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)
Strategy: Short SoyaBeanIDR (Oct) NCDEX with SL of 3705 and tgts 3386/3288/3190/3050 All the levels are closing basis.
Strategy: I would recommend to HOLD long on Nifty which i recommend at 5449 on 4th September. Keep a Trailing SL at cost price of 5449. Book partial profits at 5724 and wait for a closing above the same level.
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.
All Bollywood lovers are waiting for the movie Once upon a time in Mumbai again while market traders are waiting for some short covering after a free fall from 6093. IIP number nor inflation has been cheering for the markets but only thing cheering the rally are the earning reports better than expected. Take from IT sector to Commodity stocks , all have beat street estimates. Stock valuation has been at lowest levels since last 2 years. Banking and Commodities sectors are the most lucrative for long term buying. Technically nifty is in the downside channel which has been confirmed with two lower lows and lower highs. But we may may see some continued short covering from here upto 5950-6000 levels. We have 2 speed breakers 5773 (200EMA) and 5830 (100 EMA). So we may expect a rally which was once upon a time in Nifty.
A “Bullish Harami” pattern in term of candlestick is the turn around or can say reversal sign from a bearish trend. NSEL has been the talk of town since last week. Question still remains can it pay it dues?? Most of the traders or market people believe they will. PMI data of india has been weak but we can gauge our economy only on one data. Inflation has been zig zag while rupee depreciation is hurting the most to investor sentiments. But i feel that this could be the low of near term. Looking at chart, a short covering on nifty is due a high tym. Since my last few posts i have been mentioning to go long on each dip with sl of 5632 and this is the best price or can say least value for the stocks to buy. Technically we may face resistance near to 5760 levels were 100 and 200 EMA are situated but we are confident that if we see a turnaround thn this time a new high of 6400 is inevitable.
As we have been intimating you all to go long on each dip and that would have got you or your portfolio in green by now. Result earnings are falling as a god grace to bulls. Infy, hdfcbank and than today axis bank and TCS have given marvelous results. GDP and Inflation is still a concern but investors can bet on stocks as now the future is going to better than today. Technically on Nifty’s daily chart we are safely above all the moving averages which is the gud sign of upside trend. RBI has been taking step to control devaluation of Rupee. FII has been a net seller last month but do notice it was 90% in Debt segment and not equities. As our FM said we are a attractive destination for investment and we should continuously be that same. All the segment have seen beating turn by turn and only option left now is upside. Coming to technicals ,now we could see nifty resisting near to 6280. 5910 tends to be strong support on closing basis. After 6280 we may see some correction to 6040 which would than ultimately takes u to 6350. Our strategy continues to be buy on dips with now trailing SL of 5910. Close above 6030 this month is important for Safe bull confirmation.