Monthly Archives: October 2013

#180 Nifty Update: Index in perfect channel

On our last update on #Nifty we mentioned to Hold long for risk traders and we are seeing a perfect upside angle on index. We had mentioned to that safe traders could keep a trailing SL at 6050 and it was hit but if you are lucky enough than its good for you. Anyways coming back to nifty, it is in a strong bull momentum. Our tgt 6220 as mentioned in #179 update is yet to be achieved and it would be comfortably achieved. Fundamentally US shut down is over and markets have positively discounted it. Indian markets are also positive on good Q2 earnings. Indiacators are yet positive and signalling some good road head for the index near  term. Weekly and Monthly charts are still handsomely supporting bulls .But WE DONT RECOMMEND TO Initiate new long though.

Our strategy: HOLD existing long with the tgts 6220/6280/6310 trailing SL 6125 (Closing)

#3 BankNIfty Update: 10600 achieved! now a speed breaker at 10948

On 2cd October we mentioned to go long on banknifty with first tgt of 10600 which has been achieved comfortably last week. Many ups-down but index is moving in perfect upside channel. Fundamentally, results of HDFCBANK, IndusInd and Axis Bank has been announced and they were at par with street estimation. Markets had rallied a dream run yesterday but i dont think it would lead to a life time high next week. We expect banknifty to resist near to 10948  which could be even touched on Intraday level.  Inflation is concern for us but currently it wouldnt have any negative affect on index or markets. SBIN is still to deliver results and i personally feel that NPA with all PSU bank is expected to increase.

Our Strategy: Our next tgt 11200 is activated but we recommend to book 30% profit at 10950 and buy back at correction upto 10400. If it closes above 10950 than hold upto 11200.

#3 Currency Update: Time to Sell USD

Rupee depreciation has been the talk of the town for last few months which has been beneficial for companies and individual having reach in foreign countries. Sectors like IT and Pharma are expected to show earnings above street estimation this quarter. On last 30th October it was our #1 Currency target and we gave minimum target of 62.80 against closing of around 52 that month and it was achieved with in a year. Now looking at charts of other markets we are of a view that Rupee should get stronger and fortunately we have seen perfect confirmation technically on USD/INR monthly chart. For the basic technical analyst as you all could notice a Dark Cloud cover pattern though not the perfect one but its valid. Indicators have turned out from overbought zone. Combining it with other technical theory we are expecting our Rupee to appreciate against dollar in next 1-2 years.

Our strategy: We recommend to Short USD/INR near to CMP of 61 tgts 60.40/57.60/54.70/53 and MAX it go down to 50 in next 1-2 years with SL of 65 (Monthly Close)

#179 Nifty Update: Mixed bag fundamentals but strong technicals

Around 2 weeks ago we gave of tgts 6150 on Nifty in the update #175. We have achieved all the tgts on intraday basis but we still of the idea that we will get a strong close above 6150 soon. Inflation of our country has been rising but on other hand this result earning season has been good so far. With Infosys,Reliance, HDFCBANK, TCS and HCL Tech delivering above estimation result we can expect others to perform as well. US Senate has just passed budget before few minutes to avoid debt default which is of a great benefit for us indirectly. Tapering in US will be delayed and liquidity would stay with us.  CAD has seen some improvement which is also to cheer for us. Technically we are close to over bought position on daily chart but still we can see a long upside on Weekly and monthly chart suggesting a every dip as a buying opportunity. Our strategy is to HOLD long on Nifty  with tgts of 6220  6050 is important support for next 2-3 sessions which could be trailing SL. Currently downside is capped at 5900 which could be consider as buying opportunity if we see that levels first. 

# Cotton Seed Cake Update: Short term Traders Earned Profit

On our #1 Cocudakl update on 23rd of Sept we recommend going long for traders at 1449 with a final tgt of 1513 which was achieved yesterday. We recommend Investors to hold long initiated at the same price on 23rd sept. Now coming back to the chart, indicators are still at the mid-way indicating some more upside on daily chart. We can also notice that commodity is in continuous uptrend channel. Secondly it has closed above short term moving average for the first time in near term. So we are still bullish for traders

Our Recommendation: Go long on near to 1509 tgts 1528/1549/1590 SL:1489 for traders and Investors HOLD

#178 Nifty Update: Super Bullish confirmation achieved!!!

Our 1st tgt 5988 on Nifty has been achieved as we stated in our #175 Nifty update. Today we saw a weak opening but markets rebounded strongly on Trade deficit numbers which came at 2 years low. Technically nifty took support at a moving average. But close has given a more useful bull sign as per candlestick i.e., A bullish engulfing. Though it is more significant at the lows of chart but we cant ignore today’s pattern. We could consider it as a continuation pattern of the current bull trend. Indicators are still expecting some upmove. We are intact with our next to targets 6090/6150 with a trail SL of 5900 (closing basis)

#34 Stock Update: New Morning for Adani Power

Our new recommendation for Multibagger is ADANIPOWER. I know stock has been in down trend since a life time high of 144 but now i am witnessing some accumulation on the weakly chart around 32-34 levels and Volumes are way above avg volumes. Technically on daily chart indicators have turned Super Bullish and stock is comfortably trading above all short term moving averages. A resistance line is around 35 which could act as a miniature breaker but the bull power since to over come it. On weekly chart currently candlestick pattern ‘morning star’ is in formation and for risk taker its a good time currently to go long for long term.

Our Recommendation: GO Long for risk takers and safe traders above 35 with tgts of 47/55 

#177 Nifty update: Role Reversed!!

On our post #176 we mentioned a speed breaker at 5915 and yesterday Nifty did resisted there. Ghosh!! yesterdays close for nail biting but finally it did go with our view on bulls side. It is believed that chart discounts news before they appear on Media, and it was so true. Yesterday market recovered to the top in last hour because RBI’s after market step of reducing MSL was discounted. I hope none of you have been caught on the wrong side of the trend. As you all can notice in the chart, a trendline which was acting as a resistance on 5th Oct is now acting as a support line that is what we called ‘Role reversed’. Indicators have turned bullish and nifty is trading comfortably above all the moving averages. Now 2 close above 5900 would be a confirmed uptrend. Infy result this week could take our market to the tops.

Our Strategy: We are status Quo with our Long call on #175 Update with intact tgts of 5988/6090/6150. 

#176 Nifty Update: A small breaker ahead

On our post #175 we mentioned for safe traders to go long on Nifty above 5889 and i guess everyone got a chance to go long. Fundamentally there is only one event and that is quarterly results this monthly. Technically Nifty is trading comfortably above short term and Long term moving averages. Indicators on daily chart have turned positive but we are facing a strong resistance at the trendline which has taken strong resistance 2 times. But we are biased towards bulls as it had breached once above that in near term. So traders may go long intraday above 5915 on monday while for safe traders our strategy is status quo. 

#1 Silver: Aapke Jeevan Mein Chandi hi Chandi Hai

What you looking at is Silver Monthly chart. Bullion has been in continuous uptrend during in its life but since high in 2011 it has been not attractive for the traders or investors. But now its time for some trading on the bullion. Technically it has retraced 50% of the previous rally that ended in 2011 which indicates a strong level to buy. Indicators have turned bullish supporting a buy call on the bullion. Currently price is clustered around 5-10-15 Monthly average which is around 48000 levels.

Our strategy for Investors: Go long on Silver (DEC) Mcx near to 48500 tgt 51000/56000/59000 SL:45500