LOWER TOP TODAY

Market stopped SPOT ON at the speed line support of 4420 and slowly clawed its way up from there to make a top of 4497 and slipped again to close DAY near SUPPORT OF 4460,, marking a lower top after double top of 4525 zone in last few days.. all intraday indicators are giving negative divergence..Whats in it for us..?????CAUTION as we can slip suddenly if we do not cross 4525 zone soon..
Over 4420, Bulls still have a chance, Below this story starts getting tricky ...trade cautiously for the next few days so as to not get caught in any sudden wrong move..cheers.

GIVING UP GAINS

Markets gave up some gains yesterday despite the gap up opening. the speed lines above in intraday charts is showing lack of buying interest at tops and markets can seek support at 4460-4420 & deeper down at 4368 around. above 4500 only, it can resume the journey up to 4558 & above. I have added another indicator called TSI ( true strengh of index), a powerful tool for position trading..in the chart above you can see that despite the gap up and higher high of 4558 the TSI has much lower strenght than when we did 4522 few days back, indicating negative divergence in strenght. Above 4400 we are still in bull territory..take your call accordingly..cheers.

WHAT NEXT ?????

Market in India too cheered the Freedie/Fannie development & also the nuclear waiver got the thumbs up..by gapping up by app. 200points ( shorts , put buyers/ call writers got chopped enmass)the companies I mentioned below to gain did make smart moves during the day..As was expected and had written that after the gap up on opening will wait and watch how markets behave ( nifty did not cross the opening 4558), markets just kept slipping everytime they went high..looked like confidence to carry forward the longs or further buying conviction was lacking and that resulted in profit taking..will we correct more & give up all gains or rise up to retest the top of 4650..& move higher, lets look look later in the charts. for this ...cheers.

MARKETS CHEER FREDDIE-FANNIE

Markets in Asia cheered the news of Federal take over of Freddie/Fannie soon and gapped up, Nuclear waiver for india will be additional booster for India & SGX nifty at 4575 is reflecting the opening..DOW future is also way up..NF will cross our weekly 1sttarget of 4515 and head towards 2nd target in the next few days of 4664..(SHORTS ..GOD HELP THEM) wait for the markets to cool off a bit to see where it is headed but keep booking profits in your profitable positions as we trade up..cheers

NUCLEAR WAIVER..GREAT ELATION & PRIDE.

Indians all over are rejoicing that finally the Nuclear Isolation is over and in case india wants to be called a developed nation by 2020 , the most important thing 24 HRS ELECTRICITY to all which is a dream today should come true..Despite all protests /objections, our PMs team cleared all hurdles one by one in a very steadfast way..Will Congress/UPA benefit from this deal... well time will tell , but Mr Manmohan Singh has proved that a simple ,softspoken ,intellectual man can TRAVEL THE LAST MILE stronger & equal to any politician India has ever produced..My salute Sir,....Will the markets give a thumbs up..definitely yes it should as this is no mean achievement , and many companies namely NTPC,L & T, ABB, SIEMENS , HCC etc will get the opening cheer tomorrow morning..can this turn into a runaway rally, i will cautiously wait and watch.. charts & FII selling on friday suggest otherwise..as i mentioned below .. No shorts above 4400.. JAI HIND.

NIFTY FUTURE - NEXT WEEKS PATH

WEEKLY CLOSE 4366

S / R 4395

R1 4515 R2 4664

S1 4246 s2 4126

As weekly pivot is higher than the close..possibility of markets dipping further on rise is still there..as weekly, monthly future s/r are very near, 4395-4410.. dont be short over these levels..buying in dips at supports can be done ..trade accordingly.. cheers.

RETREATING BULLS

Markets gapped down and the bears just butchered the bulls who thought yesterday that we are consolidating or plain buy in dips policy...(and will move up definitely today)...i feel here people should spend some time on learning technicals/ charting ,it helps.... the market immedietly hit our lower target of 4345 and INSIDE DAY gave the direction which was down..we are at the shoulder support of 4364-68, not much support came from the institutons as all rallies during the day were getting sold out like yesterday..do we break down and move towards the head at 4201 or drift lower or take support here and move up again..lets ponder on that over the weekend..anyone visiting NIFTYSPOTTER would be happy that the weekly technicals for NF were 4511-4324 ..NF moved to 4441-4544 and then back to 4441- 4326..hope people were able to trade this ..enjoy your weekend friends ...cheers

BLOODY REVERSAL AGAIN..

Markets gave a indication of what is in store , when it gapped down , made a INSIDE DAY , midcaps/small caps flew all around..and index stocks just did nothing..those NOT FOLLOWING CHARTS/FUNDAMENTALS would have taken this as consolidation/buy in dip oppurtunity and would be caught in buy positions...MARKETS will hit the support line of 4364-68 and chart its path from there..DONT BE IN A HURRY TO BUY..as despite weaker crude thereis softness all over the globe.. lets see how todays drama unfolds..pls. do remember my magic areas of 4345 & 4304 deeper down..(all those shorts who covered would be left wondering today...thats markets friends..) happy trading and cheers
WOULD LIKE TO THANK ALL MY GURUS TODAY FOR THE WISDOM THEY GAVE ME..HAPPY TEACHERS DAY.

INSIDE DAY

Market did what was expected started soft and gapped down and then drifted down to take support at 4420 levels...despite it trying 2-3 times to move up , selling came back..mid /small caps were flying all around and some of them like moser/hcc/mll/boi etc gave good returns..the market today made a INSIDE DAY, meaning it never crossed the high / low of yesterday..what does this mean...when ever the market will cross either high/low that MOVE can be big in the breakout direction, which should be followed by traders....so watch out for the break out friends...INDEX shares did nothing..is it DISTRIBUTION/CONSOLIDATION , time will tell..cheers

SOFT CLUES WORLDWIDE

The markets rallied smartly on tuesday but the world indexes did nothing much but showed reversals, great softness ,despite crude really cooling off..markets by and large are moving up on lower volumes..some profit taking can be expected as even SGX nifty is trading down..& all intra day indicators have gone into overbought territory due to the huge single day rally..see where the markets open down, where they consolidate and before taking your trading call..BUY IN DIPS AFTER CONSOLIDATION could be a policy ..supports are at 4450- 4410 or deeper at 4368 and resistance at 4572-86..& further ahead is 4628-4650..stop loss for longs should now be in range of 4368.
cheers & happy trading

UNMATCHED RALLY TODAY..

markets were gearing up for such a sudden move from the last few days( very quick recoveries on falls was a silent signal)..& BULLS SHOWED THEIR MIGHT , remember had said support at 4335-4304 & ABOVE 4400 BULLS TERRITORY..markets ran with crude fall in mid day..short calls from the last few days completely got squeezed out , seeing the premium and the way nifty future ran..finally moving into overbought territory intraday and as we moved up fast, caution is required also as we can dip hard too with bears always waiting for the opportunity to attack....global reactions /clues will give clearer direction on thursday to us after the holiday.. crude too is recovering and can get back to respectable levels again promting the euphoria to subside suddenly..we may hit resistance in the next resistance levels of 4572-86..NS ,in case we move up from here..NF managed to cross its weekly target of 4511 easily in 2 days..enjoy the break..cheers

CRUDE MELT DOWN...

Crude after making some noise till $ 120..is hovering in the region of $111-112 , with hurricane GUSTAV losing momemtum ,any break here can take it further down,which is a good news for all the markets specially asia..markets made smart recovery yesterday..closely watch 4364-4390-4398 range for resistance & 4335-4304 for supports,,only a few closes above 4400 can take us towards recent highs..being a truncated week with a holiday tomorrow , there may be cautious low key moves today..trade accordingly..cheers

MARKET REFLECTIONS

Markets opened much lower ,stopped app. at 50% of the rise of friday, took support , consolidated at our level of around 4304 and finally gave a smart swift recovery to close with a notional loss . DTI is still negative and is hovering around the zero line..lets look at some other indicators also in the coming days for the sense of direction..cheers.

DAILY TECHNICALS

US & ASIA markets are weak, markets will open down and maybe remain weak thru out the day..despite the markets going up on friday with a good rally, the DTI was pointing down in daily charts that whole day (refer chart of monthly techs.posted last night)and is about to cross zero line, thereby indicating further weakness..4304 around should give support ..trade accordingly..cheers..

MONTHLY TECHNICALS FOR SEPTEMBER

ABOVE 4400........................................BULLS TERRITORY.

BELOW 4300.......................................BEARS TERRITORY.

BETWEEN 4300-4400........................NEUTRAL

TRADE AS PER UR RISK APETITE. as markets could be pretty volatile this month.