Weekly outlook June 15 – June 19

NIFTY

Nifty has made a long legged doji on weekly charts.

For next week nifty resitances are placed at 4670 and 4750 while supports are placed at 4475 and 4365.

Sultan of Stocks – Reliance Industries

Reliance has closed in a high resitance zone this week.

Unable to trade above weekly resistance level of 2395, bears will attack RIL and take it down to 2155 and 2090

King of Banks – SBI

If SBI .is unable to trade above 1695 next week, expect SBI to drift down to support level of 1540 and 1500

Oil Barron – ONGC

Weekly resistance for ONGC are placed at 1150 and 1200 while weekly supports are placed at 1060 and 1025.

Nifty Outlook 12-June-2009

Flashback

1) Readers who went long at nifty buy level would have got 75 points on upside.

2) Readers who went long in Renuka at 141 (which tantalizingly came to 139.15 which was near stop-loss level) would have booked 10 points

as the stock zoomed to 153.

3) Readers who went long in HDIL would have had the opportunity to book 15 points as the stock zoomed to 281

4) Readers who went long in Bharti Airtel would have the opportunity to book 40 points.

Bull Level

In the scenario of nifty future crossing 4703 buy at retracement to 4685 with stop-loss at 4655 for targets 4715, 4740, 4760, 4800.

Bear Level

In the scenario of nifty future breaking 4580, short at retracement to 4610 with stop-loss at 4637 for targets 4560, 4540, 4530, 4485.

ABAN – Getting support at support

Today ABAN got support at the critical level of 960 and moved up from there. We can expect the momentum to continue tomorrow.

For friday trading, in the scenario of aban crossing 1092, buy on retracement to 1075 with stop-loss at 1040 for targets 1130, 1170, 1210, 1250

Has Bull Market Started? – Weekend Read

Question on the mind of everyone assoicated with the stock market.
The answer is an emphatic NO . Perhaps no one can better explain the long term internals than Mr C T Rameshraja who runs the webportal http://www.greatcalls.in/. He has writen a thought provoking article on the rally of 2009. The article can be accessed here (Note: You might need registration on the site to view the content).

Those who do not know Mr. RameshRaja, he is one of the very few analysts who successfully called the bottom as well as top of brevious bull maket. I have had the pleasure of knowing him for the past 7 years.