Daily Trading strategy
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Trading strategy for 3rd June 2009
TRADING STRATEGY FOR 3RD JUNE 2009
(Based on technical by O P AGARWAL)
Markets recover in late rally
The market after gap up opening yesterday slipped back on heavy selling at higher levels but a late buying across all sectors around the closing hours pulled up the markets substantially. Heavy buying was witnessed in metal, banking and auto stocks. Finally, the Sensex ended yesterday at 14,874.91 with a gain of 34.28 points or 0.23%, the Nifty closed in the negative territory at 4525.25, down 4.65 points or 0.1% over its previous close. In intra-day trades the Nifty touched a high of 4586.40 and a low of 4451.30. Meantime, investors expect financial sector reforms in insurance, banking and other promising sectors so that the economy could revive fast. The government is committed to such reforms as stated by the FM recently. With high volatility seen in the markets, readers are advised to trade with caution.
NIFTY FUTURE (Last close 4530.35)
The counter after opening high at 4578, absolutely near the weekly upper range indicated in these columns on Monday, slipped to a low of 4647 on heavy profit booking. However, a late buying in index heavy weight stocks pared al the earlier losses and NF spurted to a high of 4542 before settling at 4530. The counter remains with positive bias but will gain further strength once it crosses with volumes its weekly level at 4579, whereby it may move up to 4595/4612. Strong support for NF exists at 4488.25 which if breached decisively NF may slide to 4462/4439.
TATA COMMUNICATION FUTURE (Last close 467.15)
The stock has lost more the 220 rupees during the past ten trading sessions from a high of 685 it made on 19th May 2009 to a low of 463 it made on 31st May 2009 on sustained selling by informed quarters. However, the stock appears to have halted further slide and appears to be consolidating at current levels. The stock may move up to 478/486 once it trades and remains above 469.75. Strong support for the stock exists at 461.50.
ZEE ENTERTAINMENT FUTURE (Last close 173.00)
The stock after moving range bound during the past five trading sessions closed yesterday gaining around 3% with good volumes. The stock appears positive on weekly charts and may move up to 179/184 once it trades and remains above 174.75. Strong support for the stock exists at 169.25.
Readers may avoid trading in the above recommended stocks
unless, they have risk taking capacity.
DEAR READERS,
PLEASE WATCH THE MARKET TREND AND USE YOUR
OWN DISCRETION BEFORE TAKING A TRADE.
Protect profits with trailing stops and cut losses fast.
Avoid adding contracts in loss making trades
Disclosures: At the time of writing this article, author, his clients & dependent family members may have positions in the stocks mentioned above. The author, his firm, his clients or any of his dependent family members may make purchases or sale of the securities mentioned in website. Author may have positions in above stocks so have vested interest obviously in their going up or down as the case may be.
Disclaimer : Investing in any equity is risky. Our recommendations are based on reliable & authenticated sources believed to be true & correct, and also is technical analysis based on & conceived from charts. Investors should take their own decisions. We assume no responsibility for any transactions undertaken by them. The author won't be liable or responsible for any legal or financial losses made by anybody.
TRADING STRATEGY FOR 3RD JUNE 2009
(Based on technical by O P AGARWAL)
Markets recover in late rally
The market after gap up opening yesterday slipped back on heavy selling at higher levels but a late buying across all sectors around the closing hours pulled up the markets substantially. Heavy buying was witnessed in metal, banking and auto stocks. Finally, the Sensex ended yesterday at 14,874.91 with a gain of 34.28 points or 0.23%, the Nifty closed in the negative territory at 4525.25, down 4.65 points or 0.1% over its previous close. In intra-day trades the Nifty touched a high of 4586.40 and a low of 4451.30. Meantime, investors expect financial sector reforms in insurance, banking and other promising sectors so that the economy could revive fast. The government is committed to such reforms as stated by the FM recently. With high volatility seen in the markets, readers are advised to trade with caution.
NIFTY FUTURE (Last close 4530.35)
The counter after opening high at 4578, absolutely near the weekly upper range indicated in these columns on Monday, slipped to a low of 4647 on heavy profit booking. However, a late buying in index heavy weight stocks pared al the earlier losses and NF spurted to a high of 4542 before settling at 4530. The counter remains with positive bias but will gain further strength once it crosses with volumes its weekly level at 4579, whereby it may move up to 4595/4612. Strong support for NF exists at 4488.25 which if breached decisively NF may slide to 4462/4439.
TATA COMMUNICATION FUTURE (Last close 467.15)
The stock has lost more the 220 rupees during the past ten trading sessions from a high of 685 it made on 19th May 2009 to a low of 463 it made on 31st May 2009 on sustained selling by informed quarters. However, the stock appears to have halted further slide and appears to be consolidating at current levels. The stock may move up to 478/486 once it trades and remains above 469.75. Strong support for the stock exists at 461.50.
ZEE ENTERTAINMENT FUTURE (Last close 173.00)
The stock after moving range bound during the past five trading sessions closed yesterday gaining around 3% with good volumes. The stock appears positive on weekly charts and may move up to 179/184 once it trades and remains above 174.75. Strong support for the stock exists at 169.25.
Readers may avoid trading in the above recommended stocks
unless, they have risk taking capacity.
DEAR READERS,
PLEASE WATCH THE MARKET TREND AND USE YOUR
OWN DISCRETION BEFORE TAKING A TRADE.
Protect profits with trailing stops and cut losses fast.
Avoid adding contracts in loss making trades
Disclosures: At the time of writing this article, author, his clients & dependent family members may have positions in the stocks mentioned above. The author, his firm, his clients or any of his dependent family members may make purchases or sale of the securities mentioned in website. Author may have positions in above stocks so have vested interest obviously in their going up or down as the case may be.
Disclaimer : Investing in any equity is risky. Our recommendations are based on reliable & authenticated sources believed to be true & correct, and also is technical analysis based on & conceived from charts. Investors should take their own decisions. We assume no responsibility for any transactions undertaken by them. The author won't be liable or responsible for any legal or financial losses made by anybody.
Trading strategy for 4th June 2009
TRADING STRATEGY FOR 4TH JUNE 2009
(Based on technical by O P AGARWAL)
Markets end flat amid volatility
The market opened firm yesterday on positive global cues. However, after remaining range bound till noon, markets slipped into the negative territory on sell off in frontline stocks by market participants on profit booking. FMCG, pharma and metal stocks gained prominently yesterday including select power, realty and select capital goods. Markets recovered sharply in late afternoon trades and pared earlier losses with the Sensex closing flat with a small loss of 4 points at 14870.The Sensex had made a high of 15046 and a low of 14733 during yesterdays trading. The Nifty closed the day with marginal gain of 5 points at 4530 with a high of 4574.90 and a low of 4478.60 in intra day trades. Meantime, the President will address the newly convened Lok Sabha today unveiling the new agenda of the government, a keenly watched event by the investors. Further, readers are advised to trade with caution as markets may correct from these levels as is evident from selling pressure during the past three trading sessions.
NIFTY FUTURE (Last close 4536.25)
The counter closed flat yesterday amid high volatility and intra day swing of about 100 points. The counter is witnessing selling pressure as is evident from NFs failure to cross over its weekly resistance at 4579, as has been indicated in these columns earlier. Meantime, NF may gain strength once it trades and remains above its short term resistance at 4569.75, whereby NF may move up to 4587/4612. Strong short term support for NF exists at 4505.25, which if breached decisively NF may slide to 4469/4427.
TATA POWER FUTURE (Last close 1057.90)
The stock after moving range bound during the past two weeks lost around 2% this week and closed flat yesterday with negative bias. The stock may witness profit booking at current price and may slip to 1041/1032 once it trades and remains below 1051.25. Strong resistance for the stock exists at 1068.75.
BEL FUTURE (Last close 1294.60)
The stock surged a whopping 450 rupees or 50% with in a short span of five trading sessions when it made a low of 976 on 15th May 09 and a high of 1434 on 25th May 09. The stock thereafter consolidated at current levels but lost around 4% during this week on profit taking and closed yesterday below its weekly support. The stock may slide further on profit booking to 1278/1261 once it trades and remains below 1288.25. Strong resistance for the stock exists at 1304.25.
Readers may avoid trading in the above recommended stocks
unless, they have risk taking capacity.
DEAR READERS,
PLEASE WATCH THE MARKET TREND AND USE YOUR
OWN DISCRETION BEFORE TAKING A TRADE.
Protect profits with trailing stops and cut losses fast.
Avoid adding contracts in loss making trades
Disclosures: At the time of writing this article, author, his clients & dependent family members may have positions in the stocks mentioned above. The author, his firm, his clients or any of his dependent family members may make purchases or sale of the securities mentioned in website. Author may have positions in above stocks so have vested interest obviously in their going up or down as the case may be.
Disclaimer : Investing in any equity is risky. Our recommendations are based on reliable & authenticated sources believed to be true & correct, and also is technical analysis based on & conceived from charts. Investors should take their own decisions. We assume no responsibility for any transactions undertaken by them. The author won't be liable or responsible for any legal or financial losses made by anybody.
TRADING STRATEGY FOR 4TH JUNE 2009
(Based on technical by O P AGARWAL)
Markets end flat amid volatility
The market opened firm yesterday on positive global cues. However, after remaining range bound till noon, markets slipped into the negative territory on sell off in frontline stocks by market participants on profit booking. FMCG, pharma and metal stocks gained prominently yesterday including select power, realty and select capital goods. Markets recovered sharply in late afternoon trades and pared earlier losses with the Sensex closing flat with a small loss of 4 points at 14870.The Sensex had made a high of 15046 and a low of 14733 during yesterdays trading. The Nifty closed the day with marginal gain of 5 points at 4530 with a high of 4574.90 and a low of 4478.60 in intra day trades. Meantime, the President will address the newly convened Lok Sabha today unveiling the new agenda of the government, a keenly watched event by the investors. Further, readers are advised to trade with caution as markets may correct from these levels as is evident from selling pressure during the past three trading sessions.
NIFTY FUTURE (Last close 4536.25)
The counter closed flat yesterday amid high volatility and intra day swing of about 100 points. The counter is witnessing selling pressure as is evident from NFs failure to cross over its weekly resistance at 4579, as has been indicated in these columns earlier. Meantime, NF may gain strength once it trades and remains above its short term resistance at 4569.75, whereby NF may move up to 4587/4612. Strong short term support for NF exists at 4505.25, which if breached decisively NF may slide to 4469/4427.
TATA POWER FUTURE (Last close 1057.90)
The stock after moving range bound during the past two weeks lost around 2% this week and closed flat yesterday with negative bias. The stock may witness profit booking at current price and may slip to 1041/1032 once it trades and remains below 1051.25. Strong resistance for the stock exists at 1068.75.
BEL FUTURE (Last close 1294.60)
The stock surged a whopping 450 rupees or 50% with in a short span of five trading sessions when it made a low of 976 on 15th May 09 and a high of 1434 on 25th May 09. The stock thereafter consolidated at current levels but lost around 4% during this week on profit taking and closed yesterday below its weekly support. The stock may slide further on profit booking to 1278/1261 once it trades and remains below 1288.25. Strong resistance for the stock exists at 1304.25.
Readers may avoid trading in the above recommended stocks
unless, they have risk taking capacity.
DEAR READERS,
PLEASE WATCH THE MARKET TREND AND USE YOUR
OWN DISCRETION BEFORE TAKING A TRADE.
Protect profits with trailing stops and cut losses fast.
Avoid adding contracts in loss making trades
Disclosures: At the time of writing this article, author, his clients & dependent family members may have positions in the stocks mentioned above. The author, his firm, his clients or any of his dependent family members may make purchases or sale of the securities mentioned in website. Author may have positions in above stocks so have vested interest obviously in their going up or down as the case may be.
Disclaimer : Investing in any equity is risky. Our recommendations are based on reliable & authenticated sources believed to be true & correct, and also is technical analysis based on & conceived from charts. Investors should take their own decisions. We assume no responsibility for any transactions undertaken by them. The author won't be liable or responsible for any legal or financial losses made by anybody.
Trading strategy for 5th June 2009
TRADING STRATEGY FOR 5TH JUNE 2009
(Based on technical by O P AGARWAL)
Markets surge in late rally
Markets opened weak yesterday on negative global cues and dipped sharply thereafter, but after remaining choppy subsequently started edging higher in afternoon trade on buying in front line stocks on the hope that the newly installed UPA Govt. will give top priority to pull out the sagging economy. The Sensex, down more than 250 points at one stage surged past the psychological mark of 15000 in late afternoon trades and finally closed the session at 15008, gaining an impressive 137 points. The Nifty closed at 4572 gaining 41 points. In intra-day trades, the Nifty touched a low of 4453.45 and a high of 4582.20. Markets appear to be consolidating at these levels and may remain steady before the presentation of Budget in the first week of July 2009.
NIFTY FUTURE (Last close 4582.30)
The counter closed yesterday above its weekly resistance amid high volatility and intra day swing of more than 135 points. The counter surged in late afternoon rally on heavy buying in front line stocks led by Reliance. The counter appears positive and may move further up once NF trades and remains above 4612.75 whereby it may move up to 4649/4678. Strong support for NF exists at 4539.25 which if breached with volumes may drag NF to 4507/4487.
TATA MOTORS FUTURE (Last close 368.90)
The stock after remaining range bound during the past week closed yesterday crossing above its weekly resistance with high volumes. The stock gained yesterday around 2% over its previous close. The stock appears positive on weekly charts and may move up to 377/382 once it trades and remains above 371.25. Strong support for the stock exists at 365.25.
TCS FUTURE (Last close 706.90)
The stock after moving sideways during the previous week closed yesterday above its weekly buy signal gaining around 2%. The stock appears positive on weekly charts and may move up to 717/726 once it trades and remains above 709.25. Strong support for the stock exists at 699.25.
HDFC BANK FUTURE (Last close 1386.75)
The private sector banking stock after moving range bound during the past two trading sessions closed yesterday with marginal gain of one percent. The stock appears positive on weekly charts and may move up to 1407/1421 once it trades and remains above 1394.25. Strong support for the stock exists at 1381.25.
Readers may avoid trading in the above recommended stocks
unless, they have risk taking capacity.
DEAR READERS,
PLEASE WATCH THE MARKET TREND AND USE YOUR
OWN DISCRETION BEFORE TAKING A TRADE.
Protect profits with trailing stops and cut losses fast.
Avoid adding contracts in loss making trades
Disclosures: At the time of writing this article, author, his clients & dependent family members may have positions in the stocks mentioned above. The author, his firm, his clients or any of his dependent family members may make purchases or sale of the securities mentioned in website. Author may have positions in above stocks so have vested interest obviously in their going up or down as the case may be.
Disclaimer : Investing in any equity is risky. Our recommendations are based on reliable & authenticated sources believed to be true & correct, and also is technical analysis based on & conceived from charts. Investors should take their own decisions. We assume no responsibility for any transactions undertaken by them. The author won't be liable or responsible for any legal or financial losses made by anybody.
TRADING STRATEGY FOR 5TH JUNE 2009
(Based on technical by O P AGARWAL)
Markets surge in late rally
Markets opened weak yesterday on negative global cues and dipped sharply thereafter, but after remaining choppy subsequently started edging higher in afternoon trade on buying in front line stocks on the hope that the newly installed UPA Govt. will give top priority to pull out the sagging economy. The Sensex, down more than 250 points at one stage surged past the psychological mark of 15000 in late afternoon trades and finally closed the session at 15008, gaining an impressive 137 points. The Nifty closed at 4572 gaining 41 points. In intra-day trades, the Nifty touched a low of 4453.45 and a high of 4582.20. Markets appear to be consolidating at these levels and may remain steady before the presentation of Budget in the first week of July 2009.
NIFTY FUTURE (Last close 4582.30)
The counter closed yesterday above its weekly resistance amid high volatility and intra day swing of more than 135 points. The counter surged in late afternoon rally on heavy buying in front line stocks led by Reliance. The counter appears positive and may move further up once NF trades and remains above 4612.75 whereby it may move up to 4649/4678. Strong support for NF exists at 4539.25 which if breached with volumes may drag NF to 4507/4487.
TATA MOTORS FUTURE (Last close 368.90)
The stock after remaining range bound during the past week closed yesterday crossing above its weekly resistance with high volumes. The stock gained yesterday around 2% over its previous close. The stock appears positive on weekly charts and may move up to 377/382 once it trades and remains above 371.25. Strong support for the stock exists at 365.25.
TCS FUTURE (Last close 706.90)
The stock after moving sideways during the previous week closed yesterday above its weekly buy signal gaining around 2%. The stock appears positive on weekly charts and may move up to 717/726 once it trades and remains above 709.25. Strong support for the stock exists at 699.25.
HDFC BANK FUTURE (Last close 1386.75)
The private sector banking stock after moving range bound during the past two trading sessions closed yesterday with marginal gain of one percent. The stock appears positive on weekly charts and may move up to 1407/1421 once it trades and remains above 1394.25. Strong support for the stock exists at 1381.25.
Readers may avoid trading in the above recommended stocks
unless, they have risk taking capacity.
DEAR READERS,
PLEASE WATCH THE MARKET TREND AND USE YOUR
OWN DISCRETION BEFORE TAKING A TRADE.
Protect profits with trailing stops and cut losses fast.
Avoid adding contracts in loss making trades
Disclosures: At the time of writing this article, author, his clients & dependent family members may have positions in the stocks mentioned above. The author, his firm, his clients or any of his dependent family members may make purchases or sale of the securities mentioned in website. Author may have positions in above stocks so have vested interest obviously in their going up or down as the case may be.
Disclaimer : Investing in any equity is risky. Our recommendations are based on reliable & authenticated sources believed to be true & correct, and also is technical analysis based on & conceived from charts. Investors should take their own decisions. We assume no responsibility for any transactions undertaken by them. The author won't be liable or responsible for any legal or financial losses made by anybody.
Trading strategy for 8th June 2009
TRADING STRATEGY FOR 8TH JUNE 2009
(Based on technical by O P AGARWAL)
Markets extend rally with cautious optimism
Markets continued to fare better and extended the rally last week on the back of positive global cues and investors confidence that the new UPA government would go all out to push forward reforms. While the Sensex ended the week with a gain of 478 points or 3.27% at 15,103, the Nifty closed 137.95 points or 3.1% up at 4586.90. The broad sentiment of the market appears to be firm in view of better earning estimates of corporates but markets may consolidate at these levels before any fresh breakout as FIIs fund flow and progress of monsoon remain key factors to be watched out for. A pre-budget rally on hopes of accelerated economic reforms and pro-reforms announcements is not ruled out since the Government has made its intention clear to push for reforms and pursue the disinvestment agenda including amendment of Insurance Act and bring in the pension reforms bill. The president while addressing the joint session of both houses last week emphasized to revive economic growth with higher investments in sectors such as infrastructure, while adhering to fiscal prudence that will counter the effect of the global slowdown. Moreover, the Government may further consider bringing in another stimulus package to tone up the sagging industrial economy. Readers are however, advised to trade with caution keeping a watch on market trend.
NIFTY FUTURE (Last close 4592.35)
The counter closed the week gaining 138 points amid high volatility and intra week swing of around 200 points. The counter witnessed profit booking at higher levels and appears to be moderately overstretched as is evident on charts. The counter this week may remain in the range of 4487-4693, break above NF may move further up to 4722/4755 or else break below NF may slide to 4431/4373. For todays trading NF will gain strength once it trades and remains above 4612.75 whereby it may move up to 4652/4687. Strong support for NF exists at 4548.25, which if breached decisively it may slip to 4519/4498.
ORCHID CHEM FUTURE (Last close 136.45)
The company is engaged in manufacturing and selling pharmaceuticals ingredients and finished dosage forms and exports its products worldwide. The company has in the recent past received a number of approvals from US FDA for its various products. Meantime, the stock after consolidation closed the previous week gaining 6% over its previous close with high volumes. The stock appears positive on weekly charts and may move up to 142/146 once it trades and remains above 137.75. Strong support for the stock exists at 134.25.
DIVIS LAB FUTURE (Last close 1197.55)
The company is engaged in research and development of pharmaceuticals. The company is the largest manufacturer of some peptide reagents and protected amino acids worldwide. The company last week reported a growth of 20 per cent in its consolidated net profit during the financial year ended 31st March, 2009 to Rs 416.64 crore. The company also declared a dividend of 300 per cent or Rs 6 per share. The company would also issue bonus shares to its investors in the ratio of one share for every one share held. Meantime, the stock after remaining range bound closed the week around 3% higher ahead of company results. The stock appears positive on weekly charts and may move up to 1242/1297 once it trades and remains above 1209.75. Strong support for the stock exists at 1186.25.
Readers may avoid trading in the above recommended stocks
unless, they have risk taking capacity.
DEAR READERS,
PLEASE WATCH THE MARKET TREND AND USE YOUR
OWN DISCRETION BEFORE TAKING A TRADE.
Protect profits with trailing stops and cut losses fast.
Avoid adding contracts in loss making trades
Disclosures: At the time of writing this article, author, his clients & dependent family members may have positions in the stocks mentioned above. The author, his firm, his clients or any of his dependent family members may make purchases or sale of the securities mentioned in website. Author may have positions in above stocks so have vested interest obviously in their going up or down as the case may be.
Disclaimer : Investing in any equity is risky. Our recommendations are based on reliable & authenticated sources believed to be true & correct, and also is technical analysis based on & conceived from charts. Investors should take their own decisions. We assume no responsibility for any transactions undertaken by them. The author won't be liable or responsible for any legal or financial losses made by anybody.
TRADING STRATEGY FOR 8TH JUNE 2009
(Based on technical by O P AGARWAL)
Markets extend rally with cautious optimism
Markets continued to fare better and extended the rally last week on the back of positive global cues and investors confidence that the new UPA government would go all out to push forward reforms. While the Sensex ended the week with a gain of 478 points or 3.27% at 15,103, the Nifty closed 137.95 points or 3.1% up at 4586.90. The broad sentiment of the market appears to be firm in view of better earning estimates of corporates but markets may consolidate at these levels before any fresh breakout as FIIs fund flow and progress of monsoon remain key factors to be watched out for. A pre-budget rally on hopes of accelerated economic reforms and pro-reforms announcements is not ruled out since the Government has made its intention clear to push for reforms and pursue the disinvestment agenda including amendment of Insurance Act and bring in the pension reforms bill. The president while addressing the joint session of both houses last week emphasized to revive economic growth with higher investments in sectors such as infrastructure, while adhering to fiscal prudence that will counter the effect of the global slowdown. Moreover, the Government may further consider bringing in another stimulus package to tone up the sagging industrial economy. Readers are however, advised to trade with caution keeping a watch on market trend.
NIFTY FUTURE (Last close 4592.35)
The counter closed the week gaining 138 points amid high volatility and intra week swing of around 200 points. The counter witnessed profit booking at higher levels and appears to be moderately overstretched as is evident on charts. The counter this week may remain in the range of 4487-4693, break above NF may move further up to 4722/4755 or else break below NF may slide to 4431/4373. For todays trading NF will gain strength once it trades and remains above 4612.75 whereby it may move up to 4652/4687. Strong support for NF exists at 4548.25, which if breached decisively it may slip to 4519/4498.
ORCHID CHEM FUTURE (Last close 136.45)
The company is engaged in manufacturing and selling pharmaceuticals ingredients and finished dosage forms and exports its products worldwide. The company has in the recent past received a number of approvals from US FDA for its various products. Meantime, the stock after consolidation closed the previous week gaining 6% over its previous close with high volumes. The stock appears positive on weekly charts and may move up to 142/146 once it trades and remains above 137.75. Strong support for the stock exists at 134.25.
DIVIS LAB FUTURE (Last close 1197.55)
The company is engaged in research and development of pharmaceuticals. The company is the largest manufacturer of some peptide reagents and protected amino acids worldwide. The company last week reported a growth of 20 per cent in its consolidated net profit during the financial year ended 31st March, 2009 to Rs 416.64 crore. The company also declared a dividend of 300 per cent or Rs 6 per share. The company would also issue bonus shares to its investors in the ratio of one share for every one share held. Meantime, the stock after remaining range bound closed the week around 3% higher ahead of company results. The stock appears positive on weekly charts and may move up to 1242/1297 once it trades and remains above 1209.75. Strong support for the stock exists at 1186.25.
Readers may avoid trading in the above recommended stocks
unless, they have risk taking capacity.
DEAR READERS,
PLEASE WATCH THE MARKET TREND AND USE YOUR
OWN DISCRETION BEFORE TAKING A TRADE.
Protect profits with trailing stops and cut losses fast.
Avoid adding contracts in loss making trades
Disclosures: At the time of writing this article, author, his clients & dependent family members may have positions in the stocks mentioned above. The author, his firm, his clients or any of his dependent family members may make purchases or sale of the securities mentioned in website. Author may have positions in above stocks so have vested interest obviously in their going up or down as the case may be.
Disclaimer : Investing in any equity is risky. Our recommendations are based on reliable & authenticated sources believed to be true & correct, and also is technical analysis based on & conceived from charts. Investors should take their own decisions. We assume no responsibility for any transactions undertaken by them. The author won't be liable or responsible for any legal or financial losses made by anybody.
Traading strategy for 9th June 2009
TRADING STRATEGY FOR 9TH JUNE 2009
(Based on technical by O P AGARWAL)
Markets plummet on profit taking
Markets opened flat yesterday but soon turned negative on profit taking by investors in front line stocks. Market participants went on a selling spree in the afternoon session booking profit across the board. Stocks from all the sectors except selected IT ones were down ranging from 4% to more than 10% on heavy liquidation on profit taking. Realty, banking, PSU, capital goods, and auto stocks were the most beaten down lot. The market breadth was very weak. Out of 2862 stocks traded on BSE, as many as 2246 stocks ended lower. 582 stocks posted gains and 34 stocks ended flat. While the Sensex ended at 14,665 with a massive loss of 437 points or 2.9%, the Nifty closed at 4429.90, around 25 points off the day's low, netting a loss of 157 points or 3.42%. The Sensex, which hit a high of 15,200.82 in early trade, touched a low of 14,604.23 in late afternoon trade whereas the Nifty hit a high of 4611.40 yesterday. Markets may consolidate at these levels or else may bounce back on the back of positive global cues.
NIFTY FUTURE (Last close 4433.95)
The counter after opening flat yesterday soon slipped in the red on profit booking in front line stocks. The counter remained weak but in late afternoon session slipped in deep red with heavy selling in index heavy weight stocks. NF closed the session yesterday with a loss of 158 points amid high volatility and intra day swing of more than 190 points. The counter may gain strength once it trades and remains above 4472.75, whereby it may move up to 4527/4561. Strong short term support for NF exists at 4398.25, which if breached decisively it may slip to 4371/4348.
DR REDDY FUTURE (Last close 681.30)
The company is engaged in manufacturing and marketing pharmaceutical products. The group operates in seven segments: generics, active pharmaceutical ingredients (API) and intermediates, formulations, critical care and biotechnology, custom pharmaceutical services, drug discovery and other. The net profit of the company rose 18% to Rs 560.89 crore on a 23.7% increase in sales to Rs 4197.53 crore in the year ended March 2009 over the year ended March 2008. Meantime, the stock of the company closed flat yesterday with positive bias with high volumes. The stock appears positive on charts and may move further up to 689/696 once it trades and remains above 683.75. Strong support for the stock exists at 674.75.
HINDUSTAN UNI LEVER FUTURE (Last close 248.65)
The company is the largest consumer goods company in India by sales which plans to bring one of its popular margarine brands from its global portfolio to India to strengthen its foods portfolio here in line with other global markets it is present in. The companys efforts to penetrate deep into the rural markets have paid rich dividends. Meantime, the stock of the company closed yesterday flat with positive bias. The stock appears positive on weekly charts and may move up to 254/259 once it trades and remains above 249.75. Strong support for the stock exists at 245.25.
Readers may avoid trading in the above recommended stocks
unless, they have risk taking capacity.
DEAR READERS,
PLEASE WATCH THE MARKET TREND AND USE YOUR
OWN DISCRETION BEFORE TAKING A TRADE.
Protect profits with trailing stops and cut losses fast.
Avoid adding contracts in loss making trades
Disclosures: At the time of writing this article, author, his clients & dependent family members may have positions in the stocks mentioned above. The author, his firm, his clients or any of his dependent family members may make purchases or sale of the securities mentioned in website. Author may have positions in above stocks so have vested interest obviously in their going up or down as the case may be.
Disclaimer : Investing in any equity is risky. Our recommendations are based on reliable & authenticated sources believed to be true & correct, and also is technical analysis based on & conceived from charts. Investors should take their own decisions. We assume no responsibility for any transactions undertaken by them. The author won't be liable or responsible for any legal or financial losses made by anybody.
TRADING STRATEGY FOR 9TH JUNE 2009
(Based on technical by O P AGARWAL)
Markets plummet on profit taking
Markets opened flat yesterday but soon turned negative on profit taking by investors in front line stocks. Market participants went on a selling spree in the afternoon session booking profit across the board. Stocks from all the sectors except selected IT ones were down ranging from 4% to more than 10% on heavy liquidation on profit taking. Realty, banking, PSU, capital goods, and auto stocks were the most beaten down lot. The market breadth was very weak. Out of 2862 stocks traded on BSE, as many as 2246 stocks ended lower. 582 stocks posted gains and 34 stocks ended flat. While the Sensex ended at 14,665 with a massive loss of 437 points or 2.9%, the Nifty closed at 4429.90, around 25 points off the day's low, netting a loss of 157 points or 3.42%. The Sensex, which hit a high of 15,200.82 in early trade, touched a low of 14,604.23 in late afternoon trade whereas the Nifty hit a high of 4611.40 yesterday. Markets may consolidate at these levels or else may bounce back on the back of positive global cues.
NIFTY FUTURE (Last close 4433.95)
The counter after opening flat yesterday soon slipped in the red on profit booking in front line stocks. The counter remained weak but in late afternoon session slipped in deep red with heavy selling in index heavy weight stocks. NF closed the session yesterday with a loss of 158 points amid high volatility and intra day swing of more than 190 points. The counter may gain strength once it trades and remains above 4472.75, whereby it may move up to 4527/4561. Strong short term support for NF exists at 4398.25, which if breached decisively it may slip to 4371/4348.
DR REDDY FUTURE (Last close 681.30)
The company is engaged in manufacturing and marketing pharmaceutical products. The group operates in seven segments: generics, active pharmaceutical ingredients (API) and intermediates, formulations, critical care and biotechnology, custom pharmaceutical services, drug discovery and other. The net profit of the company rose 18% to Rs 560.89 crore on a 23.7% increase in sales to Rs 4197.53 crore in the year ended March 2009 over the year ended March 2008. Meantime, the stock of the company closed flat yesterday with positive bias with high volumes. The stock appears positive on charts and may move further up to 689/696 once it trades and remains above 683.75. Strong support for the stock exists at 674.75.
HINDUSTAN UNI LEVER FUTURE (Last close 248.65)
The company is the largest consumer goods company in India by sales which plans to bring one of its popular margarine brands from its global portfolio to India to strengthen its foods portfolio here in line with other global markets it is present in. The companys efforts to penetrate deep into the rural markets have paid rich dividends. Meantime, the stock of the company closed yesterday flat with positive bias. The stock appears positive on weekly charts and may move up to 254/259 once it trades and remains above 249.75. Strong support for the stock exists at 245.25.
Readers may avoid trading in the above recommended stocks
unless, they have risk taking capacity.
DEAR READERS,
PLEASE WATCH THE MARKET TREND AND USE YOUR
OWN DISCRETION BEFORE TAKING A TRADE.
Protect profits with trailing stops and cut losses fast.
Avoid adding contracts in loss making trades
Disclosures: At the time of writing this article, author, his clients & dependent family members may have positions in the stocks mentioned above. The author, his firm, his clients or any of his dependent family members may make purchases or sale of the securities mentioned in website. Author may have positions in above stocks so have vested interest obviously in their going up or down as the case may be.
Disclaimer : Investing in any equity is risky. Our recommendations are based on reliable & authenticated sources believed to be true & correct, and also is technical analysis based on & conceived from charts. Investors should take their own decisions. We assume no responsibility for any transactions undertaken by them. The author won't be liable or responsible for any legal or financial losses made by anybody.
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