Friday, May 16, 2008

Upward journey continues....

NIFTY continues its upward journey and slowly negating our uneasiness. However, still be on guard and this market can be considered bullish only above 5200 levels. For today, strongest resistances come at 5150 and 5200. At 5150 NIFTY will meet the reverse trendline indicated in the chart. Positional longs can wait to enter above 5200 for a target of 5400. Also, we are going into a long weekend so there maybe profit booking towards close today. Stay on guard!!!


Short termers can look at investing in hindalco, it has a nice setup on charts. 220 if crossed this stock can fly to 270 in no time.

INTRADAY CALLS
ACC - CMP - 681. BUY target 700,712 SL - 668
HDIL - CMP - 776.4 BUY above 782 target 801 SL - 754
TISCO - CMP - 881.7 SELL around 905 target 888, 875 (This stock is in bullish mode, we will be trading against the trend so you will have to wait patiently for the high to occur and then short).
IL&FS INVESTMART - BUY CMP - 191.55 Target - 199.7 SL - 187
RENUKA SUGAR - CMP 137.45 BUY Target - 142, 146

POSITIONAL
INFOSYS - CMP - 1893.1 BUY 1919, 2000
DLF - CMP - 644.9 BUY target 666, 678 SL - 640

FOLLOW UP ON YESTERDAY'S CALLS
ONGC was perfect, we waited for high, shorted and covered at target 1
ORCHID chemicals hit target 2
TCS target given was 1003 and it made 1002 (thats how close it can get :))

Sometimes I give realtime calls on yahoo messenger. You can mail me at rajiv.babu@gmail.com or add travellin_techie on yahoo for more details.

Thursday, May 15, 2008

Trade the breakout: HINDALCO


Hindalco has given good breakout with volumes...buy for short term delivery target 270+

Suspect Upmove


Market moved up yesterday against our expectations and Stop loss triggered in our reliance industries call. I am attaching RIL chart to show how RIL exactly reacted from the upper trendline and stopped moving there.

We will watch this stock today. Though market moved up, the upmove looks suspect. Without lack of any triggers, market seem to be discounting every bad news...is this a bull trap?? Time will tell us. Till trend becomes clearer, we will continue to trade lightly on an intraday basis only.

INTRADAY CALL
ONGC - SHORT around 958, Target 944, 928 SL - 970 (ONGC looks very bearish on charts however its almost in oversold territory now. So wait for upmove and short at higher level)
ORCHID CHEMICALS - CMP - 277 BUY target 282, 288, 299 SL - 273. (282 is strong resistance for orchid. Above 282 this stock can fly)
TCS - CMP 971 BUY targets 995, 1003, 1027 SL - 950

FOLLOW UP on yesterday's calls
RIL hit our stop loss, Andhra bank did not come to our shorting price so we did not trade that counter. Bajaj auto data had some errors (I guess an issue with the data i had downloaded in ami) so we skipped that too.

Wednesday, May 14, 2008

Trend weakens...May 14


Market is looking very weak now. And the trendline seems to be broken on charts now. One more lower closing with the high below the line will confirm this. Look to exit all longs at every rise. Market is oversold on intraday charts and there maybe a light bounce upto 4970/5000. On the lower side 4914/4900 supports will be decisive. On break of which 4800 will definitely come. So today's mantra SHORT on every rise. Also, one more reason for being bearish now is many of the stocks are more short candidates now as per charts. Overall trend is down.

INTRADAY CALLS
RELIANCE - CMP-2501. SHORT on rise. Target - 2450. SL - 2540
Andhra bank - SELL below 79 target 76. SL - 80.5
bajaj auto - short below 2075 Target 2057, 1994. SL - 2090

FOLLOW UP on yesterday's CALLS
Both bombay dyeing and HDIL hit our targets while SL triggered in RCOM.

Tuesday, May 13, 2008

Not a great upmove...May 13

Though market held up and closed above 4950, we are not yet very comfortable with it. We will still have a rally upto 5150 levels post which we can expect some down move again. For the moment, we will go long with smaller targets in mind.

POSITIONAL
BUY NIFTY target 5150. SL - 4900 (Closing Basis)

INTRADAY
BOMBAY DYEING - CMP - 924.2. BUY Target - 957, 980
HDIL - CMP - 733. BUY For targets - 749, 755, 780. SL - 717
RCOM - BUY ABOVE 555 Target 566, 573, SL - 543


FOLLOW UP ON YESTERDAY'S CALLS
SATYAM - Both targets achieved
Reliance - Opened below our stoploss hence no trade

Monday, May 12, 2008

Wait for direction....may 12


Today is an important trading day as said in my earlier post. It will let us know if market is poised to move up or crack down in the coming days. Asian markets are marginally down at the time of writing this post. So we may not open below 4950. If this is held, we will see 5050 today which will act as a good resistance. If 4950 is not held, we will slide to 4700 levels in the coming days. So for today, we will wait for confirmation from the market before trading. I have attached NIFTY charts with various studies for your understanding.


Satyam computers - CMP - 474. This stock is looking good on charts and is expected to move up today. BUY above 475, target 483, 489. SL - 462.

Reliance - CMP - 2528. BUY target - 2600. SL - 2510

Sunday, May 11, 2008

Weekend updates...US market updates...


Dow jones industrial average akin to nifty is in a very crucial spot again...see the attached chart.

Dow is also at a critical stage now as its down to touch the lower trendline of the current uptrend. If it breaks..........world markets may just follow...if it takes support and starts moving up again, 13400 looks like a likely target. As said in my earlier post, monday will be a crucial day of trading. It will dictate if we trade long or short for the next few days or week.