WEAKNESS GALORE

Markets opened weak, recovered and then gave up all gains to hit lows at 4200. Asia/Europe was trading positive..we are at critical support at 4200 break of which can take it straight to 4160 & 4110. Todays main culprits if any are RIL & INFY(vertically down and then a general sell out as traders pressed the SHORT buttonsin late trade. Those who held back their purchases or did not do bottom fishing may find good value next week as markets despite dip is really oversold and can give a good bounce back too. be careful of shorts specially if we open DOWN..wait for a corrective rise before planning any further shorts ..Seems financial problems world over are still raising their ugly heads and institutional buyers are unloading their profitable positions all over, equity or commodityor anything , to take care of pressing needs or preparing for future skeletons which still are in the closet..enjoy your weekend..cheers

MARKETS STILL RANGE BOUND

Markets seem still to be range bound despite the crude /commodities being so soft and hitting lows in months , the range being 4250-4550..a significant break is reqd. at this range to signify the direction. This in fact is becoming a trading market , buy low/sell high .as intraday indicators went oversold again , a bounce is expected today, ( sgx nifty already up) till 4328-4368-4398 levels. support depper is in range of 4201-4220. As this is last trading day of the week not much activity is expected today..keep trading and be light footed..you will get days when you will get good prices for your favorite stocks, buy & hold , but always keep something stored away for that sudden deep fall which gives mouthwatering prices for long term investments..happy trading..cheers.

BLOOD BATH

Nifty slipped below all its support lines today..what i had been advocating from the last few days of slippage in sight after the DOUBLE TOP & LOWER TOP DAY , and went down to test 4270-82 area thereby giving up all the gains of this rally. it broke the shoulder support of 4364-68 & is getting ready to test the head area of 4201-4220, breach of which spells doom temporarily for bulls. As things look pretty oversold in very short term a rally can be expected till 4368-4398-4420 zones..the erstwhile support areas. Despite the crude/gold slipping , the financials of the markets world wide are still not good and institutions seems to be lightnening their portfolio holdings on every rise. i hope no bottom fishing advise in the last few days given by me , would have helped all visting this site as prices really tumbled. Building Portfolios should be avoided for more time and for deeper corrections in future, one should be a pure trader in this market to buy & sell at bottoms/tops..cheers..

TESTING SUPPORTS & GIVING UP

Markets world over are soft & correcting despite crude /gold drop..seems to be waiting for a cue as Bulls look like being on the side line..will they hold 4368-4328 zone or go to retest 4201 low..next few days will tell. market is moving surely now in zone of 4300-4500 waiting for a decider to finalise the direction of its move.avoid bottom fishing as no clue is available. the speed line chart posted before still remains valid . trade acoordingly cheers.

SLIPPING AGAIN.

Market slipped again today and moved towards 4398-4400 support zones..metals gave way in a big way , so did index stalwarts, thereby giving the impression of weakness and no conviction of moving up..intra day charts are indicating further weakness ahead & we will have to wait a few days maybe for confirmation by closely watching the 4364-68 zone & lower at 4328 , if it breaks this levels and closes below this , this could be a confirmation a deeper malice than is visible today...Global clues are required to trigger any upmove & Bulls have to defend this area strongly to resume their upward journey towards 4650 & above.. be careful of bottom fishing..cheers.

DEMONS RISE AGAIN

Despite of crude in range of $103 , US markets slipped hard and lost all gains displaying fears of further financial crisis namely Lehman bros etc. Asia and our markets too had displayed weakness and still continue to not show any conviction of upward moves. support still is in range of 4400 and deeper down at 4368-4320-4304... resistance at 4497-4522..trade carefully as markets losing timewise possibility of closing over the previous high. .. Are the markets making up their minds for a big move..time will tell..cheers

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