Morning Update at 0800hrs for Intraday Market Level
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markets for 27 oct
in spite +ve cues from asian markets, indian markets continued with its sluggish move and nifty could not cross the critical level of 5040, leave aside 5060 and intraday traders took full advantage of it by ruthlessly shorting nifty on its every rise towards 5040 levels. The shorting was so vigorous from around 5040 levels that, it was pushed to its limit towards the end to breach the low of last week at 4968 to make a new low at 4962 threatening for a retest of 4900 levels. All these are happening with no bad news for markets and extremely good results by companies. Most likely the bears have enjoyed enough by pulling down nifty from 5181 levels to 4960 levels in 1 week only & most likely bulls having had enough of rest may wake up on tuesday, and under the influence of better planetary set up may take charge from here on . At the worst case bears may make another wild goose chase towards 4949 nifty levels before handing it over the bulls.
For intraday trading on tuesday, nse index has initial support around 4949 levels which may bring in heavy buying by the bulls. Intraday traders may go long with november nifty futures around mondays lows of 4960 or 4950 nse index level with must quit point around 4933 nse index level. Traders can hold longs till end or till their level of satisfaction. On the higher side nse index faces initial resistance around 4981 above which move towards 4992 followed by 5012 are the initial resistances. A decisive breach of 5012 to 5015 can easily take nifty towards 5030. A decisive breach of 5033 may encourage the bulls to muster more power take nifty towards 5052 to 5060 where again the tussle between bulls & bears for supremacy may be noticed.
All traders holding shorts may quit and boldly go long in case nse index crosses 5060 for a quick target of 5115 followed by 5151 levels in a day or two which although looks highly ambitious for the bulls yet cannot be ruled out if 5060 is decisively breached. In both the hourly & daily eod charts nifty looks oversold and a sharp rebound can not be ruled out any moment. Now, although dow is trading +ve around 100 points, one has to wait and see how it changes gear after closure of european markets
in spite +ve cues from asian markets, indian markets continued with its sluggish move and nifty could not cross the critical level of 5040, leave aside 5060 and intraday traders took full advantage of it by ruthlessly shorting nifty on its every rise towards 5040 levels. The shorting was so vigorous from around 5040 levels that, it was pushed to its limit towards the end to breach the low of last week at 4968 to make a new low at 4962 threatening for a retest of 4900 levels. All these are happening with no bad news for markets and extremely good results by companies. Most likely the bears have enjoyed enough by pulling down nifty from 5181 levels to 4960 levels in 1 week only & most likely bulls having had enough of rest may wake up on tuesday, and under the influence of better planetary set up may take charge from here on . At the worst case bears may make another wild goose chase towards 4949 nifty levels before handing it over the bulls.
For intraday trading on tuesday, nse index has initial support around 4949 levels which may bring in heavy buying by the bulls. Intraday traders may go long with november nifty futures around mondays lows of 4960 or 4950 nse index level with must quit point around 4933 nse index level. Traders can hold longs till end or till their level of satisfaction. On the higher side nse index faces initial resistance around 4981 above which move towards 4992 followed by 5012 are the initial resistances. A decisive breach of 5012 to 5015 can easily take nifty towards 5030. A decisive breach of 5033 may encourage the bulls to muster more power take nifty towards 5052 to 5060 where again the tussle between bulls & bears for supremacy may be noticed.
All traders holding shorts may quit and boldly go long in case nse index crosses 5060 for a quick target of 5115 followed by 5151 levels in a day or two which although looks highly ambitious for the bulls yet cannot be ruled out if 5060 is decisively breached. In both the hourly & daily eod charts nifty looks oversold and a sharp rebound can not be ruled out any moment. Now, although dow is trading +ve around 100 points, one has to wait and see how it changes gear after closure of european markets
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morning update at 8 am 27 oct 09
in spite of good quarterly numbers & good economic data, dow after being 100 points up initially changed gear to gave up all gains and closed 104 points -ve that brought down european markets at close. So, by now all must have realized the behavior of dow after crossing 10000 mark last week. There will be many more flirting around 10000 mark in coming days before dow finally takes off towards 12000 levels. Uk ftse closed 1% down however brazil defied dows fall and closed flat at .04% +ve. Yesterday, asian markets having defied dows fall of friday night have given up to dows fall on monday night and have opened in the red. Hong kong, taiwan & singapore may may show bigger falls reacting to dows overnight fall. China having gone up continuously for so many days is likely to correct today.
For indian markets, having fallen continuously from start of last week, the opening opening may be flat to mildly weak only. Nse index has a strong support around 4949 levels a slip below which may see 4933 to 4921 levels. Traders holding short positions may continue to hold shorts with strict quit point above nse index level of 5015 only. The continuous fall in indices in the form of a mild correction since 17th of october is nearing its end & any time a sharp upward move may be anticipated after flushing out weaker hands around 4900 nifty levels.
Investors may accumulate badly beaten down stocks in metals, cement, pharma, power, shipping and realty stocks as the technical indicators in most of these have reached lowest points in both weekly and daily charts. Reliance around 2000 levels is a good long term buy.
in spite of good quarterly numbers & good economic data, dow after being 100 points up initially changed gear to gave up all gains and closed 104 points -ve that brought down european markets at close. So, by now all must have realized the behavior of dow after crossing 10000 mark last week. There will be many more flirting around 10000 mark in coming days before dow finally takes off towards 12000 levels. Uk ftse closed 1% down however brazil defied dows fall and closed flat at .04% +ve. Yesterday, asian markets having defied dows fall of friday night have given up to dows fall on monday night and have opened in the red. Hong kong, taiwan & singapore may may show bigger falls reacting to dows overnight fall. China having gone up continuously for so many days is likely to correct today.
For indian markets, having fallen continuously from start of last week, the opening opening may be flat to mildly weak only. Nse index has a strong support around 4949 levels a slip below which may see 4933 to 4921 levels. Traders holding short positions may continue to hold shorts with strict quit point above nse index level of 5015 only. The continuous fall in indices in the form of a mild correction since 17th of october is nearing its end & any time a sharp upward move may be anticipated after flushing out weaker hands around 4900 nifty levels.
Investors may accumulate badly beaten down stocks in metals, cement, pharma, power, shipping and realty stocks as the technical indicators in most of these have reached lowest points in both weekly and daily charts. Reliance around 2000 levels is a good long term buy.
markets for 28 oct
as explained in the weekly paragraph below ruthless shorting on every intraday rise is ruling the markets and may remain the order of the day till expiry is over. All traders and investors must realize that nifty breached the september high of 5088 to make a new high of 5181 in october. September low was at 4577, although nifty may not come down to breach the lows of september yet it had to correct to a certain degree of the september having breached its highs. October being the fibonacci 8th month from the onset of the new bull market from march 09, had to correct after making a new yearly high at 5181. This type of correction had earlier happened in june 09, august 09 & is happening now & be absolutely sure of a mega up move after weaker hands are flushed out.
Having decisively broken out of the critical resistance around 4747 levels to move up till 5181 levels, nifty may have an "abc" routine zigzag correction till 4777 or 4747 levels by end of this month to again move up in november to make another new high above october high of 5181.so, medium & long term investors need not panic at all and the bull run will certainly resume after this routine correction is over. However intraday and short term traders may resort to ruthless shorting of nifty futures on every intraday rise till such time nse index remains below 5055 magic levels.
If one has a look at the daily eod chart above, one will clearly notice that from 5055 downwards nifty is in the "c" leg of the "abc" downward zigzag type correction which may terminate somewhere around 4777 to 4747 levels. One can clearly observe the important daily indicators like stochastic and w%r completely bottomed out and ready to turn up in a day or two, possibly after the expiry. So, bulls may keep their tools well oiled for a mega charge from around 4777 to 4747 levels into a bullish month of november when october highs will surely be breached
FOR INTRADAY TRADING ON WEDNESDAY,50 DMA AROUND 4848 WHERE NIFTY CLOSED ON TUESDAY MAY PROVIDE A FEEBLE SUPPORT TO NIFTY LIKE A STRAW MADE BARRIER TO STOP TSUNAMI OF BEAR WAVES. NEXT RECOGNIZABLE SUPPORT COMES AROUND 4808 LEVELS WHERE BEAR POWER WILL BE EQUALLY CONTESTED BY THE BULLS. HOWEVER THE RUTHLESS SHORTING HABIT DEVELOPED BY THE BEARS AFTER DIWALI NIGHT MAY OVER POWER THE STEROID INJECTED BULLS TO SLIP NIFTY TOWARDS 4794 FOLLOWED BY 4783 WHERE BULLS MAY FIGHT THEIR LAST BATTLE TO THWART THE BEARS OR MAY GET CONVERTED THEMSELVES INTO BULLOCKS.
ON THE HIGHER SIDE IN CASE BEARS WANT, THEN THEY CAN DICTATE THE BULLS TO SHOW THEIR STEROID POWER TO TAKE NIFTY UP STEP BY STEP GETTING INJECTED WITH FURTHER STEROIDS & MERCILESSLY WHIPPED ON EVERY PAUSE TO MOVE UP IN STEPS TO 4875,4895 AND FINALLY TO AROUND 4909 WHERE STEROID EFFECT MAY BE OVER FOR THE BULLS AND BEARS MAY COME CHARGING IN LIKE WAVES OF TSUNAMI WITH RUTHLESS SHORTING POWER TO TAKE NIFTY TOWARDS LOWER LEVELS AGAIN. HOWEVER A DECISIVE CROSS OVER OF 4909 MAY REJUVENATE THE BULLS TO TAKE NIFTY TOWARDS 4955 OR EVEN TO HIGHER LEVEL TOWARDS PIVOT AROUND 4988.SO INCASE NIFTY IS UNABLE TO CROSS 4909, INTRADAY TRADERS MAY CONTINUE TO RUTHLESSLY SHORT NIFTY FUTURES ON EVERY INTRADAY RISE.
as explained in the weekly paragraph below ruthless shorting on every intraday rise is ruling the markets and may remain the order of the day till expiry is over. All traders and investors must realize that nifty breached the september high of 5088 to make a new high of 5181 in october. September low was at 4577, although nifty may not come down to breach the lows of september yet it had to correct to a certain degree of the september having breached its highs. October being the fibonacci 8th month from the onset of the new bull market from march 09, had to correct after making a new yearly high at 5181. This type of correction had earlier happened in june 09, august 09 & is happening now & be absolutely sure of a mega up move after weaker hands are flushed out.
Having decisively broken out of the critical resistance around 4747 levels to move up till 5181 levels, nifty may have an "abc" routine zigzag correction till 4777 or 4747 levels by end of this month to again move up in november to make another new high above october high of 5181.so, medium & long term investors need not panic at all and the bull run will certainly resume after this routine correction is over. However intraday and short term traders may resort to ruthless shorting of nifty futures on every intraday rise till such time nse index remains below 5055 magic levels.
If one has a look at the daily eod chart above, one will clearly notice that from 5055 downwards nifty is in the "c" leg of the "abc" downward zigzag type correction which may terminate somewhere around 4777 to 4747 levels. One can clearly observe the important daily indicators like stochastic and w%r completely bottomed out and ready to turn up in a day or two, possibly after the expiry. So, bulls may keep their tools well oiled for a mega charge from around 4777 to 4747 levels into a bullish month of november when october highs will surely be breached
FOR INTRADAY TRADING ON WEDNESDAY,50 DMA AROUND 4848 WHERE NIFTY CLOSED ON TUESDAY MAY PROVIDE A FEEBLE SUPPORT TO NIFTY LIKE A STRAW MADE BARRIER TO STOP TSUNAMI OF BEAR WAVES. NEXT RECOGNIZABLE SUPPORT COMES AROUND 4808 LEVELS WHERE BEAR POWER WILL BE EQUALLY CONTESTED BY THE BULLS. HOWEVER THE RUTHLESS SHORTING HABIT DEVELOPED BY THE BEARS AFTER DIWALI NIGHT MAY OVER POWER THE STEROID INJECTED BULLS TO SLIP NIFTY TOWARDS 4794 FOLLOWED BY 4783 WHERE BULLS MAY FIGHT THEIR LAST BATTLE TO THWART THE BEARS OR MAY GET CONVERTED THEMSELVES INTO BULLOCKS.
ON THE HIGHER SIDE IN CASE BEARS WANT, THEN THEY CAN DICTATE THE BULLS TO SHOW THEIR STEROID POWER TO TAKE NIFTY UP STEP BY STEP GETTING INJECTED WITH FURTHER STEROIDS & MERCILESSLY WHIPPED ON EVERY PAUSE TO MOVE UP IN STEPS TO 4875,4895 AND FINALLY TO AROUND 4909 WHERE STEROID EFFECT MAY BE OVER FOR THE BULLS AND BEARS MAY COME CHARGING IN LIKE WAVES OF TSUNAMI WITH RUTHLESS SHORTING POWER TO TAKE NIFTY TOWARDS LOWER LEVELS AGAIN. HOWEVER A DECISIVE CROSS OVER OF 4909 MAY REJUVENATE THE BULLS TO TAKE NIFTY TOWARDS 4955 OR EVEN TO HIGHER LEVEL TOWARDS PIVOT AROUND 4988.SO INCASE NIFTY IS UNABLE TO CROSS 4909, INTRADAY TRADERS MAY CONTINUE TO RUTHLESSLY SHORT NIFTY FUTURES ON EVERY INTRADAY RISE.
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morning update at 8 am 28 oct 09
dows move of 14 points +ve against the nasdaq which was 26 points -ve is a clear sign of deception and one can expect another slide in dow for some days. European markets which closed when dow was trading above +50, closed flat to mixed with uk ftse closing up by .2%. Emerging market brazil moved on its own without looking at dow and like indian markets fell by nearly 3%. Asian markets have opened weak and will continue to remain weak.
For indian markets expect the markets to open flat or weak and after some deceptive upward movements will continue to slide till sub 4800 levels to test the patience of the bulls. Nifty had closed at 4847 on tuesday, so intraday traders may just close their eyes and ruthlessly short nifty futures till such time nse index remains below 4858, this should be the initial quit point for shorters. A cross over of 4858 can take nifty towards 4882 to 4894 where shorters can start their second wave of shorting with quit point around nse index level of 4909.
Long & medium term investors make full use of this slide to gradually add long positions in your favorite stocks of oil & gas discovery, pharma, infra & cement & auto stocks for great gains once the bull run resumes from around end of 1st week of nov 09.
dows move of 14 points +ve against the nasdaq which was 26 points -ve is a clear sign of deception and one can expect another slide in dow for some days. European markets which closed when dow was trading above +50, closed flat to mixed with uk ftse closing up by .2%. Emerging market brazil moved on its own without looking at dow and like indian markets fell by nearly 3%. Asian markets have opened weak and will continue to remain weak.
For indian markets expect the markets to open flat or weak and after some deceptive upward movements will continue to slide till sub 4800 levels to test the patience of the bulls. Nifty had closed at 4847 on tuesday, so intraday traders may just close their eyes and ruthlessly short nifty futures till such time nse index remains below 4858, this should be the initial quit point for shorters. A cross over of 4858 can take nifty towards 4882 to 4894 where shorters can start their second wave of shorting with quit point around nse index level of 4909.
Long & medium term investors make full use of this slide to gradually add long positions in your favorite stocks of oil & gas discovery, pharma, infra & cement & auto stocks for great gains once the bull run resumes from around end of 1st week of nov 09.
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| R | What you feel is nifty going to open negatively positively or flat Monday morning | General Trading & Investing Chat | 2 | |
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