MCX SILVER technicals

10 years monthly chart - trend is down with strong resistance at 50000 levels

GOLD MCX technicals (INR)

10 year monthly chart - Gold is testing support at 25000.. pullback possible from here.

GOLD technicals in USD

Long term trend of GOLD is down but there is possibility of a short term bottom being formed.

Weekend update

On daily charts, trend is up with support at 8300 spot.

On weekly charts, trend is up with support at 7700 spot.

Option writing points to support at 8300 and resistance at 8500.

High Profit Trades found with Candlestick Breakout Patterns

Market outlook

Past few days action points to selling at higher levels and unwillingness of bulls to add more positions. This is also evidenced by multiple dojis.

At a broader level, trend is up and will reverse on close below 7700. Any correction from here will likely form a higher swing low (ideally around 7800 or above).

Immediate support 8290 spot... break below this lead to start of correction.

Option writing points to resistance at 8500 (NOV series).

Market outlook

Trend is up and will reverse on close below 7700.

Any correction from here will likely form a higher swing low (ideally around 7800 or above).

Immediate support 8290 spot... break below this lead to start of correction.

Option writing points to support at 8000 (NOV series).

CNX IT technicals

Break of recent swing low at 11000 led to trend reversal.

Now buy above level is 11600.

Any short trade in futures would have been stopped out when the index crossed 11000 in last week of OCT.

Here is the chart:

Bank NIFTY technicals

Trend is up with support at 16000.

Immediate support is at 17200 ... close below this can lead to start of correction.

It is expected that this correction will lead to formation of a higher swing low (currently it is at 15000).

Market outlook

Trend is up and will reverse on close below 7700.

Any correction from here will likely form a higher swing low (ideally around 7800 or above).

Immediate support 8290 spot... break below this lead to start of correction.

Option writing points to support at 8000 (NOV series).

Market outlook

Trend is up and will reverse on close below 7700.

Any correction from here will likely form a higher swing low (ideally around 7800 or above).

Option writing points to support at 8000 (NOV series).

Question on stock selection

Hi sir,

I saw in your post that u have invested in GATI,GDL,Snowman Logistics.May I know how to invest in these kind of stocks which gives an unbelievable return.I have a basic knowledge of reading balance sheet,P&L acct and some basic technical analysis like Elliot wave..After knowing this,I think I can invest in other stocks rather than investing in Nifty 50?I am just 25 years old.Guide me to move to the next level.

Regards,
Gowtham

Weekend update

Trend is up and will reverse on close below 7700.

Any correction from here will likely form a higher swing low (ideally around 7800 or above).

Option writing points to support at 8000 (NOV series).

Market outlook

Trend is up and will reverse on close below 7700.

Any correction from here will likely form a higher swing low (ideally around 7800 or above).

Option writing points to support at 8000 (NOV series).

RANBAXY poised for multi year breakout

RANBAXY poised for multi year breakout... this will be a 10 year breakout.

Breakout level is roughly 650-700 levels. Your stoploss 550-580.

Question on stock selection

Question: 

If we run a scan on CNX 500 stocks for finding out stocks which are trading at 20 day high, we get a long list. How to choose which stocks to invest in??

Thanks, Varun Danturthy

Candlesticks explained

Candlesticks is a Japanese trading technique invented in the 18th century by rice traders. Today this technique is called candlestick charting and is widely used when drawing stock charts.

Market outlook

Trend is up and will reverse on close below 7700.

Any correction from here will likely form a higher swing low (ideally around 7800 or above).

Option writing points to support at 8000 (NOV series).

Metastock tutorial on how to trade with the trend

The majority always loses

If a betting game among a certain number of participants is played long enough, eventually one player will have all the money. If there is any skill involved, it will accelerate the process of concentrating all the stakes in a few hands.

Something like this happens in the stock market.

There is a persistent overall tendency for equity to flow from the many to the few.

In the long run, the majority loses.

The implication for the trader is that to win you have to act like the minority. If you bring normal human habits and tendencies to trading, you will gravitate toward the majority and inevitably lose.