New Intermed Uptrend!!

[Saint]

sounds scary though...wonder how much more we are going to fall from here!!

Hi Jay Raj,

Nothing scary ,my friend..........just as there are ups and downs in anything in life,so too with the markets.We have gone up considerably,now correcting,that's all.All healthy for the markets,great for us traders as it gives us an opportunity to get back in after taking profits or getting out at higher prices.

All the best!
Saint

 

[Saint]

Very well said Saint. I was too victim of such syndrome. Nice elicitation friend.

Thanks,
nkpanjiyar

Thank you for your kind words,my friend........

Saint

 

[Saint]

Re: Tcs

Evenafter good quarterly numbers, stock fell today.
What will be the target of tcs in shrt term?

Prepare for more correction to follow,in Tcs and in the mkts......not quite done as yet.Better to wait on the sidelines for now,Suhas.

Saint

 

[coljaspal]

Hi Jay Raj,

Nothing scary ,my friend..........just as there are ups and downs in anything in life,so too with the markets.We have gone up considerably,now correcting,that's all.All healthy for the markets,great for us traders as it gives us an opportunity to get back in after taking profits or getting out at higher prices.

All the best!
Saint

Well said Saint,
It's true that what goes up must come down....but one would still like to know how much downside is left? Would it also be possible for you to give a fair estimation of whether we are in for a period of sideways movement/ consolidation, or is the market likely to start shooting up pretty soon, like after the previous few corrections.
I know these questions are hard to answer, but what are your views?
Regards,
Jaspal

 

[Saint]

Well said Saint,
It's true that what goes up must come down....but one would still like to know how much downside is left? Would it also be possible for you to give a fair estimation of whether we are in for a period of sideways movement/ consolidation, or is the market likely to start shooting up pretty soon, like after the previous few corrections.
I know these questions are hard to answer, but what are your views?
Regards,
Jaspal

Hi Jaspal(or would you rather prefer Colonel),

Yep,difficult to say exactly the area we are going to stop and turn around..............but looking at longer term charts,one suspects that more correction is due.The area around 7800-7900 is an area of major support.........it also happens to be the 23.6%fibonacci retracement area.If we take support here,and perhaps go sideways,we are back to our uptrend ways.

Of course,even if we crack 7800-7900,and go on to 7400 area,our long term uptrend is still intact.I believe the area of 7800 -7900 may hold............but my belief doesn't matter really.

What I am looking for on the longer term charts is a drop to support and a bounce,then a pullback to form a higher pivot low on weekly charts.........or a sideways congestion.All this may take weeks to develop,maybe months.......and during that time,I am out as far as intermed term trades are concerned.Short term,maybe......daytrades,maybe.But that's about it......of course there are certain stk specific plays that are looking good to go despite the market.......

Where and when exactly it will bounce,no one knows,my friend.....all we can do now is to wait.

Happy Trading!!
All the best!
Saint

 

[srisara]

Hi Jaspal(or would you rather prefer Colonel),

Where and when exactly it will bounce,no one knows,my friend.....all we can do now is to wait.

Happy Trading!!
All the best!
Saint

Well said, what I have learnt is, we should not predict the market flow. just flow with it as much as we can. Either Trending, Volatile, SideWays or going down, just go with it.

Just few days back, I was watching dollar making gains, obviously this was one of the signs for markets to correct?

The story is simple, If Dollar starts gaining, FII's who parked their Money in Indian Stocks (read in Rupees) have to pay more Rupees to get less Dollars.

Remember year 2000-2001? Rupee touched around 47-49. If this trend continues of Dollar appreciating, we can see more correction as depreciating rupee affects the Stock Markets, as Indian Mutual Funds who are providing the buffer as of now, will also turn net sellers.

One way for the FII's to leave the Indian markets High and Dry.

Satya

 

[coljaspal]

Hi Jaspal(or would you rather prefer Colonel),

Yep,difficult to say exactly the area we are going to stop and turn around..............but looking at longer term charts,one suspects that more correction is due.The area around 7800-7900 is an area of major support.........it also happens to be the 23.6%fibonacci retracement area.If we take support here,and perhaps go sideways,we are back to our uptrend ways.

Of course,even if we crack 7800-7900,and go on to 7400 area,our long term uptrend is still intact.I believe the area of 7800 -7900 may hold............but my belief doesn't matter really.

What I am looking for on the longer term charts is a drop to support and a bounce,then a pullback to form a higher pivot low on weekly charts.........or a sideways congestion.All this may take weeks to develop,maybe months.......and during that time,I am out as far as intermed term trades are concerned.Short term,maybe......daytrades,maybe.But that's about it......of course there are certain stk specific plays that are looking good to go despite the market.......

Where and when exactly it will bounce,no one knows,my friend.....all we can do now is to wait.

Happy Trading!!
All the best!
Saint

Thanks Saint,
Your views are really appreciated and always treated with the respect and merit that they deserve......
You have a good memory....remembering my Army background. Though in heart and soul, once a soldier....always a soldier, but here just the name is probably friendlier and more personal.
Thanks once again...I enjoy reading all your posts.
Jaspal

 

[coljaspal]

Well said, what I have learnt is, we should not predict the market flow. just flow with it as much as we can. Either Trending, Volatile, SideWays or going down, just go with it.

Just few days back, I was watching dollar making gains, obviously this was one of the signs for markets to correct?

The story is simple, If Dollar starts gaining, FII's who parked their Money in Indian Stocks (read in Rupees) have to pay more Rupees to get less Dollars.

Remember year 2000-2001? Rupee touched around 47-49. If this trend continues of Dollar appreciating, we can see more correction as depreciating rupee affects the Stock Markets, as Indian Mutual Funds who are providing the buffer as of now, will also turn net sellers.

One way for the FII's to leave the Indian markets High and Dry.

Satya

Thanks Satya,
Makes a lot of sense. I believe, with the Dollar strengthening, FIIs have pulled out massively from the South East Asian markets. Somebody was telling me that we haven't been impacted that much, and hopefully we wont be either in the next couple of years.
Jaspal

 

[srisara]

Thanks Saint,
Your views are really appreciated and always treated with the respect and merit that they deserve......
You have a good memory....remembering my Army background. Though in heart and soul, once a soldier....always a soldier, but here just the name is probably friendlier and more personal.
Thanks once again...I enjoy reading all your posts.
Jaspal

Jai Jawan Jai Kisan.....

Satya

 

[coljaspal]

Jai Jawan Jai Kisan.....

Satya

Thanks Satya,

Jaspal