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

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

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

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.