Corrective upmove continues...July 11, 2008

In spite of very weak global cues yesterday, our market held up. Today we have a lot of data pouring in including Infosys results, inflation data and IIP data. We are looking pretty good on daily charts as well with a small uptrend in place. But on intraday charts there is a rising wedge formation which is a bearish sign. We might get a dip good dip anytime today or on Monday. So if you are long, keep booking regular profits. Resistance comes near 4180-4200 levels for today. On the downside, we have strong support at 4060 and 4030 (all spot levels)

No stock calls again for today. I hope to resume these from next week. Work is still keeping me pretty busy giving little time for markets...

Breakout!!! Will this sustain?? July 10, 2008

I think charts say everything...we have a small breakout...will this sustain? I will leave this to your thinking :)...right now maybe the long side should yield some profits...maybe the next few days...look at RSI charts as well..

Taking a small break...

Friends...work has been keeping me extremely busy over the past few days and am unable to follow markets closely. So, I will take a small break still things cool down in the office front and should probably start posting updates again tomorrow or the day after...

Volatile Day expected...July 07, 2008

Today, we will have a lot of political developments on the nuclear deal front. This could keep market volatile as new flows and rumors float around. It is best to stay out till all this is passed as we do not know which side market will swing due to these news flows. Today is a stay out day!!

Technical Watch.....the IT index after a correction seems to be taking support at 61.8% Fibonacci retracement level and is moving up. This is also a results season, so IT could be a good performer in this condition. Watch this index for positional buying. Upside strong resistances are at 4200 and 4300 - 4400 levels. Chart of NSEIT is uploaded for study.

Stock Watch.....Reliance Industries is constantly finding resistance at 2130 levels. For intraday traders, a break above 2130 can give a good 50 - 70 points. Keep this level handy for trading.