TRADERS PARADISE

I had said at the begening of this month , that November will be a month for traders, all smart traders are taking positions with the direction on a intraday basis, squaring of at EOD and starting afresh the next day, ( much better than being biased , taking a postion short or long, and then after some up/down YO YO by the market nextday squaring off near the buys ,with next to nothing profits). Traders who squared off yesterday got the trade DOWN -UP-DOWN-UP-DOWN.. today , even a novice would have caught it well, and would have made good money.. Incidently markets after breaking 2750 took support around 2670 zone today..Trading should be the mantra for a few more days/weeks maybe..enjoy the day ..cheers..

RETESTING LOWS

Markets all over are retesting their lows again and again and trying to get to the next bottom , which could be near/lower/higher than old lows.There are no positive cues coming from any GOVT. now and it seems all the guns have been fired and markets now will have to find its own path despite all the bad news coming daily from all around.Our levels to watch will be 2860-2900 on higher side and 2750-2670 on the lower side..Trade accordingly as global cues today are soft to negative..cheers

SUPPORTS TESTED

Supports were tested at 2750-2700 zone today after the markets slipped in the opening . Smart recovery was made in last hr. of trade making markets go for a while went into positive territory, then came the profit taking in the end by intraday players.It seems at lower levels participants are not ready to press shorts and are just covering their short positions of the last few days. Today was the 8th day from the top ie 3240, so shorts were cautious and covered at the first sign of pull back.Positive overseas cues will take us to at least 2860 zone cross of which only we can think of somekind of rally till settlement. CHEERS.

SOFT MARKETS

Markets in Asia are just about doing nothing and are flat to negative. Levels have been given for next week, in case markets do not sucumb to pressure in the next few days ,it may go to retest the recent tops made at 3254-3240, trade accordingly...Cheers.

TOUGH WEEK AHEAD

it will be a tough week ahead and could be a traders nightmare if one is caught on the wrong foot.I will advise all to trade with caution and see the trend before plunging resources for a longer committed play.2900 ZONE seems to be the S/R for next week. We had ended the week on negative grounds with wild swings & as US markets too gyrated wildly on friday ending finally in negative territory , it will be worth watching the Asian start for the next weeks cues.Watch 2760 closely for weakness downwards.& 2920 for upward breakout in NF..happy trading CHEERS.

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/