Monthly Archives: September 2013

#169 Nifty Update: reacts as expected

Nifty was pretty sticky around yesterdays close during few hours of trading today. As i had mentioned on our twitter today morning 5842 was strong support and we did got a chance to go long at the same level. We did recommend to go long yesterday at our blog and we hope your are holding your long positions!!! Anyways fundamental today late night FOMC would announce the decision on Tapering which could affect the opening tomorrow. Coming to technicals, nifty is still showing bullish biasness. Nifty taking strong closing support at 5 EMA which is now at 5842. Looking at elliot waves we expect a move of around 200 points from here but anything is possible so fingers crossed.

Strategy: HOLD longs recommend yesterday. We would recommend to average your longs are 5842 and  5791 with SL of 5741 (Closing basis_ .Tgt is 6100 but 5983 is also imp resistance.

#168 Nifty Update: crucial Support

Nifty has been taking strong support at 5 EMA at 5827 which i consider to be a crucial avg for a week trader. These 2 days are crucial for DOW as FOMC meet begins. Tapering is expected to be almost $10billion. We all must wait for the result tomorrow. But chart patterns suggest a 70% chances a up-move. DOW is technically at confusing state but daily indicators are suggesting a upside bais too. RBI bank review is on 20th September and we dont expect at rate cut and i guess market is already discounting it. So we are in a consolidation phase and nifty’s downside is capped at 5690-5718. Our Strategy would be going Long and averaging your positions around 5691-5718 with targets of 6030-6150. (Closing basis) 

#1 Chana Update:

Chana has found bottom around 2600 and bounced back sharply to near term high of alomst 3200+. Now the Pulse is in some short term profit booking. It has been closing and trading below the short term moving averages showing some weakness in the bull power. RSI has just signaled a Sell from the overbought zone while MACD had already given a crossover sell on 4th Sept. But the weekly indicators are positive and secular trend has turned towards the hand of bulls. Chana has been trading sideways between a downward sloping resistance line and upward sloping support line. but today Chana (Oct) has managed the close below the support line adding to short term weakness.

Our strategy: For Short Term traders: SHORT CHANA (OCT) WITH A CLOSING SL OF 3200                                                                   AND TGTS OF 3100/3044
                    For long term Investros: BUY ON DIPS AT 3103 AND 2983 AND ON THE REVERSE                                                          SIDE BUY BLINDLY ABOVE 3200 

#167 Nifty Update: Ignore Todays Trailing SL close on NIFTY

Yesterday i did mention to square-off Longs after nifty closes below 5871 and today it closed below. But i would suggest you all to ignore todays close and DO NOT CLOSE longs tomorrow UNLESS it trades below 5832 tomorrow. Today IIP numbers were announced after markets and Inflation too. Both the numbers have shown some extra ordinary improvement. So wait and watch for tomorrow

#166 Nifty Update: "Booster on Nifty"

As gamers would be aware of a Booster button in NFS, same is the case on Nifty currently. After a whooping volatile session in the month of August when nifty managed to closed at 5285, it has since gave a non-stop trading close at 5913 today. RBI says reserve money has increased YoY against the same period last year. Technically we are in a strong bull mood over 100 EMA and 200EMA. Indicators still have strength to drive nifty to some upside. Looking at chart from the point of view of Elliot Wave theory and some other patterns coordinately, i expect Nifty to resist near to 6003 (closing basis). But a range of resistance is 5971-6034 for next week and than market could retrace upto 5725

Strategy: Book Partial Profit on Long Nifty initiated by us on 4th Sept at 5971 and Full profits around 6003. Keep a Trailing SL at 5871(Closing basis)

#165 Nifty Update

 Nifty has closed above a strong resistance level of 5724 today. Our target was 5769 as we expected on 4th September 2013. Technically it has closed a way above 100 EMA and 200 EMA. Now markets are in a   strong bull run. Now we can expect a high volatile sessions upto 17th and 18th Sept when we have bank policies. Our Strategy now is to hold longs initiated on 4th Sept with Trailing SL of 5724 Closing basis

#2 Soyabean Update: closed at 3367

On 7th Sept, i initiated a Short call on Soyabean near to 3512 and 3386 was the first tgt. Today it closed below 100 EMA which as at 3386 and my first tgt has been achieved. Next support could be at 50 EMA at 3288. But chances are that market would take strong support at 3190. As per Elliot wave the worse could be at 3050. 

Strategy: HOLD Shorts initiated around 3500 levels with the SL at Cost Price. Book partial profits at 3288 and Full profit at 3190

#2 Dhaniya Update: closes below strong support

Dhaniya saw 100 points fall today to close at 5730. Yesterday we recommended to short dhaniya with near term support at 5743. Today it has closed below tht support comfortably to confirm short term weakness in near term. Indicators have turned completely bearish. Still have the Sl at 5993 as its a volatile comnodity. Next tgts are intact at 5539 and 5382 in extreme weak sentiments. We may see some upward movement here which could considered as a short opportunity.

#1 Soya Bean Update

SoyaBean Indore Ncdex has seen some straight vertical upside move from 2872-3703. It resisted near to a downward sloping resistance line. Currently it is trading below 100 DMA which is at 3553 i.e., it suggest a weak trend below the said level. Today SoyaBean is trading below short term moving averages adding a weak trend characteristics. We expect it to correct in near term.

Strategy: Short SoyaBeanIDR (Oct) NCDEX with SL of 3705 and tgts 3386/3288/3190/3050 All the levels are closing basis.