Long or Short Opinion

[rajputz]

ONGC - SELL

ONGC is giving me nice sell from every system. Price has reverted to downside just near the 20 and 34EMA(exactly near the top resistance) giving a ZLR on CCI also. Stochastic and RSI has also hooked back to downside for giving further weak indication to upside move. Closing below 1017 is needed for further downside. MACD is already below the zero line, hooking again to downside. Lets c how it reacts in the Bull expected market tomorrow.

Check the charts.

 

[chaitanyagoa]

ONGC is not a SELL yet...... BUT not a buy either.... My opinion stay away from it ... UNtil the oil crosses the 77$ mark......

 

[simple_trader]

Though as per me we would continue this up ward rally for next 3-4 days in index (5080 NF is floor), in between one can look at SBI at key resistance area in 2360-80 spot range. It may offer an opportunity for down side from that range. This is for swing traders.

Happy trading!

 

[simple_trader]

Dear rajputz,

Though ONGC is trading below all EMAs, going by last two candles, one big red and then insider day yesterday is giving a positive signal for a day or two. Though I would avoid this stock for trading as it has low volatility.

 

[SwingKing]

ONGC is broadly very weak. However, its current base lies around 950. This does not present us with a high risk to reward trade. Over the next few sessions IF ONCGC sees 1060 + kind of levels, then one can short for a target of 900. If 900 get's taken out, the next level to watch is 795 and 600. As of now, let it bounce back for sometime. But keep it on your watch list as this is a very good candidate for shorting.

Tc

 

[rajputz]

Try this one for size. FIIs have been buying 4800 Put for last few days as if there is no tomorrow. Now some trader in Wall Street punches few extra zeros in selling & whole Wall Street crashes. Just a coincidence ? I doubt it. This is all been orchestraed & pre-planned.

Can some body clear me about this in particular. I have been told once trading in options that whn volume increases suddenly on Options call or put, it may be the sign of trend reversal. Like Alok commented that FIIs are buying 4800 put for last few days. In VSA book i read particularly about this. It says that volume suddenly increases in put and call, it can be trend reversal, as professional money tries to hedge there positions. Please enlighten me.

 

[rajputz]

I Expect more upside, if some thing drastic doesnt happen. News Based. Other wise still positive on CMC. check the Chart and Candle for today.

CMC as offf now respecting the trend reversal...

check the chart...

 

[rajputz]

Nifty has formed a Bullish gartley pattern. I am just testing it. Lets c if it is respected. After a major retracement to upside, the price formes an ABCD pattern in which Leg AB=Leg CD, after which the bullish move continues. Check it out. B and D are reaching the 38% retracement of XA leg.

In Effect or not????

 

[rajputz]

Foreign Market update: -
Dow +149, Nasdaq +150, Nikkei +150, SGX Nifty 5185 (+35)

Yday FIIs -297 cr in cash, +567 cr in FnO, DIIs 180 cr in cash.

 

[SwingKing]

Can some body clear me about this in particular. I have been told once trading in options that whn volume increases suddenly on Options call or put, it may be the sign of trend reversal. Like Alok commented that FIIs are buying 4800 put for last few days. In VSA book i read particularly about this. It says that volume suddenly increases in put and call, it can be trend reversal, as professional money tries to hedge there positions. Please enlighten me.

It's all about being "relative". You will find many theories in many books. But you need to see which one's actually materialize. VSA book has many theories in volumes which in real time trading will lead to tremendous losses. Same goes with any other TA book or theory.

Coming back to the point of being relative. Just because Put/Call volume or lets say Put/Call ratio rises, it does not signify a trend reversal. Historically, you will have to map down high put/call ratio from where reversal takes place. And then, you have to compare the current level with the historical one. It is not a 100% accurate, but you do get a fair idea of what is happening.

A very high put/call ratio suggests market's may indeed move up. When there is an excessive amount of put buying (bearish bets) made on a index that is falling, selling strength will have reduced and a rally could soon take place. But you need to see where this ratio lies in term of historical reversal. If the level is near the previous historic level, then the validity and importance of signal improves. Hope you get my point.

Tc