New Intermed Uptrend!!

[Saint]

Market crashed.... Saint can you comment how down will it go ?I invested in MCLEODS that too came down.

What abt ITC,Gujambcem,Rolta,JKPaper as they came down significalty. Is this time to enter in them ?

Hi Omkar,

Just a point before we analyse the above.One buys when one sees a great pattern breakout,or some fundamental reason for doing so,or some other indicator that gives a buy signal.One does NOT buy merely because the particular stock has come down significantly.

MARKETS :We may get a bounce around the 2730 levels.Breaking the 2645-2665 levels will be the end of this uptrend move that started on Oct31st 2005 till today.Of course,today's move down has broken the up trendlines in the daily chart.Indicators wise we have bearish divergences on the TRIX,RSI,the Stochastics is still very overbought.So if the question is:Will there be more pain to follow,the answer is :Yes.How much more,nobody can say for sure.

MCLEOD'S :Raise stop losses to 61.Weekly not looking too healthy.If stopped ,get out.

Stay out of all the others,all trendlines just cracked or in a downtrend.Watch for further pullback to enter.For now,all on your watchlist.

Happy Trading!
Saint

 

[Saint]

Below is a revised update after correction of a few slip ups.

UPDATES

BALRAMPUR CHINI:So far so good.Hold.Raise stop losses to 91.The expected blast off occurred as expected.Take some off the table around 122.

BOMBAY DYEING:Very nice.We got the breakout,now pulling back.It's a Hold.Raise stop loss to 320.

CENTURION BANK :Still going sideways.It's a Hold as of now.Raise stop loss to 20.5.

FINANCIAL TECH:So far so good.It's a hold.Keep stop loss at 1100.

INDIABULLS:Nice wide range bar breakout on the weekly last week and now a pullback.Looking good.It's a Hold.Raise stop loss to 150.

KARNATAKA BANK:Took profits at 113.8 today.And already raised stop loss to 108(viz breakeven).Not looking too good.Strong supply here and the odds of a turn around quite high making this a lower pivot high on the weekly.Basically,get out at 108.Looking more and more like a sweet short than long.I could be wrong,but prefer to err on the side of caution.

KEI INDS:Raise stop loss to 216.Nothing wrong with it so far.Broke out,pulled back,now resuming its uptrend.So far so good.Still a HOLD.

PRAJ INDS :So far ,to plan.We had a breakout from a symmetrical triangle on the daily.Weekly looking set to resume its uptrend.Raise stop loss to 100.Hold.

PROVOGUE:Again,a nice consolidation after a breakout on the weekly charts,as of yesterday.Looking great to resume its move up.It's a HOLD.Keep stop losses at 165.

USHA MARTIN IND :Threatening to break out if the symm triangle on the weekly.So far so good.Hold.

MCLEOD RUSSEL:Nice systematic pullback .Expect a resumption in upward activity.For now,a HOLD.Keep Stop at 58.

MPHASIS BFL:Still looking nice on longer term charts.Hold.Keep stop loss at 138.

PUNJAB TRACTORS :Very nice.Keep stop loss at 185.

SHIPPING CORP:Still looking good on longer term charts.Hasn't moved from our entry point,but looks as good as when we entered it.We are still trading within a huge sym triangle on the weekly.Keep stop loss at 140.

SAREGAMA:Nice gains in this one so far.Hold.Raise stop loss to 197.

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Happy Trading!
Saint

No changes in the above for SAREGAMA,BALRAMPUR CH,CENTURION BK,FIN TECH,SHIP CORP,MPHAS BFL,PUNJ TRAC,PRAJ,PROVOGUE,INDBULLS.

KARN BANK-last portion stopped out at 108

MCLEOD -Not looking good.Raise stop loss to 61.Get out if hit.
USHA MARTIN -looking set to break down from the sym triangle instead of up.Keep stops at 162.Get out if hit.

Saint

 

[ahonale]

hi saint.

how is union bank of india (at level of 115.00) and balrampur chini ,aarti drugs to enter?

which r other good midcaps in banking sector?

Thank u

 

[omkarck]

Thanks saint for informative reply.

 

[yepsee]

Thanks Saint

Still a HOLD for now.Was looking to around the 300mark.As for more buys,not yet.

Saint

 

[ragh_ash]

hi saint,
do u remenber discussions on Trix indicator do u still use that?
regards
ragh_ash

 

[prasad_ashish]

Dear Saint,
SHRENUJ & CO LTD ( CMP 25.35 ) and SURAJ DIAMONDS LTD( CMP 66.75 ) have bounced back significantly in last two days. Both are diamond exporters.
What future do you see for these two scripts ? Pls let me know your view.

Thank in advance
Ashish

 

[omkarck]

Thanks saint, for mclrus. What do u think abt AshokeLey, Petronet, Mahabank, Gujambcem for short term ?

 

[dheerajmehta]

Hi saint,

i'm holding MAX @ 613... could you tell me what your view on this scrip, for short term?

Regards,

Dheeraj M

 

[ssnkumar]

Hi Saint,

I am planning to invest in Auto stocks.
So, what is your view on Hindustan Motors, HeroHonda Motors and Bajaj Auto?
And how is M&M compared to all these?

Please do suggest, which is the best in the current market (with atleast 6 months to 1 year as investment horizon)?

Regards,
Narendra