Saturday, May 10, 2008

Weekend Thoughts....


I wanted to let you all guys know that market is now at an interesting make or break situation. Look at the NIFTY chart here...

NIFTY is heading towards a very strong support at 4950. This needs to be protected now for us to remain bullish. If its protected and we move above 5000 - 5100 levels. We will see 5400+ in the coming days. However if market breaks 4950, then all longs should be exited quickly. It will be a bad omen if 4950 is broken on closing basis. We will see another good downtrend from there on. US markets have closed negative yesterday. Now if Asian markets do not fall much, we might open to flat to slightly negative and then move from from here. Monday will be an important trading day. This will decide if we are heading towards 5600 or 4000 levels in the coming days. Lets keep fingers crossed and whichever way market moves we will take the same direction...

There is also a good possibility of a technical bounce here as market is oversold on intraday charts.

Friday, May 9, 2008

Watch out its "inflation friday" ....may 09th

Watch out for inflation figures today that may move the market. NIFTY is still rangebound and weak. Avoid trading NIFTY for sometime. We are also close to our downside targets now. We will have to see if these hold or market heads lower.

TODAY'S CALLS
INTRADAY
BUY IFCI - CMP:61.4 Target - 63.7, 65.7 (If closes above 63.7 hold this position for
next week)
SHORT JP ASSOCIATES - CMP: 267.6. Target - 250 SL - 274

FOLLOW UP ON YESTERDAY'S CALLS
PUNJJ LLOYD - Target 1 achieved. Target 2 missed by 15 paise :). Thats how close it can get
JP HYDRO - Target was missed 80 paise. SL was never hit. So both positions were covered in profits
We have initiated positional longs in BOTH CAIRN and IDBI. CAIRN hold for 287, 293. IDBI hold for 106, 107.4

Profited from the calls....Leave a comment....

Thursday, May 8, 2008

Bad cues to start with...May 08

We have bad global cues to start with. However, do not short at lows. NIFTY has good support at 5000 - 5050 support.

POSITIONAL
CAIRN - BUY on dips and hold for 290+
IDBI - BUY around 100(wait for this price) and hold for target 107

INTRADAY
PUNJJLLOYD - CMP 353.4 SHORT target 349, 342. SL - 360
JP HYDRO - CMP- 67.95. SHORT target 64.5. SL - 69

FOLLOW UP ON YESTERDAY'S CALLS
TISCO yielded good profits. Position was closed at 838 as there were signs of exhaustion. 811 to 838 - 10000 rs profit
BOTH TATA CHEMICALS and JP ASSOCIATES reached their targets.

All yesterdays calls were 100% SUCCESSFUL. Do you want more???? Add travellin_techie on yahoo messenger....

Wednesday, May 7, 2008

How will market span out today? May 07

We are on a downtrend. Global cues today are slightly encouraging. We may have a positive start and rally upto 5200 possibly...one more lower close will confirm intermediate downtrend. See my earlier post for probable targets. Our picks

POSITIONAL
TATA STEEL - BUY for 850+ (note: we are long since 811 yesterday)

INTRADAY
JP Associates - SHORT Targets - 267, 260
TATA CHEMICALS - SHORT Target 340

STOCK WATCH
CHAMBAL FERTILIZER - Ascending triangle on charts...break above 75.8

Follow up on yesterdays' calls
Both suzlon and JP did not come to our BUY prices. No positions here. Positional longs inititated in TTML.

PNB met our targets perfectly yesterday and yielded good profits.

Tuesday, May 6, 2008

3 black crows on charts...


As said since last week...market is heading down. Global cues will be very important. Likely target for this downtrend seems to be around 5040. We will wait and see if this comes....

Market has formed a 3 black crows pattern which is bearish. Also notice the trendline break....Likely Fibonacci targets are 5000 - 5040

SUCCESS STORY CONTINUES...May 06

When all were bullish, we shorted and see the results..3 cheers to whoever is following this blog. Try to cover all your shorts today. Though market is going down, in the short term it looks bullish. Following are some positional BUYS

Short Term
YES BANK - Nice breakout on charts plus close above 175. BUY for a target of 200+

Positional
JP Associates - BUY above 300(closing basis). Target 340. SL - 280
SUZLON - BUY around 284 (Wait for this price). Target - 290, 300.
TTML - CMP: 37.55. BUY Target 39.3, 40.5

Intraday
PNB - CMP: 530.4, SHORT Target - 522, 508. SL - 535
SBI - SHORT below 1754. Target - 1710. SL - 1762

All levels in CASH

Monday, May 5, 2008


Markets seem to be on a continued uptrend. NIFTY made a high of 5300 on friday. For now, upmove may continue for a few more points following which we have the probability of a good correction within this uptrend. We can expect market to test 5100 levels again before resuming any upmove. We will avoid buying at higher levels unless there is a real breakout again.

SECTORAL WATCH: AUTO stocks are moving up after a prolonged consolidation period. Tata motors, Ashok Leyland, TVS look attractive. Also the depreciating rupee will impact their margins this quarter. Keep an eye on the auto sector and BUY them for longterm investment.

PICK OF THE WEEK
DIVIS LAB - Has broken out well with an inverse head and shoulder on charts. BUY for SHORT TERM target of 1750 - 1800.