New year Greetings - 2010

Comparison since Januray 2008 - high

ABirla Nova - Break out !!!

A.Birla Nova - from the charts it's clear trades above 55 DEMA and breakout of the downward sloping line(upper line of Triangle) with Volume.



ABirla Nova, if can close above 940 in coming days can target high 1050 made 8th sept. with immediate support at 860.

Nifty update with chart

Nifty trading around the 55 DEMA 4975. Now  from the weekly chart it is clear that Nifty holds the support at 4936 -61.8% retracement of previous swing and once Nifty closes below the 4860 - 50% retracement , it would lose  the upside momentum.  Breaking of the upward moving wedge(bearish signal) could signal panic selling for wedge target around 3920 levels with  in-between target of 4363 and 4140.
                                                       Now a close above 5092 would keep the uptrend intact for target of 5247 and 5330.

Gold update with weekly chart - 2

Gold has closed below $ 1100 since first week of November, a weekly close below $ 1100 would terminate the on-going bullish run. Now immediate supports are $ 1065 - 1035 - 990 as said in the previous update.

From the chart it clear that Gold is losing the momentum , with MACD on the verge of crossover and RSI dipping lower.

On the higher side it would face resistance at $1118 - 140 - 180 as resistance and move above 1180 would indicate the bullish run to continue.

A close below $ 990 would indicate the end of the uptrend, and start of correction towards $ 865 to 680. So, Long Term Investors, can buy($ 1030 to 1065) on any dips with stop loss $ 990.

Review of Important Nifty stocks.

NIFTY

On Weekly basis, Closing below 4940 then Nifty can target 4705 and 4575 with minor support at 4800. 


Now for the Uptrend to be intact Nifty has to close above 5080 for higher target 5237 / 5308 / 5511.

Reliance

Reliance 200 EMA @ 990, very important level to watch in near term. Immediate range is 980 to 1065. 


980 levels should offer some support for Reliance in coming week, otherwise can test 900 levels.

ICICI Bank

Below 850, the stock is weak to test the 780 to 745 levels, as mentioned in the previous review. 
Any bounce back from this oversold region could be utilized for selling the stocks near 836 to 845 levels with SL 856, or can buy around 782 levels with closing stop loss 780. 
200 DEMA is at 750 that could offer some support in near term.

DLF

DLF is trading below 200 DEMA, one of the weakest stocks in the Nifty 50 stocks. A close above 378 could change the bearish trend or any bounce back can be used to sell the stock with stop loss 378 for target 336 /320.

TATA STEEL

Tata steel is finding good support at 544 range, now it has to close above 570 levels for maintaining the uptrend to target 606 / 625 levels or could test 522 to 502 range once closes below 544.

BHEL

BHEL, if unable to cross 2365 levels then can test 2266/ 2222 levels. Buy on dips around Stop loss 2222.

INFOSYS

Strongest stock in Nifty 50, utilize any dips to buy this stock with stop loss 2325.

BHARTI ARTL

Bharti Artl, bounced from its low of 270’s to 348 levels, now the stock is consolidating around the 200 DEMA. If Bharti Artl consolidates around 310 to 320 levels, it can move towards 370 levels. Closing below 300 levels can take the stock to 254 to 228 levels. So, near term range for the stock is 300 to 330.

REL. INFRA

A weekly close below 1025 would signal weakness in this stock. Rel. Infra is making lower high, with descending triangle pattern, indicating lack of strength in the stock. A weekly close below 1025 would indicate further weakness for target 860 to 710. A close above 1190 would terminate the weakness in the stock.

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ABAN

Crude - views

Crude has taken the support at 200 EMA but broken the rising wedge, now this formation can take the Crude to $60 to 48 levels , if the 200 EMA support doesn't hold.

Any bounce back can be used to short crude with Stop loss $ 76( test of 55 EMA) for above given target.

Gold update

Gold after breath-taking run in short span of time , has even more reversed sharply more than run-up(time-wise). We have clearly indicated that the run-up could terminate sooner and better to book the longs and avoid fresh longs, in the previous post. (https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhyECMngjETWFGd-UUmrotnoo3qEj1jjW6dJ7Ha0avS4ZldBmcILUXCfySrsNTsNapZGlv26OBNknBDGyOUGBvnVYS0Fa8JSeMmnwTwxgHHjn0bt5iUkOFls-ChoWAuf1J4_Q3vXmecT8AN/s1600/gold.PNG)

Now, Gold 55 EMA is around $ 1100 levels and trend line support is around this region, with RSI in oversold region, Gold can consolidate before next move.

If Gold fails to hold $1100 then immediate support levels are $ 1065 - 1035 and 990.

A bounce back from $ 1100 can keep the hopes of the current bull trend intact, for target $ 1250 to 1300, anyway trading above $ 1180 would keep intact the given target.

A close below $ 990 would indicate the end of the uptrend, and start of correction towards $ 865 to 680. So, Long Term Investors, can buy($ 1030 to 1065) on any dips with stop loss $ 990.

Pivot levels for coming week - 14 to 18th December

click on the table for enlarged vision.

Performers and Under Performer for this week

Trading ideas for this week form 7th Dec to 11th Dec 2009.

Nifty

Nifty range is 4940 to 5150, closing above or below, either side indicate trend.Closing above 5150 – Nifty can target 5280 and 5410.Closing below 4940 then Nifty can 4705 and 4575 with minor support at 4800

Reliance

Immediate range is 1040 to 1100 (closing basis) and intraday basis breakout above target 1149 and 1187.Below 1065 can test 1040 – weak only if closes below 1040.

Tata steel

Support at 563 –554 -545 can buy on dips with stop loss 545. Weak only if closes below 545. Close above 585 then can target 610-637 -711.

ICICI Bank

Support $ 864 – 851- close below 850 then can test 782. Now close above 887 would indicate bullishness up to 931 to 948.

DLF

Range 350 to 390. Closing above 390 can take 415 to 440 on upper side. Below 350 then 330 – 306 can be tested.

BHEL

2150 to 2280 is the near term range- break of either side could indicate near term trend.Buy on dips with stop loss 2150 and sell on bounce with stop loss 2280- should be the near term strategy.

INFOSYS

2325 to 2440 is the range, buy on dips could be profitable- one of the strongest stocks among the Nifty 50.

BHARTI ARTL

Bharti artl bouncing from lower level of 275 can target 325. A close above can take the stock to 340 to 357 levels. And close below 300 would end the uptrend.

REL. INFRA

Range 1082 to 1032, a close below either side could indicate the next trend. Above 1080 can take the stock to 1120 to 1155 and break of 1032 – can test 990 to 962.

Stocks that are indicating bullish for coming days

Manaksia

Fortis health care

GMR Infra

Hindustan Petroleum

LYKA labs

TV- 18