HDFCBank Target Met !

On the 31st of May we had given our view on HDFCBank when it was @2275 - and the next day it shot up by 100 Rs. Yesterday HDFCBank shot right through touching a high of 2499 and closing @ 2489
The stock may face strong resistance 2539 and one could short at these levels keeping a stoploss of 2444

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Nifty Strategy June 27- July 1st

We had predicted a trend change on the 24th of June 2 days before it actually happened. The market had closed with a bullish engulfing pattern on thursday followed by a 150 points shootup in Nifty.

This week the markets should react to a hike in diesel and LPG prices, the Greek debt concerns and US economic data. Taking the high of 5605 and low of 5195 the markets retraced back 23.6% and within another 3 trading sessions the market has covered and moved up to the 61.8% mark.

Option traders may assume short positions at 5520 levels for targets of 5430 -5350 and 5280.
Overall we are ot recommending any buying in this market. One should wait for the markets to come down to decent levels before initiating any fresh  position.

Intraday call for monday markets may rally to higher levels - buy @ 5440 for targets for 5510-20
buy put options in case markets reach or touch higher levels of 5520-40 

Thursday Nifty Trading Call 23/6/2011

TODAY NIFTY SHALL OPERATE IN THE RANGE OF 5300 AND 5240 IN A DOWNTREND   

SELL NIFTY @ 5290-5300 LEVEL TARGET IS 5240-5220.

                  

Resistance 1	Resistance 2	Resistance 3	Resistance 4	Resistance 5
5310.76	5329	5347.26	5365.56	5383.89
Support 1	Support 2	Support 3	Support 4	Support 5
5256.25	5238.14	5220.06	5202.01	5184

Intraday Strategy for June 22nd

Nifty shall operate in the range of 5180-5310 level in a downtrend.

Sell NIFTY at 5300-20 levels keeping stoploss at 5335 target is 5200 -5180

June 24th could be the date where the trend changes.

Resistance 1	Resistance 2	Resistance 3	Resistance 4	Resistance 5
5310.76	5329	5347.26	5365.56	5383.89
Support 1	Support 2	Support 3	Support 4	Support 5
5256.25	5238.14	5220.06	5202.01	5184

Intraday Strategy for June 21st

Nifty today should trade in the range of 5180 - 5300
Traders could select positions accordingly.
1. If Nifty opens near 5200 buy near 5190-5210 levels Target 5280-5300
2. If Nifty opens near 5300-10 levels sell for a target of 5230-40

Resistance 1	Resistance 2	Resistance 3	Resistance 4	Resistance 5
5292.56	5310.76	5329	5347.26	5365.56
Support 1	Support 2	Support 3	Support 4	Support 5
5238.14	5220.06	5202.01	5184	5166.01

NIFTY's Broken Shoulder :(

The closing today formed a complete head and shoulder pattern for Nifty. The Neckline (5350) was broken rather pretty quick. We see the next level of support at 5177 levels and after that nifty has support at 4800 levels.
The Neckline which was a Support shall  now play the role of Resistance.
The head and shoulder pattern does give an initial bounce back towards its neckline, so a short term target of 5340-60 can be expected from lower levels.

Nifty Strategy June 20th - June 24th

Nifty this week may hang around to consolidate between 5330 -5440/50

Calls may be bought at the 5330 levels. keep SL @ 5290

RELIANCE INDUSTRIES - " Make it OR Break it "

Everybody likes cheap stocks which promise to deliver in a short time span. Right now we dont need to look far to find one as one of the biggest companies is available at a 52 WEEK LOW. Reliance Industries has taken a constant beating by the investors and bears on speculations of companies strength to perform and deliver to its investors as one of the largest companies in the world.

The purpose of the chart is to give a brief and real picture about what a company has been doing overtime. The chart in this case gives us the magnitude of how bearish institutions and retailers have been on this security. As seen on the daily price chart - The stock has already broken its previous support of 880, we see that the last level of trend line support can be found in the range of 855-860. If broken, we could see the heavyweight take down the entire index along with itself.
The stock has been in a consolidation phase for the last 2 years moving sideways but losing its grip and value over time. RIL has especially been a target for short term investors who have continuously bought and sold the security keeping 10-15% margin as profits.

Keeping in mind our previous post about the NIFTY LEVELS we do expect the markets to go upto 5700 levels. If what we think and if our theory is right we do expect RELIANCE INDUSTRIES to start moving up from this level along with the index.

     
We have recommended a BUY to our clients @ the 850 levels and in our view the stock should again give its investors a 10-15% margin. We however do recommend that after gaining certain profits investors should watch how the markets react at the 5700 levels and sell stocks just to be on the safe side.

SHORT TERM TARGETS 904 , 929, 970 (5700 LEVELS)

Strategies for 17th June

Nifty shall on friday operate in a downward trend.

Sell at 5420 levels SL at 5440 Target 5380-60

Once it hits 5360 levels long positions can be taken for 5440-5460 levels 

NIFTY UPDATE June 16th

On the 31st of May we had discussed the pattern formation of the second wave - the wave so far does look like it was broken into 3 sub waves. On 16th  of June we hit an  intraday low of 5389.8 Combining the symmetrical triangle and trendlines a low of 5365 could be very much possible. We are now looking at the formation of the 6th wave to form the symmetrical triangle pattern.
IMPORTANT 
One should observe very carefully how the market behaves at the 5330-50 levels. Short or Long positions should be taken with strict stop loss. If the market closes under the trendline a move upto 5700 levels may come into question. 


The coming wave or the 3rd wave (3) of the B wave shall be composed of a 5 wave structure. 3 upwaves and 2 down/corrective waves. Overall in our view the 3rd wave shall hit a high of 5690 -5710. and start at the low of 5360-65

While analyzing the Fibonacci retracement levels taking the high of 5944.45 on the 6th of April and low of 5328.7 on the 25th of May we see that the NIFTY retraced back to 5563 or 38.2%  and retraced back down to 5473 or the 23.6% levels. The retracement can be seen upto a level of 5709 or 61.8%

We would advise investors to clear all long positions and watch carefully how the market acts at this level.
RBI today hiked the bank rates by 25bps and analysts assume another rate hike of upto 75 bps within the coming year. We are amidst the Greek and Euro debt crisis, Inflation and America adapting quantitative policies to reduce its 14 trillion dollar debt which makes the global markets less attractive and investors more wary.

NIFTY WEEKLY CALL FOR JUNE -6TH - JUNE 10TH

This week NIFTY should form a low or consolidate near the 5350 - 5320 levels . People already holding short positions should exit at this position and go in for long calls for a high of 5650 -90 . As we write we are in the process of forming the 2nd wave of he 3 wave structure which should cover base at 5350-30 levels.
Tuesday may be very volatile with high fluctuation.

JACKPOT

As said Nifty hit a high of 5600 in todays trading session.
5600 CE high 97.6 and a low of 54.95
We recommended a sell @ 92 and to recover at 5540 or Rs65
Profit per lot 27*50 = 1350

SELL NIFTY

Nifty today will touch 5590-5600
Trading Strategy
SELL 5600 CE @ 92  STOP LOSS 98
MAX LOSS PER LOT 300
Rebuy @5540 

HDFCBank & NIFTY UPDATE

HDFC BANK blasted today closing at 2399.55 and touched a high of 2408. Although 2 of our targets of 2350 and 2400 have so far been achieved the target of 2475 still remains which we hope to achieve later during the week.

For tomorrows (June 1st) trading session - 

Based on todays close HDFCBank looks good above 2374. If traded above this level for sometime we could see 2433 and above that 2460-65. However maximum profit should be booked at the first level. A strong support stands at 2340.

As per our projections todays High could be 2455 and Low 2357

Regarding our previous post of Nifty triangulating to 4800 on the 26th of May, we had hit a low of 5328 and closed at 5348. Since then Nifty has gained  212 points in 4 trading sessions and closed at 5560 on the 31st of May. 

However we would like to point out that the corrective B wave consists of 3 sub-waves. We may experience some sort of a correction in the coming trading sessions before hitting 5650-5690 levels. A very strong resistance is seen at 5700 levels where we think the Nifty shall eventually give traders the final exit chance. 5700 is also the 6th point which concurs the symmetrical triangular pattern.

Please be advised if any kind of actions or short positions are assumed work with a strict STOP LOSS.