Nifty Upside Target 6130 - Inder Bhatia

Nifty is moving in channel with 5970 as strong support of channel and an upside resistance of 6130 If it breaks below 5970 we could test lower side 5880-5850.

Nifty Update for JUly 8 - Inder Bhatia

The Indian market opened on a flat note and saw a choppy session closing with a positive note. As Nifty was getting selling pressure around 4220 zone and taking support around 4160 zone. If Nifty traded above 4230 it can test 4265-4310. On the higher side 4330-4350 zone one can watch to build short positions and trading below 4140 levels we can see a sharp sell-off.

Nifty Update for June 30 - Inder Bhatia

The Indian market opened on a flat note and saw an upward journey in the afternoon session and closed in the flat zone. Nifty is showing profit-booking at higher level and all the gains vanished at the end of the session. For the coming session trading below 4368, Nifty will test 4342-4300. On the other side 4480-4513 zone will act as strong resistance.

Nifty and Stocks Update for June 30 - Inder Bhatia

Sell M&M below 683 TGT 653>638 Stoploss 705.

Buy ICICIBANK above 757 TGT 785>803 stoploss 729.

Last week we had mentioned that any major rally would correct before a next move, yet we saw just a 23 percent retracement to 4151. A 38 percent retracement would be around 3850 and 50 percent retracement is 3592 as shown in above chart.

Last week the Sensex gained 1.7 percent and Nifty ended higher by 1.4 percent respectively. As last week we had mentioned that some pullback can be expected and Nifty bounced from lower levels to touch 4370 levels before moving ahead to 4442-4483-4553 which will act as resistance zone. On the lower side if Nifty cracks below 4140 we could see a deep correction toward 4000-3865. For the coming weeks closing below 4310 levels we could test 4220-4150.

The Indian market opened on higher note tracking positive cues from global market and close with hand some gains.For coming session nifty trading above 4380 it likely to test 4440-4483 zones. On the other side 4290-4240 levels will act as support zones.

Nifty Update for June 22 - Inder Bhatia

Last week sensex lost 4.7 percent and the Nifty closed down 5.9 percent respectively. Last week we had mentioned about a rising wedge and long-legged doji combination. Since then we have seen a good reversal from the upside and the Nifty has reached our level of 4249-4189. Nifty bounced from 4202 zone and closed around 4313.

Daily: We are forming a Head and shoulder pattern that is another bearish and strong reversal pattern on top. The pattern is still in the process of formation. If current Nifty goes around 4370-4456-4504 level and cracks the neckline we could see a lower target around 3865-3700. We have seen Reliance Industries had fill post-election gap around 1976.

We can expect the same for the Nifty which could come down around 4000-3795 to fill the gap sooner or later.

BUY BANKINDIA 339 TGT 347>355 Stoploss 333.

SELL IBREAL below 183.50 TGT 165>145 Stoploss 200.50.

Last week we had mentioned that any major rally will correct before its next upmove . We have so far seen just 20 percent retracement. The 23 percent (4151 level); 38 percent (3850) and 50 percent (3592) is shown in the chart.

The Indian market opened on a higher note tracking positive cues but saw a choppy session up and down to close with handsome gains. On the hourly chart we could see some bounces around 4371-4434. On the downside 4240-4189 acts as a support zone while breaking below 4189 more selling could be seen.

Nifty Update for June 19 - Inder Bhatia

The Indian market opened on a weak note tracking global cues and ended in the red zone. After the negative inflation Nifty fell in the red terrain and saw a selloff around the sector. If we open gap-down around 4189 zone or if today's low is not broken then we could see pullback around 4370-4453. On the lower side 4220-4189 zone would act as a support zone.

Nifty Update for June 18 - Inder Bhatia

The Indian market opened on gap-down but saw selling pressure in the final hours and closed in the deep red zone.

As we had mentioned about a rising wedge we had closed below the trendline but on the daily chart we are near support zone.

If we see some pullback on upside Nifty could test 4450-4473. Overall the trend is down and trading below 4370 levels we could test 4189-4079.

Nifty Update for June 17 - Inder Bhatia

The Indian market opened gap-down but bounced back in the second half and closed in the green zone. After cracking the lower trendline Nifty is still below the trendline seen in the above chart. On the upside Nifty will face resistance around 4553-4600 levels and trading below 4479 it can test 4450-4400.

Nifty Update for June 16 - Inder Bhatia

The Indian market opened gap-down but bounced again and saw selling pressure at higher level to close in the red zone. As we had mentioned in the weekly update about rising wedge still we had close near support zone on lower trend line if cracked with volume we can see more sell of and lower side it can test 4320-4189 zone. On the upside trading above 4555 level it can test 4580-4609 zone

Cipla - Inder Bhatia

BUY CIPLA BELOW 251 TGT 260>267 STOPLOSS 245

BUY CIPLA BELOW 251 TGT 260>267 STOPLOSS 245

SELL SBI BELOW 1627 TGT 1577>1546 STOPLOSS 1669

Nifty Weekly for June 15-19 - Inder Bhatia

Weekly: In the above chart we seen that a major rally always corrects and retraces 38 percent to 61 percent before the next move but from the lower levels still we have seen just a one-way rally without any correction or retracement.

Daily: Nifty is facing strong resistance in the 4650-4700 zone. For the coming day we could see Nifty moving in the range of 4700-4487. Trading below 4487 we could see a sharp selloff and can test 4249-4189. The Rsi is still high and the market is in the overbought zone. On the upside 4633-4733 will act as a resistance zone.

The huge post election gap needs to be filled or partially filled. On the weekly chart we see a Long-legged Doji candlestick pattern. Long legged doji patterns suggest great amount of indecision on the market. This pattern is formed when the prices trade well above and below the day opening price, but then close almost at the same level as the opening price. It means that the end result is not different from the initial open despite the whole excitement and high volatility during the day. This implies a loss of sense of direction and that there is great amount of indecision in the market.

The Indian market opened on higher note tracking positive cues and saw selling pressure at higher levels to close in the red. On the hourly chart we are seen a Rising Wedge pattern that is a reversal pattern but still we have not cracked from a wedge pattern. For a valid pattern we have to close below 4507 levels. For the confirmation of the pattern we need to break the support line in a convincing fashion. For the coming session if Nifty trades below 4566 it may test 4521-4497 zone. On the upside trading above 4650 level we could see further move toward 4730-4750.

Nifty Update for June 12 - Inder Bhatia

The Indian market opened on a flat zone and saw selling pressure at higher levels and close in the red zone. For the coming session if Nifty trades below 4583 it could test 4530-4510. On the upside 4690-4730 zone would act as resistance. Stock-specific action can seen.

Nifty Update for June 11- Inder Bhatia

The Indian market opened gap-up and traded positive throughout the session and closed with good gains. For the coming session trading above 4680 it is likely to test 4711-4736. On the other side trading below 4580 it will test 4510-4488.

Nifty Update for June 9 - Inder Bhatia

The Indian market opened gap-down and saw a rebound from the lower levels, and closed with handsome gains. For the coming session trading above 4570 it is likely to test 4618-4652 zones. On the lower side trading below 4490 it will test 4460-4430 zone. The RSI is still showing negative divergences.

Nifty Update for June 9 - Inder Bhatia

The Indian market opened gap-up but after opening it traded in the red zone and closed in the deep red and negative note. As last week we had alerted about negative divergences on the hourly chart, today we had seen the effect of divergences. For the coming session trading below4405 Nifty will test 4360-4323. On the upside 4510-4523 will act as as resistance. The main support is 4189 level, the uptrend line show on the charts.

Nifty Update for June 8 - Inder Bhatia

Nifty weekly chart has seen a breakout and close above the major downward-sloping line. The next resistances are 4650 with strong support 4450-4190.

DAILY: Last week Sensex gained 3.3 percent and Nifty gained 3.1 percent respectively. Sensex closed with thirteenth consecutive weekly gain. On the daily chart Nifty has formed a Gravestone Doji, which is bearish pattern at the top, indicating reversal. However, it should break Friday's low for confirmation.

The Rsi is still high and the market is in an overbought zone. On the upside 4650-4750 will act as strong resistance. There is mixed short-term signal which is still bullish on the weekly chart but stretched on the daily chart. For the coming week closing below 4559 could test 4479-4420 zone, while on the lower side closing above 4620 could test 4674-4710.

WEEKLY: The Indian market opened on a higher note tracking positive cues from global markets and closing on a positive note. On the higher side we are seeing selling pressure and Nifty has reached the end point of the band and is ready to break out or breakdown. Anything below 4540 levels we can see sell off and Nifty could test 4509-4460. On the upside 4649-4679 will act as resistance.

Stocks Update for June 8 - Inder Bhatia

Buy INFOSYS 1705 TGT 1743>1757 Stoploss 1680.

Sell HDIL below 302 TGT 295>283 Stoploss 313.

Buy SHOPPERS STOP 193 TGT 213>230 Stoploss 183.

Sell RELIANCE below 2214.50 TGT 2163>2153 Stoploss 2240.

Yen Cup and Handle Breakout - Inder Bhatia

classic Cup and Handle Breakout

Japanese Yen give n classic Cup and Handle Breakout for 108 moving head multiple reistances 102-105.Usd INR is near major support zone and over sold one can go long stoploss 46.20 tgt 48-49 and closing below46 $ it can test 45-44 zone . view attached chart ...........

Nifty Update for June 4 - Inder Bhatia

The Indian market opened on gap-down on weak global cues but saw recovery in second half session and closed in the positive zone. For the coming session 4615 is the level to watch, which would act as a resistance zone. If Nifty trades above 4590 it could test 5620-4640. On the lower side 4450 level will act as a support zone .On hourly chart RSI is showing negative divergences.

Nifty Update for June 4 - Inder Bhatia

The Indian market opened on a higher note and closed on a flat note. On the daily chart we are witnessing a spinning top - a spinning top is a candle with a small real body. During a rally or near new high, a spinning top can be sign that the price is losing momentum and bulls may be in trouble. We are seeing negative divergence on hourly charts i.e. the Nifty is moving up and RSI moving down. If the Nifty trades below 4508 it will test 4459-4411. On the upside 4556-4582 will act as resistance.