MIXED TRADE- NO CUES

Very volatile day trading again like yesterday in a YO YO fashion. The range market made today is 2780-2860 where it spent most of the day.Lets see how the G20 meeting goes for any cues for the coming weeks..will look into charts for some footprints over the weekend..time for relaxing and some fun..cheers

WEEKEND G20 MEETING.

Looks like the world indexes are not taking any chance as the G20 summit takes place this weekend for radical steps to be taken to ease the WORLD FINANCIAL DISORDER, and have started by covering short positions before this event . As per the chart i posted yesterday, area to watch is wednesdays low of 2780-2750 zone as of now for any weakness to continue , if that area is held in close , our markets may try to consolidate in the 2860 zone once again , and attempt 2990-3085-3220 area..Trade light over this weekend and follow the trend formed from next week....cheers

WHERE ARE WE HEADING.

The chart above shows the path where nifty was to head through the speed lines. the R2 which was at 3250 could not be crossed , R3 is at app. 3700 .Onthe way down it breached 3085-2860 and halted at 2780 zone to close higher due to short covering.kindly note from the chart that BOLLINGER BANDS have turned and are flat as of now , meaning that any deeper falls below 2780, will get good support beyond 2631 area at 2536 and 2424 zone.Right now we have filled 2 gaps of the 4 which were created in this rise up from 27/10/08 till 12/11/08.
Any breach of the 2 levels of bollinger will rocket us to old lows and lower in the the zone of 2000-2100 area. Please take your direction/positional/ trading call for the next 4-5 trading daysas you feel fit .....cheers.

PS: I received mails/offline messages for posting my views for a week or so ahead, hope this helps..

SEA SAW DAY

What a ride LOW-HIGH-LOW-LOWER-RETRACE..... ..morning short covering took the markets at high point 2975 and sudden selling made us break and test the 2 levels mentioned again and again by me...ie 2860-2780.. In case we break today low we will head for 2631 and above 2860-80 we head for 2990...Trade accordingly..cheers

MARKETS TODAY

Markets are a little bit weak still but do not show any massive unloading..Watching RIL yesterday, one could see that strong hands are coming to support it below 1200, and W/O RIL , dont think markets can travel southwards much.If markets fail to break 2860 and make a higher high, well then we are looking at 3400-3649 as possible targets again over 3240. Above 2960-70 nifty is strong ..A break below 2860 will quickly take us to the 2800-2780 zone and all the way to 2670.This is the litmus test which i had mentioned a few days back , the market has to undergo to test the bulls strength. I still feel that the BOTTOM maybe in place already, (lets watch 2631 closely for any low testing). happy trading ...cheers
PS: will post some charts tomorrow , being a holiday.

SOUTHWARD BOUND

Well well nifty showed weakness from the opening only and started loosing steam , catching the bulls by surprise , slipped below 3085 and quickly moved towards 2990-3220 area , where it tried to hold but slipped to a low of 2919 intraday. We have to watch 2860-2860 for some support failing which we will go to the next levels of 2780-2670-2631 area quickly..Hope all had booked their longs & taken short trading positions ..lets see where this ends before any positions in long can be thought of, as the sell today was big..enjoy the day...cheers..

PROFIT TAKING

Markets in Asia are soft due to weak global cues.Resistance of 3220-40 may not be tested today and support at 3085 should lend support failing which markets may retest 3020-2990 levels. Watch this level closely for getting out of longs as markets maynot hold 2860 this time if it ventures in that territory. Trade with caution in small trades to allow market to make up its mind and then follow the trend. Remember this month will be traders delight and strictly follow the trend , not your heart....happy trading..CHEERS.

STRONG PULLBACK

Our markets carried forward the gains and the S/R levels of 3050 , again worked as a beaut. for going long. Markets closed trade at the top of the day , trapping the baby bears once again who were short on friday and went short again today.. The charts clearly were showng resistance at the zone of 3200-20 in nf & thats where the markets seem to be going today.. Short covering was witnessed at the last 1/2 hr trade as Europe was up and US futures over 200.Positive global cues may give a fillip to our markets tomorrow on opening . Do post all your profits again in stocks or NF longs.., wait then for the market to tell its mind...cheers

PS: MS DHONI and his team deserve a congrats& a pat for putting the massive aussie machinary down on the mat twice in this series.

POSITIVE CUES

As expected Asian markets are responding to US clues and trading in the positive territory. As suggested in the weekly technicals nifty will face resistance in the range of 3085 to 3240. Trade with the trend , till a reversal or weakness is in place.Book profits if any have been left out and wait for good dips to enter again for bounce up. Supports and Resistance levels have been clearly told in the weekly technicals. Cheers.

NEXT WEEK

Nifty took support around 2850 levels and moved up once again. Global cues remaining positive next week , NS can retest 3085-3120-3200 zone once again..cross of 3240 can zip the markets to 3650 zone..Time to be cautiuos at highs again ,as the markets can go lower(Break of 2860 will zip us to lower levels of 2631-2525 quickly) to either test old lows or make higher lows . If the lows hold ,then it is time maybe to buy for medium term, the better performing stocks.. hold them for 2-3 months for a ride up.Remember monthly S/R is 3050 for NF..Happy Trading....cheers

PS: do visit for a EXCELLENT MULTI YEAR SUPPORT/ RESISTANCE chart posted by nifty chaser @http://www.niftytopsnbottoms.blogspot.com/

RESILIANT MARKETS

Despite bad US clues , markets in Asia , including BSE/NSE rallied strongly, absorbing all sell calls of the day. NS 2850 held and strong hands, maybe new ones , pressed the basket buying route as it was a secular run for almost all stocks.Will watch 3050 NF & 3085 NS for next week..Bottoms still have to be retested so dont be complacent in the coming week or so, be traders and trade light & be fleetfooted..Markets are rewarding the traders daily.Catch the trend w/o bias ..enjoy the weekend ..cheers..

WEAKNESS OR CONSOLIDATION

Nifty dropped froma top of 3240( A strong resistance zone) and is consolidating around 2850 area, support below is 2780-2700-2630 and resistance to any upmove will again be 3050. Shorts should be avoided over 3050 & any longs if initiated around here should be traded with strict stoplosses as supports are way down.Selected stock pickings can be done on the way down for a trading bounce..enjoy the trade....cheers

PROFIT TAKING

Markets carried on with their corrective phase, stopped at around critical support in 2850 area ( written before) , spending much time there and then a sudden rush to yesterdays close , with sell out again, as people trapped in longs just wanted to get out..Markets are showing resiliance and have only shaken out the excesses it has done on the way up..Intraday indicators have moved down too in the last 2 days easing the overbought indicators....watch 2850 area closely below which 2778 will provide good support..If one looks at the cross section of butchered stocks one may be surprised that they are inching up despite last 2 days falls, (someone is finding value)..Hope for the best , lets see how things pan out in the next few days....cheers & have a nice time.

PROFIT TAKING

After putting behind the major event last night ie US presidential elections , Markets have slipped well today all over on profit taking of the dream run of the last many days ..As advised all profits to be booked yesterday will leave smiles on the followers of this blog. Weakness started despite great opening yesterday and 2 levels , the close day before & 3050 crumbled like nine pins.This was a fake out to trap baby bulls. Support levels have already been given, 2850-2780 below 2950 zone..This pull back will clear the trend for the coming weeks/months..let the dust settle , market will show you the new lower or higher lows then get into long positions..patience will be the key to future profits now.. trade accordingly...cheers

HISTORY MADE TODAY

US today fullfilled the dream of one of the greatest AFRO AMERICANS , Dr Martin Luther King, whose famous words still ring a bell , I HAVE A DREAM........BY electing Mr Barak Obama, The next President of America...TRUE SPIRIT OF FREE ENTERPRISE AND DREAM FOR ALL....Hope this augurs a new dawn for the world order...
Coming back to our markets , they saluted the US results and as expected and written in the morning, slumped completely to selling pressure as the markets went really overbought today..touching my levels of 3085 and then almost 2950..will see how trade fares in the next coming days ..This will be litmus test for the market to trade ,test, consolidate and find a new bottom which will tell all where we are headed in the next few weeks and months ..dont be in a hurry to buy..Take care ..cheers..