Some Good Steals...
- Thread starter AMITBE
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Hi smallbull74...yes I can understand your furstration. The only rally to come since three years up from 25-30, and you got trapped at a high level and a resistance too.
It's a difficult call. ITI is in sideways correction with a downwards bias at 66 levels. There is some semblence of support here, but a drop to 60 cannot be ruled out. Watch for a while to see if it can creep up to 75-78, where some upside can come. If there is resistance here, you may want to liquidate some of your holding and invest in a profitable trade.
Don't worry...this market is here to stay, and there are good opportunities daily. You are not missing anything that cannot be found again.
See how it's going and please run it by me mid week.
Good luck and regards.
It's a difficult call. ITI is in sideways correction with a downwards bias at 66 levels. There is some semblence of support here, but a drop to 60 cannot be ruled out. Watch for a while to see if it can creep up to 75-78, where some upside can come. If there is resistance here, you may want to liquidate some of your holding and invest in a profitable trade.
Don't worry...this market is here to stay, and there are good opportunities daily. You are not missing anything that cannot be found again.
See how it's going and please run it by me mid week.
Good luck and regards.
Hi kkz59,
You are obviously a thorough fundamentals based investor rather than a tech trader. Your own research and experience would stand you in greater stead, rather then my take on short term price action.
Should there be anything specific, like the drift of any of these scrips in the short to mid term, please do ask me.
I have absolutely no discomfort answering those.
I had recently put a call on Aksh Opti and it has come up since then. you've done very well on it.
From what I know of Videocon Appliances, you are in with a pretty decent scrip and should see an upswing sometime soon.
I had a look in at Kitex a while ago when you had first mentioned it in my thread, and it has made progress since.
I recall your query in early July on Regency Ceramics, and do remember it was meeting with stiff resistance at 35-37 levels. Looking at the charts again now, unable to beat 37, it has slipped as stocks often do when a resistance is not cleared. They then regain strength at lower levels before attempting a charge again. Sure enough, there is evidence of a slight positive divergence at 32 now and in the coming sessions there may be a move to the up. It needs volume for such a move which is lacking.
Magna Electro is rocking along too, youre up over a 100% on it.
Superb finds, kkz69. Keep it up.
Regards.
You are obviously a thorough fundamentals based investor rather than a tech trader. Your own research and experience would stand you in greater stead, rather then my take on short term price action.
Should there be anything specific, like the drift of any of these scrips in the short to mid term, please do ask me.
I have absolutely no discomfort answering those.
I had recently put a call on Aksh Opti and it has come up since then. you've done very well on it.
From what I know of Videocon Appliances, you are in with a pretty decent scrip and should see an upswing sometime soon.
I had a look in at Kitex a while ago when you had first mentioned it in my thread, and it has made progress since.
I recall your query in early July on Regency Ceramics, and do remember it was meeting with stiff resistance at 35-37 levels. Looking at the charts again now, unable to beat 37, it has slipped as stocks often do when a resistance is not cleared. They then regain strength at lower levels before attempting a charge again. Sure enough, there is evidence of a slight positive divergence at 32 now and in the coming sessions there may be a move to the up. It needs volume for such a move which is lacking.
Magna Electro is rocking along too, youre up over a 100% on it.
Superb finds, kkz69. Keep it up.
Regards.
madhura said:
Hi Amit, The sensex today closed at 7673 and nifty at 2355. I have heard that there is going to be strong corrections in the market next week which may take sensex to about 6800-7000 points... 
"I am afraid now, i have not booked any profits as yet from my currennt portfolio. Can you keep some light on this? Thanks
Madhura
"I am afraid now, i have not booked any profits as yet from my currennt portfolio. Can you keep some light on this? Thanks
Madhura
My reply is in terms of the NIFTY as I track this technically.
Yes there is a lot of negative bias, not in the NIFTY itself as much as it is amongst the technical analysis wizards of the media, especially on some popular business channels.
They have been hollering at the top of their lungs of impending doom since the time the Index crossed over into the 2100 zone and even a little before.
Apparent to all of us by now, no such thing has come to pass.
Primarily their point of view comes from seeing a build up in open interest on the Index which they in turn drum up in any case.
Besides this, an essential tool also popularly used by them is the Elliot Wave Theory.
Its early days yet into the Sept. contracts to go by the open interest angle as this can swing either way depending on how the market moves.
Open interest is more a trend play. On the down side should the Index hold at lower levels, covering of positions will drive up the Index as was witnessed on Wednesday when NIFTY moved up strongly from 2300-2305 to 2328, the last traded value for the day. A simultaneous Bull sentiment swung in here as scrips were picked at lower levels along with quick call options play on the Index itself.
On the upside, open interest builds up on up-trending stocks and indexes too, the reason why I said its early yet to go by open interest just yet.
In the Elliot Wave theory, for a very broad and brief quick-look-see, there are five waves in the direction of the main trend. From the starting point, the First wave moves in an upward slant to the point 1. The Second wave denotes a correction to the First wave, and dips down to the point 2, well above the starting point. The Third wave turns upward again and climbs sharply past the point 1 and peaks at the point 3. (The popular assumption is that the Third wave makes the steepest climb). The Fourth wave again is a correction to the down and stops at the point 4 and is above the point 2. The Fifth wave again turns upward to the point 5, normally above the point 3. (Again the popular assumption is that, while the Fifth wave can climb above the point 3, it does not climb quite as sharply or steeply as the Third wave). All this will become easier if you drew a zig-zag upward moving sketch.
After the Fifth wave, there are three more down trending waves, but there's no need to get into that at this point.
Each wave is never one continuous line, but a number of sub waves. In its climb from 2300 to 2400 levels, the NIFTY several times went up and down, and these can be considered as sub waves.
Theoretically speaking then, my take is, the analysts cannot seem to decide whether the NIFTY at present, is in the midst of the climbing Third wave, or is commencing the Fourth (corrective) wave.
Now, for NIFTY to give evidence of the Third wave, according to me, it should not correct to break below 2300, or 2280 at the most. And should it continue with an up-down movement towards past 2400 and sustains it, that should be evidence enough of the Third wave, which, also going by the Fibonacci sequential numbers (some other time on this) is pointing towards a possible peak at 2580 plus.
Should the NIFTY break to the down, below the 2260 mark, the assumption would be that we indeed are in the Fourth corrective wave, and may well see a re-entry into the 2100s again. And if so, then the Fifth upward wave would start from there.
The NITY is in a bit of a grey zone at this point It's going to be periodically choppy and flat in tun.
Things are interestingly poised as those holding profits would not easily squander them should the market climg sharply, as selling pressure would prevail there. By the same token, looking at the strong resilience that the NIFTY has displayed at lower levels, there will not be much panic till 2320-2300 hold and buying would emerge here taking the market up. For me, the lowest level where bottom fishing will strongly prevail is 2270-2280.
Below this, who can tell.
Thanks and regards.
Hello devansh_god. I'm glad you took plesure and understood my post. But in turn, I wasn't able to undersatnd your remark of social service nor the laughter. Never mind.
I brought this forward as it may be of interest to some members.
Regards.
Hi all,
Some of the scrips I have been calling and tracking may be making some moves this week and I am listing them.
NTPC had an all time close on Friday at 99 off, and is likely to move to 105.
Rolta may be seeking 165 plus at clearing 152.
Sonata after bobbing above and below 30 and consolidating here may seek 36 in the near future.
Alok looking good to test 90 first.
Arvind at 131 off, also in a prolonged consolidation between 123-140 will seek higher levels past 133-135. If sustains 140, will go for 150 plus.
Century is interestingly placed at 306. On the up, past 312 will attempt 320 plus.
Ind Swift has fallen back to 194 from 225 levels and will soon regain the lost ground. A good entry here if anyone missed it earlier. Target is 240 first.
Dabur and Hind Lever are expected to test 160 and 175 respectively.
Cummins seems on a come back, and will quickly go to 165-170 after sustaining 155.
GujNRECoke at 138 will test 150 plus at clearing 140.
NRC closed after a great rally on Friday, and may test 73-75. Watch what happens, and has good support at 66. Should it clear 73-75, will look to 80 in coming sessions. For now, trail loss it. S/L is 60.
There are a few scrips in the watch list, and will call them when they come up.
Crude prices are going through the roof, so things may get difficult. Trade with caution please.
Regards.
Some of the scrips I have been calling and tracking may be making some moves this week and I am listing them.
NTPC had an all time close on Friday at 99 off, and is likely to move to 105.
Rolta may be seeking 165 plus at clearing 152.
Sonata after bobbing above and below 30 and consolidating here may seek 36 in the near future.
Alok looking good to test 90 first.
Arvind at 131 off, also in a prolonged consolidation between 123-140 will seek higher levels past 133-135. If sustains 140, will go for 150 plus.
Century is interestingly placed at 306. On the up, past 312 will attempt 320 plus.
Ind Swift has fallen back to 194 from 225 levels and will soon regain the lost ground. A good entry here if anyone missed it earlier. Target is 240 first.
Dabur and Hind Lever are expected to test 160 and 175 respectively.
Cummins seems on a come back, and will quickly go to 165-170 after sustaining 155.
GujNRECoke at 138 will test 150 plus at clearing 140.
NRC closed after a great rally on Friday, and may test 73-75. Watch what happens, and has good support at 66. Should it clear 73-75, will look to 80 in coming sessions. For now, trail loss it. S/L is 60.
There are a few scrips in the watch list, and will call them when they come up.
Crude prices are going through the roof, so things may get difficult. Trade with caution please.
Regards.
Rolta and Sonata are moving along expected lines. Have tested 152 and 31.50 even in this market.
Alok and Dabur holding well. Hind Lever slipped a bit but looks ok.
Mcdowell tested 416, called at 330 Friday.
JP Assiciates does not seem to have much downside from current 280 off. Is good for a 30-40 Ruppes climb from here soon.
Alok and Dabur holding well. Hind Lever slipped a bit but looks ok.
Mcdowell tested 416, called at 330 Friday.
JP Assiciates does not seem to have much downside from current 280 off. Is good for a 30-40 Ruppes climb from here soon.
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