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 04-June-2009

Flashback
Huge volatility. The day can only be best described in those words.
Readers who bought nifty near long level would have made close to 40 points in long and those who shorted at short level would have made a paltry 20 points. Not an impressive performance there. Readers who bought SBI at 1850 would have made close to 25 rupees. However those who held on to SBI would have made a loss.

Tomorrow is marked by two key things

1) Fibonacci time cluster number 1 (See my weekend post on fibonacci time cluster here)

2) President’s address

Market will be quite tricky to trade. Therefore i resist from giving bull level and bear level for tomorrow. There are no stock recommendations too. However for the benefit of readers who might be having overnight positions i am posting key support and resistance levels for
nifty. Readers can use these levels to book profit in their positions as the news unfolds. These levels can also be used for intraday trading if the trader is proficient in candlestick analysis.

Nifty support levels
4500, 4485,4450,4400,4370, 4330

Nifty Resitance Levels
4555, 4580,4610,4645,4675,4740

Nifty Outlook 03-June-2009

Flashback

Readers who went long in relcapital at 952 would have had the oppurtunity to book longs at 970 as it pulled back really strongly from long level. Nifty stoploss for long was triggered though.
SBI was the star stock today as it bounced back violently from first support level mentioned in weekend analyis . Coincidentally, today’s nifty high of 4578 was close to the first resitance level 4570 mentioned in the weekly analysis.

For wednesday trading

Bull Level

In the scenario of nifty future crossing 4560, buy at retracement level of 4528 with stoploss at 4501 for targets 4590, 4615, 4640.

Bear Level

In the scenario of nifty future breaking 4501, short at retracement level of 4528 with stoploss at 4560 for targets 4485, 4450,4420.

Looking good : King of Banks

SBI looks extremely good on charts for tomorrow.

For tomorrow trading buy sbi at retracement level of 1850 with stoploss at 1828 for targets 1885, 1920, 1945,1975

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.

Nifty outlook 25-May-2009

Reflecting about a playful friday

SunTV did not really shine as expected. Readers of the blog would have made a small loss in the trade. However readers who shorted nifty future as per levels given would have printed out the almighty dollar as nifty crashed from short level to almost 3rd target.


For monday trading

Bull Level

Buy nifty future at retracement level of 4210 with stoploss at 4192 for targets 4275, 4300, 4331.

Bear Level

1) In the scenario of nifty future breaking 4192, short nifty future at retracment to 4210 with 4225 as stoploss for targets 4165, 4140, 4125.

2) Short nifty future when it trades at 3rd target of long level of 4331. Instead of shorting in future buy 4000 june month put at around 70 rs with stoploss at 56 rs for targets 95, 112, 130.

If this trade becomes deep in the money, one can carry the position for targets 180 ,195.

Impending Breakout – ADLABS




Adlabs is a at a critical level. On monday crossing 345, buy adlabs on retracement to 334 with stoploss at 322 for targets 367, 385. It is essential that adlabs crosses 345 in futures before this trade is taken.

Note:

I have tried to analyse RIL, SBI and ONGC on a weekly basis here

Nifty outlook 06-may-2009

FlashBack

Readers of the blog would have made good money in both nifty(triggered buy level and zoomed to target 2 of long) as well as acc (which was, well on a one way track).

For Wednesday Trading

Bear Level

Once nifty future breaks 3623, short at retracement level of 3640 with stoploss at 3662 for targets 3595, 3575, 3560, 3530.

Bull Level

Once nifty future crosses 3712, buy at retracement level of 3695 with stoploss of 3681 for targets 3735, 3755, 3765.

King of Banks in trouble

SBIN has made a negative candlestick pattern at a high resistance area.
For wednesday short sbi at 1360 with stoploss at 1389 for targets, 1331, 1311, 1295.

Market OutLook 06-APR-2009

FlashBack

Acceleration = d (bears)/d(time).

Bears were totally annihilated by the runaway gap on nifty and stellar performance by Sultan of Stocks Reliance. In doing so nifty might have defined a new range for itself. Have a look at the chart below.

For Monday Trading

Bull Level

Buy Nifty Future at retracement level of 3199 with stoploss at 3169 for targets 3252 and 3300.

Bear Level

Short Nifty future at second target of 3300 with stoploss 3323 for targets 3252 and 3210.

King of banks on close watch

SBI charts look very promising. From the charts it looks like SBI might take over the leadership from Sultan for the rest of this upmove.

For monday trading

buy sbi at retracement level of 1127 with stoploss at 1100 for targets 1190, 1245.

Blackout in the offing for PowerGrid.

The chart is pretty self explanatory. Stoploss for short would 101 on closing basis. Targets would be 85 and 69.

Have a great trading day.

Market Outlook 01-APR-2009

Today was a traders day out. There was so much volatility created by reliance refusing to move up and sbi and banks pushing the index up. As a result we have an inside day formation on nifty.

For wednesday trading

Bear Level

Short nifty at 3040 with SL of 3067 for targets 2981, 2955, 2930

Below 2992, expect nifty future be attacked by bears.

Bull Level

Buy Nifty at 2909 with SL at 2883 for targets 2945, 2972, 3010.

Above 3075 nifty can upset many a bearish plans.

In such a scenario buy at retracement level 3055 with SL 3037 for tgt 3125.

Taking a contrarian View

HDFCBANK is near resistance levels.

On Wednesday, short around 975 level with SL at 995 for target of 873.

Have a profitable trading day !!!!!!!