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..

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