L&T downward target achieved
Target for the breakdown call given on 29 sept is achieved. However this does not says that the trend in L&T has turned bullish. But 900~1000 level will see good amount of support.
Gold have broken up trend
Gold have broken 1600 USD and that means that it is going to cool down. Target 1400 USD must be possible.
Nifty Pull Back
As given earlier the level 4700 acted crutial for NIFTY. We cannot conclude that the current rally is a reversal of Nifty. But it is surly having the target of 5400.
If nifty goes above 5400 we can clearly say that it has reversed with the tripple bottom but till then 5400 will be the level to watch.
If nifty goes above 5400 we can clearly say that it has reversed with the tripple bottom but till then 5400 will be the level to watch.
L&T pull back
Current pull back rally will take L&T to 1395 & 1460
L&T has taken support at 1150~1200 level and have pulled back with good volume. Though there is no clear trend reversal but further downside can only be established if it closes below 1150.
L&T has taken support at 1150~1200 level and have pulled back with good volume. Though there is no clear trend reversal but further downside can only be established if it closes below 1150.
Nifty 4750 critical . . .
Nifty is having critical support at 4750~4700 level break of 4700 level gives a bearish target of 4200~4000 level.
Raymond double bottom
There is double bottom reversal in the Raymond and the breakout is with good volume support. One can buy with target of 410 and Stop of 355.
Rural Electric - request
In general Rural Electric is in bearish trend. However recently there is some buying seen in this stock. There is an OBV diversion which can make this as reversal candidate. I would put it as wait and watch.
Those interested in buying must keep the strict stop loss of 159.
Tata Motors reversal
As posted earlier that there are quite a few stocks showing the sign of reversal.
These are good sign for the small investors who wants to enter in the market. Now any dip can be used as a buy signal.
These are good sign for the small investors who wants to enter in the market. Now any dip can be used as a buy signal.
Torrent Power Reversing
Torrent power have now given breakout to give the target of 260. One can buy with stop loss of 220
L&T at bottom of range
Larsen & Toubro is consolidating and currently has taken support at the bottom of the range. One can buy with the stop loss of 1500 level with the target of 1800. Bigger move is only expected above 1800.
"I Club" investment club
Friends, I was toying with the idea of having an investment club. While I am still looking out for suitable online facilities. If any follower of this blog is interested in the active participation in such a club you can check the details by looking at this webpage.
I am looking for a member who can actively participate. In case you are just willing to check what is the performance of club's portfolio it will be made available online.
Do comment if you are interested.
I am looking for a member who can actively participate. In case you are just willing to check what is the performance of club's portfolio it will be made available online.
Do comment if you are interested.
Nifty 4800 achieved.
As discussed earlier Nifty target of 4800 is achieved. This is not to say that the sell off will stop. Nifty closing bellow 4800 means we can see the 4000 level.
Hope that 4800 level will be sustained. . .
Hexaware buy on dips
Hexaware have given breakout above 80 level with good volume. Now on the reaction it has taken support at the same level. So it is now resistance turning support here. One can buy hexaware on dips with the stoploss of 74.
Suzlon below support
I had posted earlier Suzlon was a candidate for bullish divergance. I have dropped below its long term support of 43. This indicates the stoploss have been hit and one must exit the stock
Nifty below 5200 not good sign . . .
As can be seen on the chart there is an ongoing down trend line for Nifty. Also now that the Nifty has broken the support it took at 5200 the next target is 4800.
OBV divergence in Suzlon
Suzlon counter have seen the buying and now from the chart it seems that there is good amount of smart money buying. There is bullish divergence seen here with OBV.
one can buy on dips or wait for the breakout above 56.
one can buy on dips or wait for the breakout above 56.
L&T Breakout target 1950~2000
As quoted earlier 1750 was acting as the resistance in L&T. Now that L&T has broken above the 1750 mark. It is now a bullish signal in this counter and its first target is 1950~2000.
Considering the double bottom at 1480 level this is the trend changing move in L&T.
Considering the double bottom at 1480 level this is the trend changing move in L&T.
Nifty broken mid term uptrend
As discussed earlier I had made some assumption that the long term uptrend is intact till the long term trend lines are intact. Now we can see that there is a break of this trend line and it has happened with some decent volume. So the assumption have been violated. Surprisingly enough NIFTY have still stayed over 5200 mark.
In broad term we must have broken various stop loss if not we must watch for the same as that is the only way to protect the capital. One of the main reasons for this breakdown is Reliance and SBI these counters have seen new lows and have dragged NIFTY and SENSEX into the new bearish zone.
In broad term we must have broken various stop loss if not we must watch for the same as that is the only way to protect the capital. One of the main reasons for this breakdown is Reliance and SBI these counters have seen new lows and have dragged NIFTY and SENSEX into the new bearish zone.
DLF support 210
DLF can be bought with stop loss of 204 as we can see that there is good support for it at this level.
SBI Target achieved
As posted earlier SBI was project to reach 2200 and it have achieved the target.
1750 a resistance for L&T
As pointed out earlier L&T have taken support at 1450 level and now it is at the crucial level of 1750 where there is resistance.
Once closes above 1750 we can see the 1900 level here.
Once closes above 1750 we can see the 1900 level here.
Relook at SBI and L&T
I had posted earlier about bearish outlook in these counters. Now I am re-looking at them. After the last post both L&T and SBI went down (as predicted) but now these two charts are showing different indications.
SBI after current breakdown has turned very weak and further downside of 2200 can be seen.
While L&T on other hand have taken support at about 1470 level and there is bullish divergence in the OBV. In fact L&T's chart is now a case study for the Acc/Dist and OBV are showing two different view.
SBI after current breakdown has turned very weak and further downside of 2200 can be seen.
While L&T on other hand have taken support at about 1470 level and there is bullish divergence in the OBV. In fact L&T's chart is now a case study for the Acc/Dist and OBV are showing two different view.
Reliance getting Bearish
Its now head and shoulder in Reliance. Target of 900 can be projected considering the height of the formation.
Nifty honoring the resistance at 5950 level
As identified earlier nifty is having resistance at the 6000 level.
The longer term trend have now became bullish but at the current level we might have small correction up to 5700 level.
The longer term trend have now became bullish but at the current level we might have small correction up to 5700 level.
SBI and L&T might not join the party
Looking at the sell offs in these counter at the higher level we can say that they will not join the bull rally for this month.
Both these stocks in past 10 days went up but final sell off have made new low on the accumulation/distribution indicator. This clearly gives the indication that the bears wore the bulls skin for the last week.
Both these stocks in past 10 days went up but final sell off have made new low on the accumulation/distribution indicator. This clearly gives the indication that the bears wore the bulls skin for the last week.
Flag in Sterlite Technologies
There is a clear rise with gr8 volume in this counter. After one big move there is a consolidation in small range. With the gradual decrease in the volume while it has consolidated it becomes good candidate of flag formation on chart.
Target of about 4 can be given and the Stop loss of 56 can be given.
Target of about 4 can be given and the Stop loss of 56 can be given.
Ashok Leyland, Raymonds turning bullish
With current buying seen in Indian market there are many counters turning bullish some of them are here:
Reliance bucking the downtrend
Reliance have made good double bottom and now have move out of triangle with a good volume support. One can buy with SL of 980 at every dip. There is clear up trend seen in this counter.
Havells HNS reversal
There is a good breakout in Havells and the inverted head and shoulder formation is seen. Can be bought with target of 390 and stop loss of 315.
Support at 200EMA
Tata motors have taken support at 200 EMA which is very good sign. Many of the fund managers prefer to buy at 200EMA level. Tata motors have also made double bottom at the 1050 level. Which makes the target of 1350 possible in very short term.
Hexaware is another stock taking support at the 200 EMA
Hexaware is another stock taking support at the 200 EMA
Siting in loss .. ..
I am a big advocate of stoploss but due to not being deciplined this time i am sitting on more than 20% loss in moser baer.
Refer:
Moser baer post
Stoploss post
Refer:
Moser baer post
Stoploss post
5050~5100 must be tough to break. . . .
I like to draw lines and then make some inferences I am not good at Elliot count and any other advance indicators. So here is my idea about the Nifty using such lines.
Looking at the lines on the all time Nifty we can say there is Big bull run started in the mid of 2003 which had 2 minor landing on the black trendline and 1 major correction landing on the green trendline.
Now that the major correction got completed in 2009 end the next phase of the Big bull run have started and it is expected to have 2~3 minor corrections which will land on the black line. Current correction is the first of the lot and this will take Nifty to 5050~5100 level as can be seen on the 3yr chart below.
By above I expect that Nifty below 5000 is highly unlikely and if it do go below 5000 my all stops would have hit and I will be in 100% cash
Looking at the lines on the all time Nifty we can say there is Big bull run started in the mid of 2003 which had 2 minor landing on the black trendline and 1 major correction landing on the green trendline.Now that the major correction got completed in 2009 end the next phase of the Big bull run have started and it is expected to have 2~3 minor corrections which will land on the black line. Current correction is the first of the lot and this will take Nifty to 5050~5100 level as can be seen on the 3yr chart below.
By above I expect that Nifty below 5000 is highly unlikely and if it do go below 5000 my all stops would have hit and I will be in 100% cash
ITC reversal with multiple tops.
ITC have made mutlitple tops at 180 and now have broken the trendline. Reversal target of 145 can be placed.
Punj Lloyd & IVRCL on another friend's Request
Punj lloyd is in down trend as can be seen in the chart. But for short term might take support at 88 level. One may be able to exit on the bounce up to 104 level. Clear up trend is expected only if it closes able 118 level.
IVRCL have fallen with lot of volume support and is likely to stay bearish. One must exit at any available opportunity.
Moser Baer double bottom
Many stocks have reached their bottoms during this bull run. They might start reversing from those levels. Moser Baer have made double bottom at 50 which is its 52week low too. One can buy at current level with stop loss of 49.
TATA Steel trendline support 630
As pointed earlier TATA Steel had made new high. Since the stoploss of 675 could not be sustained I was following it to check for sign to enter. Currently it has taken support at the trendline and one can buy it with the stop loss of 625.
TATA STEEL made new high . .
Tata steel made a new high with good volume. One can buy with stoploss of 675.
Answering the request
I got the request to check out these 3 charts from one of the follower of my charts
TCS Resistance becoming support
Over and above long term strong uptrend. TCS have shown the resistance becoming support. Can be bought with stoploss of 1100.
Raymonds reacted till 330
After heavy buying interest there is reaction in Raymonds. With double bottom at 330 level
it makes good support.
it makes good support.
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