Dow Jones - Daily chart

Dow Jones (US) has broken the crucial trendline and nearing the 55 Ema support levels.

Is this end of the Ongoing bullish trend , may be,this week picture might be clear- where the global markets are headed .

Sundram Fastner - 52 week high

Sundaram Fastners - something really cooking, moving against the general trend with volume.

30th October 2009- Friday' update.

Nifty spot - 4750

Support 4722 / 4705 / 4688 / 4671

Resistance 4772 / 4790 / 4807 / 4824.

Range 4705 to 4807

Strategy Buy on dips with SL 4688 Tar 4755 / 4772 / 4790.

If opens high Sell @ 4790 safe Sell @ 4807 SL 4824 or 4830 Tar 4772 / 4755 / 4738.

For Intraday,

Buy Sun Pharma (1403) best buy @ 1387 Safe @ 1378 with SL 1360 Target 1420 /1429 / 1439

29th October 2009- Thurday's update.

Nifty spot - 4826

Support 4797 /4780 /4763 / 4746

Resistance 4853 /4871 /4888 /4906.

Range 4780 to 4871.

Sell Nifty (spot) if fails to hold 4853 with SL 4871, Tar 4815 /4797 /4780 /4763.

Wipro(626)- Buy with SL 610 , safe buy @ 623 & best @ 617 Tar 628 /634 /640.

Nifty update with chart for 26th to 30th October -2009

Nifty for the week ended minus 2.80 % compared to previous week, but with low volumes, may be due to profit booking at higher levels. Nifty is now nearing the crucial support levels of 4900, RSI indicating oversold in the daily chart and ADX(23 ) is dipping below 30 levels - ADX declines below 30 is interpreted as a consolidation after a trending move - If Bearish patterns develop and breakdown, look for ADX to move higher, this time indicating a trending move on the downside. 

Trading strategy for this week should be – Buy Nifty with closing stop loss 4880 for a target of 5040 to 5110 levels or buy 5000 ce around 4900 to 4940 with closing stop loss 4880 for target 5040 to 5110.

Nifty Range for this week   - 4880 to 5182.

Support	4950	4880	4810	4740
Resistance	5040	5110	5182	5254

23rd October 2099 - Friday - Intraday update

Nifty spot Support 4975 /4958 /4940 /4923 Res 5003 /5021 /5039 /5056.

Today' Range 4940 to 5039.

Trend - Weak after Bullish opening.

Sell on rise with stop loss 5044 for target 4975 to 4940.

Sell DLF(449) on rise(456 to 461) with stop loss 466 target 443 /438 /432.

Short term trading ideas -1

Stocks	L T P	S L	Tar
Neyveli Lignite	140.25	126	158 / 167
Triveni	117.45	104	129 / 143
Sil	31.45	24	40 / 48
Mahindra Forging	78.80	66	97/104

Last week Movers and Draggers

Bse all sector index top 3 sector's were Metal - Bank and Real estate and all the index ended in positive territory.

Nse Midcap top movers above 10% in last week .

Nifty 50 Gainers and loser for the past week.

Wish you all Happy and Prosperous Diwali !!!

Important Nifty 50 - Stock updates -3

Tata steel hit the 52 week high this week but with low volume compared to previous up moves – now longs are advisable only on closing above 550 levels and stop loss for the longs are around 485 closing basis. Trend reversal seen on closing below 485 and it happens to be the long term trend line support too. TATA STEEL this week,

Support 522 – 499 – 477 
Resistance 550 – 562 - 574 

State bank of India correct with volume and addition of open interest – indicating profit booking at higher levels, now the crucial support levels is around 1950 levels – break would indicate the halt to the current bullish scenario. State Bank of India this week,

Support 2031 – 1986 – 1942
Resistance 2092 – 2138 – 2185

DLF is consolidating in the range of 490 to 540, other details are enclosed in the chart – this week,

Support 405 / 395 /385

Resistance 421 / 432 / 442

In the chart there is mistake – read as breaking of 390(not 490) would terminate the uptrend.

Important Nifty 50 - Stock updates -2

Infosys witnessed profit booking form the higher levels after good results – the stock corrected with good volumes and increase in open interest. Now on daily chart is has broken the long trend line (but close to support line-2100) but on weekly chart 2100 is crucial level – closing below 2100 can end the near term bullishness in the stock. Every rise can be used to exit this stock and only a closing above 2425 should be used to enter longs. Infosys this week,
Support     2117 – 2071 – 2023

Resistance 2214 – 2261 – 2309.

Maruti, like Infosys, has broken the long trend line, and corrected more 10% this week with high volumes and open interest compared to previous few weeks and closed below 1500 which was a crucial support area. Now any bounce back should be used to exit the stocks, with 1420 being the last support for the stock for this uptrend. Maruti this week,

Support       1451 – 1413 - 1375

Resistance   1510 – 1549 – 1588.

Important Nifty 50 - Stock updates - 1

Reliance bonus was expected by the market participants to give huge moral boosting fillip to the stock to cross the crucial resistance level 2240 but that turned out to be a single day show. Now form the charts it’s clear that 2050 is important support level and break down this would take the below 2000 to test 1961 level. On the higher side any close above 2205 used to enter longs for higher target. Reliance this week,

Support 2051 – 2006 – 1961
Resistance 2130 - 2176 – 2235

BHEL is another stock that crossed the 52 week high and given up some of the gains to close below 2500 levels. Now the stock immediate support is around 2350 and longs are safe until this level is not broken on closing basis. BHEL this week,
Support 2424 – 2375 -2326
Resistance 2451 – 2501 – 2551

Nifty update with chart for 12th to 18th October -2009

Nifty ended this week with -2.72% compared to previous week closing with high volume and increase in open interest.  MACD and RSI – indicating negative divergence for past few months. Now the crucial levels for this week are,

Support          4900 – 4865 – 4830 – 4795 .

Resistance      4991 – 5062 - 5134 – 5206.

Nifty from the daily charts, it’s clear unless it breaks the 4900 level – there is no risk for the longs. So, buy on dips with stop loss 4900 or use any bounce to short at higher levels round 5030 with stop loss 5062. Short term shorts should be imitated only below 4900 for target 4750.

Nifty daily chart

 5 DEMA  - 4988  20 DEMA  - 4935    
50 DEMA  - 4756

Bhel - time to book profits

BHEL has moved for last few days form 2220 levels - now today it has formed an inverted hammer (candle - long upper shadow ) pattern on daily charts with huge volume compared to last few days.
Time to book profits in the longs or short with today's high (2525) as  stop loss with target 2407 and 2372.


Trading hint:-
A tall upper shadow is especially important when it appears at a high price level, at a resistance area, or when the market is overbought. This is because such a candle line would hint that there is either heavy supply entering at higher prices or an evaporation of buying. In either case (see chart),  a long upper shadow could be a bearish development - the book Beyond Candlesticks - Steve Nison

IB sec - short term view

IB Sec (58) is moving with high volumes and consolidating with lower volumes as shown in the chart.
From the charts it's clear the IB Sec is making higher highs and higher lows - indicating momentum with the higher side for a target of  78 to 80.

Trading Tip :-
Trade with the trends, rather than trying to pick tops and bottoms.

Nifty View for 6th October 2009

Nifty spot  support  4987 / 4970 / 4952
Resistance 5026 / 5044 / 5062 .
Trend - Open on bullish note will consolidation later.
More bullishness once crosses 5062 -65
and trades for few minutes.

If Nifty could sustain above 4960 ,
then next sector to watch for would be
Capital goods and Engineering.
Stocks like Bhel - L&T - Crompton etc should do better

Position call - Karur vysya Bank

Karur Vysya Bank indicating accumulation can target 420 to 480 abv 365 levels which is minor resistance area, with support levels around 320 on closing basis.
Long term investors can accumulate KVB on every dips.

Short term support levels

All the support levels are based on Fibonacci levels closing  below final support levels indicate near term change

My Market Dairy

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My Market Dairy - this is the way I organize and pick stocks form the chart using Technical Analysis. Here we go form today - updating stocks with charts as and when I find important patterns to trade.

Nifty update with chart

Nifty spot support level on daily chart is at 4893 ie 21 ema and 4908 is the 38.2 % retracement level.
This is the first immediate level to watch for on closing basis.

4783 is very crucial level , since 61.8% ( death zone) and the crucial support line( Nifty never closed below this level, once crossed over) is also at this level.

So, Positional short should be initiated only on close below of 4780 level or on rise once again near 5100 with closing stop loss 5172.

Now on panic one can buy Nifty around 4910 & 4846 levels with stop loss 4780 for a target 5050.