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

Weekend analysis of nifty and index biggies and a fibonacci confluence

Last week had plenty for both bulls and bears.

All the index biggies traded as per levels mentioned in Jerry’s weekly analysis of index biggies .

In the end bulls were clear winners with a 400 point rally in nifty from the low of 4090. The week ahead should be really interesting because there is a fibonacci time cluster confluence happening on june 4 – june 8. As traders, we should expect change of trend in this time period.

NIFTY

For the week ahead, nifty support levels are placed at 4350 and 4250 levels while resitances are placed at 4570 and 4650 repectively.

RELIANCE

Sultan of stocks closed near a high resistance zone with reistances coming at 2340 and 2390. Weekly supports for reliance exists at 2230 and 2180 levels.

SBIN

King of banks had a most volatile week with a journey from weekly close to support level and back to resistance levels. In the week ahead, SBI will have huge resistance at 1900 and 1970 levels while support levels are placed at 1780 and 1700 levels.

ONGC

In the week ahead, ONGC could be the deal breaker. ONGC will run into huge resistance at 1250, 1320 levels. Inability to sustain above first resitance level will drag the stock down to 1100 and 900 levels.