New Intermed Uptrend!!

[prasad_ashish]

Hi Saint,
Yesterday there was huge correction in the market and there are certain counters which is looking good to enter at current level like

Wipro @387
ITC@127
IndiaBulls@173

Pls suggest that is this the right time to enter in any of these counters or there chances for some more correction.

Regards
Ashish

 

[Saint]

Hi Saint,
Yesterday there was huge correction in the market and there are certain counters which is looking good to enter at current level like

Wipro @387
ITC@127
IndiaBulls@173

Pls suggest that is this the right time to enter in any of these counters or there chances for some more correction.

Regards
Ashish

Hi Ashish,

ITC and Indiabulls are still in the middle of a pullback.......wait and watch for now.Wipro looks good.......but we are in the middle of amild correction here as well.....wait and watch for now,if this can hold above 385 tomorrow,charts look good for a continued up move.For now,keep them on your watchlist.

Saint

 

[Bull2005]

Hello Saint,


That was really informative. Any advice on Visesh Infotechnics and prakash Ind.

Hi pmathew,

Your desire to learn is most appreciated.....I am not sure if I can explain it without drawing a chart,but to put it simply,in a weekly chart,if a stock takes out the previous week's high,we say that it is making ahigher high .If it takes out the previous week's low,we say it's making a lower low .
A series of higher highs and then the stock turns downwards to produce a series of lower lows,we say that the stock has formed a pivot at the top.Then when the stock continues its upward journey forming higher highs and producing apivot that is lower than the previous pivot,we say that the stock is making alower pivot high .
Taking out the pivot high is a continuation of the upward trend.Taking out the pivot low is a continuation of the downward trend.Making a lower pivot high smacks of a possibility in a change of trend.
How do we know for sure?We never do,my friend,for nothing is sure in life and the markets.Therefore we have a Trading Plan,Risk n Money Management and stop losses.

Educate yourself.....and Happy Trading!!

Saint

 

[oldmirage]

hi Saint,

amazing work by you and ur thoughts are capable of enlightening thousands of hearts. May God bless you to go on and on with same zeal and dilligence.

I am in for TCS since 1389. it went up nearly 1500 and came down to 1428 now.
can you please post TA for this stock?

shopper's stop is also another script I would like to have your thoughts on.

Thanks.

 

[Saint]

hi Saint,

amazing work by you and ur thoughts are capable of enlightening thousands of hearts. May God bless you to go on and on with same zeal and dilligence.

I am in for TCS since 1389. it went up nearly 1500 and came down to 1428 now.
can you please post TA for this stock?

shopper's stop is also another script I would like to have your thoughts on.

Thanks.

Hi oldmirage,

Thank you for your kind words.As for TCS,we are at that level where we could go either way on TCS.As of now 1480-1500 is a strong resistance area.If we start going down from here,the pattern looks more like a double top,which is bearish.Is it a sell?No.But if I were in your position,I would keep my stops at 1390,and if we get taken out,better to get out here.

Shopper's Stop is still sideways,all over the place.....for now a wait n watch .A daily close over 400 may be a signal that it's starting an uptrend.For now,put it on your watchlist.

Happy Trading!!
Saint

 

[Saint]

Hello Saint,


That was really informative. Any advice on Visesh Infotechnics and prakash Ind.

From a charts perspective,stay away from Prakash Ind.Another possible double top.If this stands negated,great.........but no reason to get in here.Keep away.

Visesh Info - a wait n watch for now as to how this week's bar is going to turn out to be.

Happy Trading!
Saint

 

[VICKY_SEEKINGINR]

Hi Saint...

Vijayabank Is Looking Good??

Thanx

 

[Dhanya]

Hi Dhanya,

I understand the problem.............Karthik and Avinash had stated the same thing some time ago.I am helpless.......but there is one thing I can do.I can write all that I possibly can remember of Tech Analysis from the beginner's perspective at the Tech Analysis Discussion Forum........Here there are a lot of calls and a lot of chit chat....... can't stop the chit chat there,but at least there won't be calls related posts there.

Saint

Hi Saint,

Sounds great!!Looking forward to it........

Regards,
Dhanya

 

[jraj]

Hi Saint,

Now after pullback,is the market is now good time to enter it?

thx in advance
JayRaj

 

[Saint]

Hi Saint...

Vijayabank Is Looking Good??

Thanx

Hi Vicky,

Yep.......looking good,but as a short.Please,not as along......especially if it cracks 59,looking good if you are short.Looking bad if u r long!!

Saint