Author Archives: admin

#1 Cotton Seed Cake Update (Cocudakl)

Cotton Seed Cake (Cocudakl) December expiry is trading at a string support line which has been tested twice before in last 3 years. With Some simple logic it is trading in a upside channel as you could notice in the attached graph. Currenctly it is at the downside line or you may say at the best possible price to enter. Indicators on daily charts are totally oversold and its trading below all the short term averages. For Short Term traders its clear buy at CMP of 1449 tgts 1463/1488/1513 with sl of 1428 where as for Long term investors also its a buy but with larger SL of 1414  as the weekly charts havent been strong bullers yet. For trading tips on commodities follow us at @chartechnician on twitter and Facebook page Chartechnician 

#172 Nifty Update: Time for some profit booking

RBI governor did surprise markets as traders were expecting a status quo but he did raise repo rate. May be it is the right step has increasing inflation is a concern for our country and even technically it was time for some profit booking on the charts on Nifty. We have got a good thousand points move non-stop and it was the bliss for those atleast got 50% move correct. Next week being expiry it ought to be profit booking as this expiry was only a up move. Next month is going to be earning season and we might continue see disappointing earnings since currency had de-valuated a lot this quarter. Markets are overbought technically on the daily chart and we are expecting some downside in coming weeks. Our strategy is to SHORT Nifty below 5988 with SL of 6090 (Closing basis) tgts 5810/5677/5586  

#2 Chana Update

On sept 17th we did mention traders to Short chana with the tgt of 3100 and 3044. We have got the first tgt and just few points away from the second tgt. On other side first level of buying for investors at 3103 has also been achieved. Now the daily chart is in the consolidation phase, taking strong support of the support line third time at 3063. But the weekly charts are still suggesting for some more downside. We might see some rally on daily charts but overall we still seem weakness.

Our strategy is status quo for investors while traders could add to shorts below 3063 with old tgt 3044 and extended 2990.  For traders now trailing SL is 3174(closing)

#171 Nifty Update: Nifty was Drunk

Nifty had a great party and was drunk completely today. My tgt was 6150 on Nifty and it was almost achieved with high of 6142. A day before yesterday i did mention to go long on Nifty and now we are dicey from here. Technically we are expecting a small correction but other side it has chances to move up. RBI policy tomorrow and expecting no rate cut is adding more biasness to profit booking. We may Nifty to take support arround 5840.  Today around 3pm we did post to hedge longs with 6000 PE and we guess you did it and if u missed, we recommend to do it at the first tomorrow. Weekly and Monthly chart are suggesting a close above 6100 this month but Hourly and Daily chart are expecting a profit booking soon. Indicators are near to overbought zone and Index is comfortably above short term averages. A profit booking could take index back to averages around 5840

Strategy: HOLD our initiated long on Index and Also Hold 6000 PUT. Square of Nifty at 6000 on Downside and book profit on PUT at 5840. On upisde its party for us!!

Disclaimer: I may have personal position in index and above mentioned stocks. Views and News mentioned above may have Errors and omissions. My views are biased more towards technical analysis. Please read and study the market carefully before investing on my idea. For any suggestion contact me on my email. Some words mentioned in article don’t mean their actual meaning. They are correlated for market.

#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)