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.

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.

Weekend Analysis of Index biggies

Sultan of Stocks – RIL

RIL found it impossible to penetrate and trade above 61.8 expansion level last week. This week, RIL will run into huge resitances at 2315 and 2375. Unable to trade above the first resistance level will be first sign of weakness in RIL and it can correct to weekly support levels at 2000 and 1950.

King of Banks – SBI

SBI was the strongest index stock last week retaining most of the gains it made on monday. For this week resistances for SBI are placed at 1875 and 1950 while supports are placed at 1590 and 1520.

Oil Barron – ONGC

ONGC was quite the star last week. In doing so, ONGC has moved to 61.8 retracement of the fall from its all time high and therefore at huge resitance levels. This week ONGC will have huge resitances at 1130 and 1180 levels. If ONGC is unable to cross first resitance level, it can easily correct to support levels of 980 and 920.

Market Outlook 29-Apr-2009

Flashback

Nifty future triggered stoploss of long, and as mentioned in the bear level, crashed to 3345.
RIL came near target1 and thereafter gave up all gains.

For wednesday trading

Bear Level

Short nifty future at retracement level of 3410 with stoploss at 3433 for targets 3370, 3345, 3315.

Bull Level

In the scenario of nifty future crossing 3433, buy at retracement level of 3414 with stoploss at 3396 for targets 3450, 3490, 3540.

As it is expiry day, no recommendation is provided for stocks.

Market Outlook 28-APR-2009

Bull Level

Buy nifty future at retracement level of 3420 with stoploss of 3395 for targets 3495, 3520, 3555

Bear Level

If Nifty future breaks 3395 short at retracement level of 3420 with stoploss at 3445 for targets 3380, 3345, 3315.

Tracking the sultan

Interesting chart setup in reliance

Buy at retracement level of 1768 with stoploss at 1754 for targets 1790, 1802, 1815.

Have a nice trading day.

Market OutLook 15-Apr-2009

FlashBack

Intraday traders ruled on monday. Nifty triggered short level in the morning itself and reversed 12 points shy of target. Thereafter it consolidated in a range of 16 points for more than 2 hours and took off on a jet plane.

ACC triggered the short level and reacted downwards.

For wednesday trading

Bear Level:

Short nifty future at 3411 with stoploss of 3433 for targets 3385, 3355, 3315

Bull Level:

If nifty future crosses 3433, buy at retracement level of 3420 with stoploss at 3409 for targets 3449, 3485, 3510.

Bad news for bears : Sultan of Stocks

For wednesday trading, buy ril at retracement level of 1763 with stoploss at 1741 for targets 1810, 1825, 1845.

Follow up on positional short ACC.
ACC made a bearish pattern on monday. As a result the stoploss of acc short can be moved from 623 t0 605. Entry should have made at 600 as per ACC

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 02-APR-2009

FLashBack

The day started off with a 60 point downmove.
Bulls took over the control from my second target of 2955 and once it crossed intraday stoploss of 3001 there was no looking back. At the end of day, it seems, bears have been vanquished. Well atleast for now. It is not often that the low of inside day is cut and then high of the inside day is crossed. This indicates a definite momentum shift to the bull side.

Levels for Thursday

Bull Level

1) Buy Nifty future at retracement level of 3010 with stoploss 2972 for target 3050, 3095, 3125, 3195.

2) In case market opens with an upside gap, buy nifty future on crossing of 3110 with stoploss 3087 for target 3195.

Bear Level

1) After crossing 3110, if nifty future hits SL of 3087 short at retracement level 3100 with SL at opening highs for target 3010.

2) If nifty future breaks 2972, short at retracement level of 2998 with SL at 3015 for target 2955, 2915.

Sultan of stocks is back

Reliance has negated the bearish pattern described in http://jerrytechnicals.blogspot.com/2009/03/market-outlook-30032009.html

RIL made a low of 1502. Readers of the blog would have made a handsome profit of 50 rs although it failed to achieve the bearish target of 1484.

For thursday trading,

Buy RIL on retracement to 1555 with stoploss of 1520 for targets 1631, 1675.

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 !!!!!!!

Market Outlook 31/03/2009

Bears are back !!!! It was a comeback of sorts at NSE. Despite reliance holding up, bears thrashed banks and as a result nifty closed down by 4.35%.

Bull Level

Scenario 1: Dow tanks tonight and market opens with a huge gap down

Buy nifty future at 2912 with stoploss at 2893 for target of 2990.
This strategy will become a high yielding one, if when nf is near 2912, reliance is trading around 1485 which is the bearish target of reliance.
If 2893 is hit, NF will fall to 2850.

Scenario 2: No gaps (well, i havent seen that a lot in the near past)
If nifty future crosses 3050, buy at retracement level 3029 with SL at 3008 for target 3095.

Bear Level
Short nifty future at 3021 with SL at 3049 for target 2945, 2912.

Eye of the tiger
I was going through titan charts, and it makes really interesting reading for intraday punters.

On Tuesday if titan does not break 740, it would be wise To long with initial stoploss of 740.Once market stabilizes, SL can be moved to opening lows.All this for a target of 840.
HaVe a GREAT Trading Day !!!!!