weekend thoughts....TV analysts

The other day I was watching CNBC the usual power breakfast show....I think it was friday morning...many analysts came on including our famous ashwani gujral. I was surprised when I found that most of them advocated BUY on dips in this market and were bullish when clearly market was to go down. I was wondering how many people would be misled by these recommendations and lose a lot of hard earned money. I have lost total trust, if any there was on these analysts so much so that, if they say BUY am sure market will tank and vice versa. Just wanted to caution followers of this blog to be wary of such elements. Also an update on the NIFTY short initiated yesterday, first target is around is around 4800. We can book once here and short again bounce (maybe a 50 point bounce?) and target 4480. As of now yes this low a target looks probable. Of course with time views may change. However, 4480 looks like a reality now...so be cautious if ure long...better exit or atleast hedge with NIFTY shorts......

Intraday update on may 23

Market has broken all supports...positional shorters...short NIFTY and hold for 1 - 2 weeks.. We will track this position and cover this at an appropriate time later...

just wanted to add...that we may have get intermediate bounces..do not panic...more I shall update later

Is market about to crack?....May 23

Yesterday NIFTY stopped falling just at the trendline. Today we may have a bounce. Trading range for NIFTY will be 5020 - 5110. NIFTY is unable to sustain up. Use today's bounce to exit long if any and short around 5100 (if we get there) else around 5070. I have a feeling we are going to see some major correction over the next 2 weeks.

Look at the chart to see how nifty is exactly within our trendline

INTRADAY CALLS
NAGARJUNA FERT - BUY ABOVE 50.15 TARGET 52
RCOM - SELL BELOW 575 TARGET 565, 561
ISPAT - BUY target 37.7
ICICIBANK - SELL AT 890(STRONG RESISTANCE) TARGET 862

FOLLOW UP ON YESTERDAY'S CALLS
It wasnt a great day yesterday. BOI, ESSAROIL we didnt get an entry and IFCI triggerred stoploss. Though IFCI was strong, it was just beaten up by overall negative sentiment.

EVENTS TO WATCH OUT FOR
Today is Inflation friday. Market may remain lacklustre till the numbers are out at 12.

Dow breaks uptrend...May 22nd

Look at the Dow chart...the current uptrend is broken. One more lower close and it will be confirmed. Locally we might also head lower then. If 5000 is broken, then we will see 4800 in the coming days. SHORT NIFTY on close below 5000 for a target of 4800. Today global cues are negative. However if opens too low, do not short.

INTRADAY CALLS
BOI - BUY around 311 (wait for this price) SL - 308. Target - 333
IFCI - BUY above 65 target 70
ESSAROIL - BUY above 266 target 273

FOLLOW UP ON YESTERDAY'S CALLS
HDIL hit our target exactly and came down. Maruti did not move much just made around 815. Still 14 rs intraday profit considering we were long from 801. I am still bearish on TISCO. Though I closed my position yesterday. TISCO above 925 will goto 945. Below 925 supports are at 910, 900, 880, 850. All levels in spot.

Selling coming at every rise...May 21

Yesterday we said if closes above 5150 go long. NIFTY was unable to sustain this level even on an intraday basis. Today's levels to watch out for nifty will be 5040 and 5130. NIFTY is still unable to break the reverse trendline and is facing a sell at every rise. 5000 levels may provide good support for the time being. However, positional longs I think can wait for sometime. I initiated positional short in TISCO around 905 and am holding onto it tightly. I might consider profit booking based on market conditions or hold on. A lot IT stocks are showing resistance for upmove and profit booking. Avoid longs in this sector. Yesterday I advised people on my yahoo list to lighten all long positions and book profits. I guess it is justified now :) looking the weak global cues....

We will watch sterlite industries in the coming days its formed a beautiful reverse head and shoulder (bullish pattern). Based on market direction and further moves I will advise a position in this stock.

INTRADAY CALLS
HDIL - CMP:842.25. BUY on dips target - 867
MARUTI - BUY around 801(wait for this price) target 832
TCS - CMP - 956.1. SHORT below 950 target 930, 922 SL - 960

PERFORMANCE OF YESTERDAY'S CALLS
TISCO short is still being held. Suzlon hit our target. PNB and BOI did not give trading opportunity.

Market view and stock picks....May 20

Attached chart shows how NIFTY reacted from the reverse trendline. For today 5150 will be very critical. A close above this will be very good for the market in the coming days. Bullish confirmation will be on close above 5200. BUY NIFTY if closes above 5150 for a target of 5300.

INTRADAY
BOI - BUY above 364 Target 374
PNB - BUY above 580 Targets 587/592
SUZLON - CMP-307.95 BUY target - 316

POSITIONAL
IDFC - CMP-168.65. Positional BUY target 193
SAIL - CMP 186 BUY - target 205 SL - 184(closing basis)
TISCO is a positional short...refer to my previous post for details.

Pick of the week bonus...bank of india

Nice cup and handle setup on charts...tuesday also happens to be results day for bank of india (BOI)....stock looks good for 400+...can initiate positional long with confirmation of break.

Pick of the week...Tata Steel...SHORT call

I've marked the resistance for TISCO at 900. See how it has been struggling to cross that level. We have recommended short on it from friday itself. I am upgrading that intraday call to a positional SHORT call. More reasons on why TISCO is a short...
1. RSI indicates its overbought
2. Its overbought as per slow and fast stochastic indicator.
3. Finally a huge OI buildup (longs) in may series. We have just 8 more days to expiry, expect a lot of unwinding in this counter....In short....SHORT TISCO....target around 830....

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