EUPHORIC NOW

The S/R 0f 3050 NF got breached yesterday on the upperside and the follow up today seems to turn the world markets into the party mode and the main trend which was UP, continues today too (SGX nifty around 3300). Time to book all profits today & maybe stay on the sidelines for a day or so as now the Markets will go in overbought /stretch mode. Be careful at these levels and wait for good dips to go long again.Strong resistance zone will be 3300-3350 area. Support will be there now in range of 3085-2950 zone below which will be 2780-2850.. People who panicked and sold at bottom or did not buy would surely be rueing along with sell on rise guys.I had commented on a Friends blog (LEE'S) that FORTUNE FAVOURS THE BRAVE......CHEERS

BULLISH STILL

Target given of 3050-3150 both achieved today, markets shrugged off the selling pressure today and slowly but surely moved above 3050 towards 3150 , heading maybe towards 3221 the minimum target I posted in the WAVE charts..The last 1 hour trade surprised many and the shorts of the last few days got completely butchered thus forcing big short covering. Had mentioned before also that as the weak hands are out & the strong hands have no fear of sell ,also the short covering of lended stocked sold by FII is taking place too making the markets go higher.Hope all enjoyed the ride up...as this was really a spectacular all the way..cheers

PROFIT TAKING TO SIDEWAYS

Markets will need fresh buying momentum to push forward , maybe with news or triggers in the coming days failing which it will be sideways to corrective dips of this huge rise from bottom. Markets can retest the bottom again or maybe stop higher thereby signalling to participants its footprint for trade to come in the coming weeks/months.Point to note here is Momentum/Index shares despite of severe beating , did a smart recovery.Wait a bit for market cues to settle before intitiating any longs..the trading ranges have already been given during the weekend... happy trading....CHEERS.

PULLBACK CONTINUES

Markets gapped up and continued their upwards journey absorbing all selling coming from short term traders.., closing in the end at the upper end of the days trade. Short squeeze was the order of the day and ( SELL IN RISE, baby bears) kept waiting with sinking hearts for some fall or respite so they can get out of their positions.. will the markets correct, surely they will , this is 5 th day from the bottom and a 800 point nifty ride..BUT WHEN & WHERE..well well this is the hard part ..no one knows but it should come about in a day or so.the resistance range still is 3050-3150 NS.. enjoy the evening, cheers

TENTATIVE WAVE COUNT

Attached above is a tentative 5 wave count from may 2003 to january 2008 & maybe corrective WAVE A at 2252. The markets can experience a corrective 3 wave upmove to form WAVE B,(B1,B2,B3 are the probable targets ).The corrective 1st wave has started most likely from 2252 and as said before 3050-3150 seems to be the target right now..After completion of the WAVE B, the markets will resume their downwards journey to make the final WAVE C. The normal time taken for the upmove is anything between 6-10 weeks app. (Lets see where the correction of this 1st wave up takes us down to & from wherewe correct , as at this stage generally external help pours in also , which propels markets up along with short squeeze..)

Such panic bottoms are a normally traps for the baby bears (SELL ON RISE TYPE )who keep shorting the rise thinking the down waves will continue , whereas the smart bears have already turned a bit bullish..The technicals for the week and month were discussed below..Hope this helps all who are confused and asking all experts ,as to how to trade in the coming days and weeks..enjoy the ride up ..cheers

BRAVEHEARTS WHO BOUGHT STOCKS CAN KEEP BOOKING.
PS : SGX nifty is up and running..

NOVEMBER MONTH POSSIBLE RANGE.

The range for NF in october was very high, 4061-2228, which basically did unprecedented damage & carnage , not seen in decades in India or anywhere in world markets..Ocober ended with some respite..How will November pan out??????..NOVEMBER ZONE to watchout for i feel is NF 3050, Above that if we get a few closes , the BULLS can take over , below that well , BEARS back again at their job..The range could be large again as of now between 2100-3800. For this WEEK watch 3150 for RESISTANCE & 2670-80 levels for support, below which, support will be at 2500 area ..As selling is overdone, and weak hands are already out or completely desimated, strong hands should lend support at everydip and carry the market further up in the next month or so.At every level participants still stuck in positions will keep getting out or deleveraging their positions, thereby keeping the markets under pressure for some time to come. A good stratergy could be PLAY the SELL CARD when markets make lower highs, and the BUY CARD when markets make higher lows with strict stop losses in place.. Basically meaning become traders for sometime. Wishing all of you a happy November Month,,,,,,cheers.

SHORT COVERING

Starting this SAMVAT , the positive trend is continuing and shorts are getting squeezed this time. Markets were mixed in Asia and despite profit taking, at 2780 -2800 zone short covering came in this area after the markets failed to drop any further and a very quick ride up in last 1/2 hr trade took us again around the top of the day..After a long time one can say, relax and enjoy the weekend...cheers.

PS: history will remember october '08 for times to come and lots of fundamental/technical papers will be written about it in years to come..

PATH AHEAD- resistance clusters

The 3 major downwards moves came from 4649-4303-3649, i have taken the retracement from 2252 for all these 3 levels..The upmove resisitance comes in the shape of clusters here for the move up, CLUSTERS are at app. 2800-3050-3200. October is coming to an end and i dont think we will make any more new lows this month. Bulls have to forget the brutal hammering they got at the hands of the bears last month and keep taking the market slowly away from 2252 to make a semblence of sanity for times ahead. Around 2524 ( monday close ) levels will hold a key area of supports for times to come . Let us see how the footprints are made in the next week or so, to see the trade ahead for the next 2-3 months..Markets i feel will be traders paradise for some time to come..People who had bought the panic dips of friday and monday should book profit and buy again in dips . Trade accordingly , cheers.

V ANAND - INDIAS PRIDE

Standing Ovation and Salute to one Indian who has made us all proud again and again, Viswanathan Anand. You have no parallels . Keep the Indian flag flying high ...Thank you...cheers.

YO YO DAY WITH POSITIVE BIAS

Markets reacted to good positive moves in the US and continued yesterdays positive cues ,but kept getting knocked again and again to profit taking..The YO YO was due to settlement day and GOVT announcements coming tonite..Thank god this series will come to a end , also this BLACK OCTOBER '08. Will be remembered for a long time to come by all participants of the stock markets . Resistance is around 2780-2800 area and support at around 2670 ..break of which will give a quick 150 points move either way..Take care ..cheers..

POSITIVE SAMVAT

Markets world over it seems celebrated the the festival of lights DEEPAVALI, by giving a thumping single day gains.The script got written on friday when our markets trashed and then recovered after faltering once or twice..Nifty moved back from the extension area in the chart i had posted and all the buys of the last two days if visitors to this blog had done are in very good profits including FNO.As we may gap up again today ,resistance may come at 2800 area around..majority profits should be taken off the table for once and the rest traded with strict trailing stoploss. The range to watch is app. 2750-2914-3050 area for this week. Remember had written for weekly range that markets strong over 2800 and will take support around 2350 area. trade well and best wishes for the new SAMVAT..cheers.
PS. A interesting blog you can visit for nifty range is http://www.niftytopsnbottoms.blogspot.com/

HAPPY DIWALI

I would like to wish all friends a very HAPPY DIWALI AND PROSPEROUS SAMVAT2065.
We hope to look forward to better times in the coming months and year.May goddess LAXMI give her blessings to all of us ( sincerely needed by us this time).

ARTICLE IN INVESTTIME OCTOBER ISSUE.

link below for my article in the Birlasunlifes Inhouse magazine INVESTTIMES. (page39)
http://www.birlasunlife.com/distributiontsetIMS/new/Investime_Oct_08.pdf

HELL & BACK

What a day, no one knows now what is happening and why it is happening..only saving grace is that we recovered for the day and did not close again at absymally low levels..This surely will be the blackest diwali in history of indian stock markets as no one remembers anything worser happening level wise/price wise..Lets hope the last samvat ends today and the new samvat brings about some cheer..lets forget markets for somtime and enjoy the festival of lights...wishing all friends a very HAPPY DIWALI..cheers..
PS: WE HAVE COMPLETED 51 DAYS OF FALL TODAY, from 4649.

TRADING TODAY

Markets in Asia are still weak today morning, the pressure is huge and buyers may still be holding back the BUY CALL as to get more juice from these weak markets..do look at the charts posted yesterday and trade accordingly..CHEERS