Happy New Year

Wishing all the reader's a very HAPPY NEW YEAR.

Nifty

Today Nifty has closed above 50 dma after 27 trading sessions..........so lets see if we have follow through action or it again start showing weakness from here on.

Torrent Power

Torrent Power has be trading in a range between 369-270 for more than one year but now it broke down from this range, so it could now target 175-170.

Nifty :Double Bottom

Nifty made double bottom at 5690-5720 , so now if it could go above 6070 with volume we could see previous highs.

Nifty

On weekly scale nifty took support at long term trendline, so we could see a good bounce now.

Nifty

Nifty is managing to close above the lower trendline, if the trendline breaks on closing basis than next support comes around 5670-5700 (also at present nifty 100 dma stands at 5762).

NIFTY

 

Nifty has formed a bearish engulfing pattern on weekly scale ,indicating further fall.

Nifty Daily Chart

Nifty has a strong support in the band of 5940-5980.

Happy Diwali

Nifty

Nifty has a strong support in the band of 5980-5935.

Allahabad bank

One can buy ALBK with stop loss of 246 on closing basis.

Unichem Laboratories Limited

One could buy unichemlab above 233.

Geodesic

One can buy geodesic above 130 for target of 145-160.

Update : IFCI

Target for IFCI reached as given in this post .

Relapse

Again down with high grade fever ............looks like previous infection has relapsed again............oh god not again!!!

Update :Nifty Range

Target reached given in previous post.

Nifty : Range

Nifty was moving in a range for last three days, today it broke down from the range so now nifty could target 6063-6073.

Talbros Auto

One could buy talbros auto with a stop loss of 79 on closing basis.

IFCI

IFCI could now see 76-78 levels in coming days.

Nifty :Double Top

Nifty made a double top at 6073-6071 ,now it could target 5910-5920.
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Update EOD 30/09/10
Pattern Failed .

JSL

If the stock manages to close above 131 for 2-3 trading sessions then it could target 160.

Update : Falling Wedge in Nifty

Target for nifty given in last post reached as nifty made a high of 6029.

Nifty : Falling Wedge

Nifty has formed falling wedge in hourly chart so if 5970 is taken out with good volumes nifty could again see 6035.

Nifty vs 52 Week New Highs Minus Lows

In the chart above one could see even though nifty has been making new highs but 52 week highs minus lows figure is not able to sustain above 100 so one need to cautious...but one can argue that this is the case for months, so now with nifty P/E value at 25.29 this cautious approach becomes even more important.  

EKC

EKC has made a double bottom at 108 and is on the verge of breaking downward trend line of more than two and a half year, so one could buy it if it gives close above 123 for 2-3 trading sessions for target of 133-146-160.

On to recovery

For last two months i have been not keeping well, suffering from multiple infections so was not able to post but now as i have recovered quite a bit i'll try and post regularly on the blog.

NIFTY

In case of correction 5536 should prove to be a good support now.

Nifty

Nifty could find good support at 5365 levels as this level has provided support on numerous occasions earlier.

Update : Bajaj Electricals

Bajaj Electricals was recommended on 12th july in this post and the stock has appreciated 20% since then.

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Stop loss hit in karnataka bank.

DCB

One could buy DCB above 53 for a target of 60.

Karnataka Bank

On could buy karnataka bank for target of 190-195 with a stop loss of 171 on closing basis.

Happy Independence Day

Wishing all the indians a very happy independence day.

Update : Lakshami Vilas Bank

Lakshmi vilas bank hit the target of 115 today as given in previous post.

Lakshmi Vilas Bank

Close above 104 could take the stock to 115 levels.

Nifty

From last seven trading sessions nifty has taken support around 5360-5362 levels numerous times so break down from this level could take nifty to 5280 levels.

Bajaj Electricals

Bajaj Electricals Limited gave a breakout on good volumes and is trading at all time high so one could buy it with stop loss of 230 on closing basis.

Bharat Forge

 Bharat Forge has taken out 305 level convincingly now it could target 350-360.

Amara Raja Batteries Limited

Amara raja batteries limited could go to 220 if the stock keep closing above 185 consistently for few sessions.

IFCI

IFCI has been trading in a large triangle for past one year and it looks like it is ready to break out from this triangle so if 58 is taken out with good volumes then it could target 85-90 in next couple of months.

Dhan Bank

Dhan Bank today broke out the resistance at 178 with good volumes and is trading at all time high so one could buy it with target of around 200-210.

Nifty

Nifty has made recent up move within upward moving channel so lower trend line could provide support in case of any correction and the lower trend line stands at 5210 for monday and increases by 10 points each day.

Update 2 :Dhan Bank

Target given in this post for dhan bank reached today.

Nifty

Above chart is nifty vs 52 week new highs minus lows and looking at it we could see that since beginning of  2010 nifty has been making new highs but 52 week new highs minus lows are making lower highs which indicate weakning broader market and this point was brought to my notice by sunil  ji of timamo .

Nifty

For last eight trading sessions nifty has been making higher high and higher lows so till this trend continues bulls need not worry as trend remains up.

Nifty : Negative Divergence

Nifty is moving higher and higher with continuous negative divergence ,looks like correction is right at the corner. 

Atul Limited

Atul limited has been trading in a narrow range for last few months and was constantly getting resisted at 96.70 level but today it managed to close above it on decent volumes so one could buy it for target of 108-111 with stop loss of close below 94.

Nifty : Head and shoulder

Nifty hourly chart show formation of inverted head and shoulder pattern with neckline at 5110 and target of 5500+

Update : Rising Wedge in Nifty

After a breakdown from lower trend line price didn't move lower but started moving sideways which indicate pattern failure.

Nifty

There is  bearish crossover in nifty with 20dma below 200dma, the thing to be seen now is whether this crossover sustains or it will be just another whipsaw.

Nifty : Rising Wedge

Nifty has formed a rising wedge on hourly chart, so if 5040 is taken out with volumes nifty could target 4900 and then 4800.

US Market : S&P500

S&P 500 has formed double top at 1103-1105 and it could now target 1035.

Update 1 : Dhan Bank

As posted in this post Dhan bank gave a breakout from trading range of last several months on good volumes so it could now target 180 in short term.