PROFIT TAKING CONTINUES

Despite huge bullish sentiments , some sobering effect should have come with todays soft trade/ profit taking again..Breach and close below 4200 will augur more profit taking and take markets to much lower levels....Well thats markets , Has to correct the abberation(mondays, NF down 420 points from there..)before moving ahead.....Anyhow still trade the range and the buy in good dip policy for the time being..enjoy the day ..Cheers..

SOFT CUES

Markets world over are soft and in India DII/FII have locked in profits ..Lets see what is the floor level now acceptable for the market participants.Markets are overrated on this move up and some bad news can trip it..Levels etc have no meaning right now , as Mid/Small caps flying around on catchup game. Caution should be taken & patiance will pay in the long run..Believe in the technicals and charts and play accordingly( levels for play already given and in this consolidation phase it will be same)..cheers..

CONSOLIDATION AHEAD

Markets finally rested today to consolidate in a 100 point range. The Moving Averages will still take a few days to catch up with the price distortion..till then play the range ..buy the dip -sell the top..I gave the range in the post in the morning..cheers..

WHATS AHEAD

Markets have changed the base in the last 2 days...3600-3700 zone seems too far back...FII in relentless buy mode still doing the catch up game...markets should consolidate in the range 4170-4250 NS in the coming days ( lower could be 4056 zone), try to test 4468 ( JANUARY 2008 LOW), maybe cross & TEST the NEXT SWINGs in the 4650 zone..move over this should be seen when we cross this zone...It will again become a traders market & technical traders can do well in this zoner..for retail and other friends..buy the dips with select mid/small cap stocks etc with very strict SL..cheers..

SANITY RETURNS

Markets traded saner today despite the huge gap up on NF, there was a frenzy to cover positions in short as well those in profits..Volatality in the 1st hr. justified the huge swings in the first hr..Later with good profit taking by larger players the market kept slipping on every rise..This may continue a little more before a raincheck will be done by the guys who were left behind in cash .. and then a move up..Trade carefully and keep booking..the whole euphoria got over in less than 24 hrs..cheers..
PS : do refer to the chart posted in morning for the resistance & support.

RUNAWAY BRIDE

Well Well no techs no fundamentals, just sheer momemtum and short covering by nf shorts & call writers will take markets up again..So 6th gap opening now..What next????...4650 should be a neutral zone for supply, cross of which can take us all the way to 5000 or a little lower zone..Bear in mind that valuations have to justify this kind of rush up..for this rally to sustain..the above MONTHLY chart is self explanatory..See the resistances and supports and trade accordingly...Do bear in mind that this rise up has comletely changed the support levels of our markets..enjoy the day..cheers..

2 CIRCUITS

Markets did the unthinkable, 2 circuits in a day on such low turnover...My heart goes out for people who are short & just could not get a chance to move out..Well tomorrow again could be very chaotic as this huge rise will get MARGIN CALLS for the participants and brokerages tonite..& also short covering in case markets are able to trade and are not in circuit will pull the markets upwards more...Momemtun/shortcovering will define the levels..enjoy the day ..cheers..

CIRCUIT OPENING

Markets will be on circuit on opening as suggested by SGX nifty,..This is not a day for technicals and fundamentals but a Event based day, Enjoy the day & do keep booking ( always good to carry home profits & also clear old stocks stuck from last year..), Cheers..

STABILITY AHEAD

Markets and participants would be happy on getting a stable govt. in place after so much discussion pondering,,some TV channels are talking of HUGE THUMBS UP RALLY on monday..All said and done the event is past and serious trading will start from next week which will be on fundamentals & realities rather than events..enjoy the weekend..cheers..

STILL STRONG

Markets opened up in the POSITIVE as per Asian cues and carried on from there discounting the results already, by closing at the top of the day..Dont think there is any point of discussing technicals etc when a EVENT is round the corner..The range & breakout i have mentioned already in my last few posts ..enjoy the weekend.. cheers..
PS: As discussed and suggested we went flat today..no positions before the event...

FINAL COUNTDOWN

Results will be out this weekend and the Indian markets will react temporarily due to this event before settling down to the reality and global markets..Stick with intraday trade if you are a compulsive trader, go flat and let the event pass on monday..Markets should settle around neutral zones today of the 3550-3650-3750 zone..A breakout/down of this range will surely come in the coming days / week..but which side , who knows, in fact all this hulla may even end in a damp squib too....enjoy the weekend and start fresh next week...cheers..

RANGE BOUND

Hope friends visiting the blog enjoyed the range given in the morning for intraday trades...3540-3620..Again the volitality is providing ample opportunities for technical traders to trade both sides of this volitality..The range given for the week is still holding good..do always remember that we are OVERBOUGHT & this rally from 2539 has given no correction so far , unwinding has to be come one of these days, so keep booking profits if momentum/ money keep taking the markets up......enjoy the day ..cheers.

GLOBAL PROFIT TAKING

Ahead of our weekend event of RESULTS, profit taking set in yesterday despite huge volitality..Markets will open down as suggested by SGX nifty , care should be taken in the sudden dips & try to be on the right side of the trade ...3520-40 zone may provide some support for a bounce back to 3600-3620 area & below that is 3480 area..Trade light & in direction for next TWO days to let the event pass...Volitality will be there on either side..cheers..

TRADERS PARADISE

The Markets reacted on opening to profit taking & the volatile wild swings which i had mentioned a few days back as order of the day was there for all to see... A technical traders paradise and a nightmare for non technos... My advise to small investors/retail guys is to stay away till monday rather than being whipsawed everyday in this market....Range now is 3550-3650-3750..Trade in the direction, with strict SL..( market has made a top in 3700 zone again today) cheers..

MARKET FOOTPRINT

The chart above shows what footprint the market has been following from last few months on EXPANSION taken from 3 key points,The above chart is self explanatory, and has been following the patterns as is visually clear..Follow the levels above with strict SL's .. With Election results round the corner, trade light /in the direction and maybe be light or just plain flat in this weekend ..enjoy the day cheers.