Nifty and LT

Nifty Daily Chart

Nifty is out of the consolidation and has tested the crucial level 4800 but managed to close above 4800.

If nifty closes below 4800 it can go down up to 4600. Now 4940 can act as resistance and any long position in Nifty should be taken only  above 5940 for a short term target of 5100-5150.

LT Weekly Chart

Parabolic SAR on weekly chart is showing sell signal. Other indicators like MACD and stochastics are indicating that trend could be down for medium term. Sell LT at CMP for a target of Rs.1500 stop loss 1575.(2-4 days)

(Above mentioned levels are spot levels. Targets are indicative, you can exit much earlier)

Disclaimer: Above mentioned calls are based on my understanding about technical analysis. Please do your own due diligence before taking them.

Nifty and Maruti

 Nifty consolidation continues.......

Nifty trading in a narrow range of  200 points. Option traders please wait for the breakout on either side before buying call or put. Futures traders can take long at CMP keeping a strict stop loss at 4990 for a possible target of 5100-5150.

Maruti

Today Maruti was one of top losers among nifty stocks. It has taken support at the ascending trend line. But closing below Rs.1173will create selling pressure. Indicators like MACD, Stochastics are showing sell signal and tomorrow if it manages to reach Rs.1170 we will get sell signal from Parabolic SAR.Based on above observation sell Maruti below Rs.1173 for a short term target of Rs.1155-1120 stoplossclosing above Rs.1190

Niifty and M&M

No Signs of Recovery !?

Today  Nifty has closed at 5036 which is a new low. In earlier trading sessions, even though Nifty was below 5000 it managed to close at 5073. Closing at 5036 may indicate that bears are dominating the market. Momentum indicators like MACD, Stochastics and trend indicator Parabolic SAR are -ve and there is no signs of a pullback in the market. Those who bought call option based on the intuition(but not on evidence) will be under great loss. Buy Nifty only if it closes above 5200. Closing below 5490 will bring the market to 4800.

Nifty Intraday Levels : Buy above 5086 tgt 5105-5158

                                  Sell  below 4986 tgt 4967-4914

(Above mentioned are spot levels)

M&M

M&M has reached very important resistance level. The importance of this falling trend line is high as it is formed from November 2010 and M&M has tested this trend line many times but failed to breach it. Stochastics has reached overbought level and bearish engulfing pattern of candlestick shows that one can short M&M at current level for a target of Rs.720 keeping a stoploss above Rs.748.

Nifty Daily Chart

Nifty Daily Chart

As expected nifty is consolidating . It may continue consolidating for few trading sessions. However stochastics on daily chart has given early signs of recovery and MACD Histogram is forming a flat structure. At this point of time I can only say that the free fall which we have noticed from few days is temporarily arrested.

Nifty Intraday Call :

Buy Nifty above 5168 target 5180-5200-5220

Sell Nifty below 5109 target 5098-5070-5050

(above mentioned levels are spot prices. Buy/Sell after 10-15 mins of market opening)

Disclaimer: Above mentioned calls are based on my understanding about technical analysis. Please do your own due diligence before taking them.

Nifty and BPCL

Nifty Daily Chart

Today Nifty made a high of 5198 and failed to cross 5200 which can act as immediate resistance. Apparently the expected relief rally seems to be completed today.

Market is expected to be range bound at least for few days and so the Nifty may test 5000 levels once again.Short term traders should avoid taking long position until nifty closes above 5200-5250 and use every uptrend to create short position.

Intraday Levels : Buy only above 5212 target 5236-5260

                          Sell only  below 5107 target 5086-5029

(Above mentioned levels are spot levels. Buy/sell after 10-15 mins of market opening)

BPCL

So far BPCL was extreamly bullish. But now indicators like RSI and Stochastics are showing early signs of weakness. In the chart you can see an ascending trend line which can act as immediate support and the next support is at Rs.650. Sell BPCL around Rs.685-690for a target of Rs.670-665-650 stop loss closing above Rs.710 (1 week)