January 28, 2015

Market outlook

NIFTY trend is up; however it is now at upper end of the expanding triangle.

Some reaction is likely here most likely to form a higher low.

Also, a formation of 2-3 days lower high lower low will be considered normal.

Option writing points to support at 8000 and resistance at 9000 (FEB series).

January 27, 2015

Hot stocks and charts

LAST updated: 27-JAN-2015 
  • These charts are for educational purposes only.
  • This is not a recommendation to buy or sell
  • Follow the trend... if stock is at 20 days high, trend is up and vice versa.
  • Golden stoploss: min 10% or 20 days low (long position).
  • Never risk more than 1% of your capital on any trade.
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AMARAJA BATTERIES
AMARAJA BATTERIES chart

Market outlook

Trend is up with trendline resistance at 9000  spot levels. Support exists at 8400 levels.

Incidentally though markets closed strongly in the positive, advance decline was flat. Note that on Friday also, we had good closing but advance decline was negative.

Note expanding triangle on nifty...

January 24, 2015

ITC nearing 6 month support

ITC nearing 6 month support - note that stock has not corrected or rallied in this period.


RELIANCE inverted H&S

RELIANCE bullish above 910


Stock technicals and breakout reports

Stock technicals and breakout reports available at http://www.mystocks.co.in


BANK NIFTY technicals

Trend is still up with SL around 19000.

Note swing low is around 18200-18300.


BANK NIFTY achieves target 20000


I missed the last 1000-1200 points!

January 23, 2015

NIFTY weekly update

On weekly charts, trend is clearly up with no signs of any reversal.

This week's 4% move has also given a new lifetime high closing.

Weekly close below 7970 spot will be first sign of trend reversal.

Fibonacci retracements show resistance at 9050 levels.

Option writing points to strong resistance at 9000 levels (FEB series) and strong support at 8000 levels. This means writers are expecting a range expansion and that too on the downside. The only fault with this analysis is that we are close to expiry and the levels can get a bit unreliable.


On daily charts, we have 3 consecutive gapups with small bodies... today, we also had the peculiar situation of a negative advance decline even as markets closed in positive. This is indicative of selling in broader market.


January 22, 2015

Market outlook

Trend is up with reversal level at 8550 spot.

Nearest possible target is 9000 levels +/- 100 points (based on Fib projections). This means a rally of another 100-200 points is possible.

Option writing points to strong resistance at 9000 levels (FEB series) and strong support at 8000 levels. This means writers are expecting a range expansion and that too on the downside. The only fault with this analysis is that we are close to expiry and the levels can get a bit unreliable.