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....

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.

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

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.

Beginning of the end?? May 2nd

Expect 5300...However, many frontline stocks are showing weakness....advise strict CAUTION!! Do not BUY now in this market. Use rallies to exit longs. Slowly we will build shorts. We advise buying some NIFTY puts today..positional shorting should be done only around 5300 levels with a stoploss above 5400. Do not BUY at higher levels or short at lower levels.

YESBANK is still in our watch list and is in a make or break situation. Look at the yes bank chart here. Trading range is 166 - 172. Break of either side will give us a very good trading opportunity. Watch this and trade on break...long or short based on which side it breaks.

We are trying to catch an upcoming correction early today...so wait and short at highs...and keep your stoplosses intact above 5400.

Stock updates and day ahead 30 April

As said yesterday market rose sharply after RBI policy announcement. Suzlon and SBI have reached their targets and orchid did not take off. Markets continue to be in uptrend. We can expect some consolidation today. Short term targets for NIFTY are curently around 5300 - 5400 for this rally. Today's picks

RELIANCE CAPITAL - BUY above 1500 target 1555, 1600
YES BANK - BUY above 175 target 180. (Watch this stock today. Formed a traingle on charts and can give an explosive breakout)
ADLABS - BUY above 780 target 820
SCI - BUY above 241 target 249