FINDING SUPPORTS.

Markets are moving in tandem with the global markets ,unwinding the excesses in the system.If ppl. visiting my blog remember I was warning from start of the month that sell on rise as this is looking stretched quite a bit..Hope the friends who booked at top can find real value again after the last 2 days of panic..( The speedline chart posted few days back also clearly gave the supports to play..)All sectors have corrected well and value pickers seemed to have nibbled in ...Monthly supports are 4750..lets see if that holds and markets consolidate for a while...to see the bounce back..enjoy the day cheers.

STILL SOFT

Markets yesterday broke the strong multi swing support of 4900-4930 zone to close much below it at weekly supports..Any bounce now will have big resistance in the above zone & markets will try to consolidate in the coming days in maybe 4750-4850..zone to make some move going forward.As there was huge unwinding in the of 4900 PUTS OI , the option sellers got caught on the wrong foot here..Well friends thats what the markets are..excesses done on both side..Cover your shorts today for a small bounce back in NIFTY..enjoy the day cheers..

SELL OUT

Markets seem to be looking for a cue to sell out its overbought positions..& RBI credit policy just about gave it the cue it was seeking to unwind..The fall was so furious that even the 4900 level did not hold..We touched the 50 SMA support zone after a fair bit of stay over it..As we are now oversold a small bounce can be expected anytime..supports are around 4800 and only cross of 4930 will we look towards upside..The weekly target below 5080 was 4854 which got touched today..enjoy the day cheers.

TESTING SUPPORTS

Global cues will make markets test suports in the zone of 4910-30..This has been a slow unwinding of longs w/o any panic or furor..5050 zone now appears to be a strong resistance and good supports again lie deeper at 4830 around zone..4900 should hold in close as HIGHEST OI is at 4900 puts..Trade accodingly ..enjoy the day cheers.

WEAKNESS GALORE...

Markets just about managed to creep up with difficulty and dropped dead much before the resistance zone of 5050-5070...????? We have closed at the low of the day..supports remain in the zone of 4900-4950..break of which can cause some serious unwinding of longs..lets see where this halts as the OI data still suggests settlement over 4900 and below 5000-5100..enjoy the day cheers.

WEEK AHEAD

Markets are stable in asia today morning..We should be looking at 5050 as S/R for this week with a range of 4850-5250. Settlement week will have its own volatality, so trade with care and in the direction..do look at the chart posted during the weekend for supports & turning points..enjoy the Week ..cheers.

MARKETS AHEAD

This is a RAINBOW CHART, showing us the various WAVES it made from its rise from 4350 zone to 5181 zone..The speedlines now show the tentative supports in this correction which has started, which shows that we can dip all the way to 4650 in case we start closing below 4950..Hope this helps all visiting my blog here for trades in the coming days..enjoy the weekend..cheers.
PS: We are looking to add HNI's , large daily traders who are looking for technical & trading advise, kindly do contact us in case you need our services.

TESTING STRENGTH

Markets despite the gap up , moved in a tight range to retest the bottoms ..the volatility was high .. The take away from todays trade is that yesterdays bottom was held and 5050-70 zone remains a strong resistance area..the range seems to be 4950-5050 for a breakout eitherway..will try to post some chart this weekend for path ahead..enjoy the weekend..cheers.

BOUNCE BACK

Yesterdays selling was a bit overdone and markets went in oversold zone. With help of global cues it opens up today to correct yesterdays excesses.5070-80 will be watch area for any move up..Failure to close above this zone , will not augur well for Bulls for resumption of upmove towards new highs of 2009...The OI range of options is still 4900-5100 range watch and trade the range till a decesive breakout takes place..cheers.

WHAT A JERK????

Well Well, the writing was on the wall in the last few days..and todays jerk really shook up the bulls /exuberance of over 5300 close in this settlement..The OI data which I have been mentioning here just about gave the warning of whats in store..as OI of 5100 calls went up yesterday( they were being written or sold) we moved straight towards our supports of 4950 area once we could not cross 5080 zone..( Remember the S/R of this week..) 4980 is a support zone below which is 4920..resistance over 5050 will be 5080 again...The lesson here is Always good to be in CASH at tops and buy in a day of MAYHEM.. like today then you are always safe & start with a edge over others , rather than chasing markets when they are at top for the elusive tops....enjoy the day cheers

SELLING MODE

Markets all over are in Sell mode today morning..Despite huge calls of targets of 5300 + , markets thought it wise to unwind as it found no cues to go HIGHER... Good supports lie at 4900 where there is huge PUTs OI and minor at 5000 zone..5100 calls have seen a big built up in OI last 2 days..indicating traders find this as resistance zone for the time being..( PLS. refer to the last few days posts on OI & market techs.)People in cash can find appropiate levels where markets stabalises to enter for a bounce back ..enjoy the day cheers.

PROFIT TAKING

I have been writing here almost everyday that markets are taking profits and distribution is going on..as no new cues are there for a upmove....Hope ppl. did take profits to highs now that we are soft and can again enter at lower levels..5080 below we are closing..this has to be retraced fast otherwise bigger correction can be there....Markets should take support in the zone of 5020-30, below which we have strong supports at 4980..for a move back..enjoy the day cheers.

SOFT ALL OVER

Markets are soft all over, not many cues helping to move forward..watch 5080 in close for any weakness..The selling & distribution is visible from the last few days as every rise is being sold into..4900 still holds a good support for this settlement as maximum OI of puts is there..5100-5300 Calls almost carrying same OI..Thus settlement could be in range of 4900-5200 as per stats of today..Will review this early next week..enjoy the day cheers.

TIRED MARKETS

Markets are not able to sustain the initial gains & are breaking down quite easily to supports..A few more days like this will encourage the Bears to break in the tired bulls..Profit taking and rotation is visible ..though interest still remains in small /mid cap stocks..Watch 5100 levels for any reversal signs as markets somehow seem to be holding here.seems the range could be 5020-5220 going ahead..enjoy the day cheers.

WEEK AHEAD

Markets globally are positive but do not look to be ready for any runaway rally, The area to watch next weekis 5076 for S/R...The range could be 4850-5300..Profits should be booked as we move up and trading positions liquidated at EOD by deft traders so as not to be caught on the wrong foot next day .Trade lighter & quicker with strict Sl..enjoy the day cheers