, as long as you believe in your own). This was preceded by a failure to hold on to the 50-period MA. Once this flopped, the 20-period MA looked like a cakewalk for eager bears.

If we don’t have any surprises from Dow overnight then tomorrow 2665 and 2725 itself might be a Herculean task for the bulls. Speaking about the supports 2625/2600 and 2550, as if they really matter (pardon my cynicism because past action has shown all supports getting blown without a whimper). Actually what really matters is only 2500 and how we react there!

"You have within you right now, everything you need to deal with whatever the world can throw at you." - Brian Tracy

Nifty Update for November 26 - Inder Bhatia

The Indian market opened on a positive note but the rally fizzled out as the day progressed, and closed in the red zone. For the coming session if the Nifty trades below 2630 it could test the 2540-2580 zone. On the upside if the Nifty trades above 2710 it can test 2770.

Nifty Update for November 25 - Inder Bhatia

The Indian market opened on slightly lower on weak global cues. Market traded in narrow range and close in a flat zone. For the coming session if Nifty tradse above 2754 it could test 2860- 2900. On other side, 2630 would act as a support zone. Nifty will react more to global cues.

Nifty Update for November 24 - Inder Bhatia

Hourly: The Indian market opened on a positive note and closed with handsome gains. After a smart gain Nifty drifted in to the red zone mid session but saw smart recovery managing to close in the green zone. Nifty had tested our level 2722 mentioned Friday. For coming session Nifty can test 2770-2813 levels. On the lower side 2650-2580 will act as a support zone.

Daily: Last week nifty fell 4.2 percent but broke the seven-day losing trend on Friday, closing with handsome gains. For coming session, if Nifty trades above 2765, it could test 2851-2953. On the daily chart the upper trendline will act as as resistance zone. On the lower side 2540-2520 will act as a support zone. Closing below 2520 it could test 2250. For a clear trend, Nifty has to close above 2976 so it can test 3154-3200 zone.

BUY IBREAL ABOVE 101TGT 110>114 STOPLOSS 93

BUY L&T ABOVE 770 TGT 810>827 STOPLOSS 747.

Weekend Views On Nifty November 23 - Manoj Bhagra

We see that 2500 holds and so does the hope for the last of the Mohicans (bulls). I do get to keep my faith for a while (remember how I kept on harping about 2500 in all my previous posts) as the all red week, ends with a ray of hope. Time to scream Reversal! Nope that happens only above 3250! So what do we have? Well for starters we have a new range of almost 750 points (for traders to flirt with) from 2500 to 3250, which on breaking on either side would have a swing of at least 500 odd points. Another interesting thing has happened in the last week. The Sensex has made a new 3 year low close and nifty hasn’t. In fact if you plot the Sensex and Nifty chart on closing basis (a line chart) you will see we have a LL in Sensex and a teeny weenie HL in Nifty. Frankly I don’t know what to make out of it (remember I am just a guy who is into his baby steps), all I could think was of the DOW tenet; The Averages Must Confirm Each Other!

Let’s take a quick peek at the weekly chart below and see what it has in store for us. Yeah! Yeah the support is the 2500 (by this I mean just the intraday penetrations wont help the bears but a close below 2500 is needed). And as for the resistances, the lesser said the better, for they are in plenty and they are mean. 2860/2950 and 3030 are their for starters, take your pick! Speaking of the chart, not a Rembrandt in strict sense but I guess it will do for what I am tryin2see. The MACD lines are still not into a buy, the RSI is a tad below 30 (signaling oversold for the time being) is yet to break its trend line to signal a concrete buy. But most importantly none of these two indicators are showing any signs of positive divergence (remember a positive divergence on weekly charts is one of the most powerful signals and it aint happening yet).



Moving on to the daily chart; not really something the bulls would like to see. Quiet a paradox here; I have pasted a line chart of the recent move on closing basis. Paradox? Well the closing (Line chart) shows, what many would see it as a double bottom (I feel it’s a bit premature for that coz for a DB to confirm it must break above the intermediate pivot), I would rather say it’s a successful retest of the Low for the time being! But when we move to the conventional bar chart we have a triangle in the making (used some pink lines here for the Technicolor effect!) which is looking more bearish in its connotations and is more likely to break to the down side (Yes we wait for THE CONFIRMATION!). Confused? At least I am! The 20 period MA overhead at 2835 odd levels is likely to play a spoil sport. The MACD lines not giving any clear signal yet.



Time to go long? Why not, as long as 2500 holds there is hope…. Positional Long…I don’t think so! We are in a trading range and must trade with shoot and scoot mentality, tighter stops, as things get too volatile. Now days we are reacting to the global chills and spills and with so much of negative news coming in everyday its getting scary to even hold overnight positions. O boy it’s so hard to keep your faith alive in these tryin times. As for me I am just tryin2trade!!!


"People rarely succeed unless they have fun in what they are doing."
Dale Carnegie