Intraday & Technicals - Sept 14th

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The markets today should wove downwards. The inflation reports come out today as the government decides on the rate hike policy tomorrow. The markets are volatile and VIX is at 32.75 and the all time high stands at 36. BankNifty (9339) continues to be weak but then again this may find strong support @ 8917 - long way :( 

SBIN has broken its Feb 2010 low of 1863 and now the next support comes in @1715 which is the Sept 2009 low 

Our projected High 1860 & Low 1764 - below that 1730

RIL - Stochastics and RSI show that the stock is losing steam quick and may take another beating today. CCI has now shown a sell signal for the stock.

SELL BELOW 805 for targets of 798, 791, 784 

Our projected High:817  & Low: 789

LT - The stock finds its next support @ 1609 - Definitely a sell for today AGAIN :)

Our projected High : 1653 & Low: 1604

Buy Nifty (Spot) above 4952 for targets of 4965 , 4985, 5003, 5020 SL - 4935

Sell Nifty (Spot) below  4935 for targets of 4919, 4902, 4884, 4867 SL 4952

SBIN - Technicals & Intraday - SELL !!

Lets take a look at one of the largest public banks in India which now is downgraded to a SELL SELL SELL
The stock traded a high of 2960 on April 25th and hit rock bottom on May 25th touching 2167.
It makes its way back up retracing 23.6% (Fibo Magic) and hits a double bottom on the 20th of June hitting 2120 this time ! The stock had discarded almost 30% of its value in 2 months.

The stock has now retraced back to its 50% levles ({H 2960 +L 2120}/2 = 2540) and yesterday hit a high of 2528 but lost steam and closed at 2471.
Stochastics and CCI Indicators had generated a SELL signal at 2475 levels on the 8th July but we did not have a candlestick confirmation. The stochastics and CCI indicators have yet again generated a sell signal and now we have a Dark Cloud Cover Candlestick indication that the bubble is now about to bust !

We are definitely taking an intra-day  SHORT on this one @ 2480-90 levels. Lows for the day could hit 2440 if Volumes kick in !

50% Retracement level from Low of 2120 and High of 2528 kicks into effect @2324

Please keep in mind that the FII's may start dumping stocks as the RBI reviews its policy on the 26th of July and most analysts do expect a hike of 25-50 bps.

Happy Trading

Let Me See Your Hands, Sir !!

The fall that we had been writing about all last month has finally started and the Nifty has now started its descent.We had been updating the blog regularly so readers could see for themselves the signals that were generated at levels where we should have cleaned up before the markets cleaned us.

We are attaching an update on BankNifty as we perceive this Index as building and losing ground and momentum very quickly and rapidly. Among the top 10 heavy-weights of the index SBIN, ICICI, HDFCBank & HDFC hold very significant amount of shares as a percentage to weaken the index.
As for the the other banks;


HDFC & HDFC Bank- RSI, Stchastics, CCI indicators and candlesticks at this point do confirm the stock has changed trends. The security is losing steam pretty fast and quick.

ICICI Bank - The stock has already lost about 6% value in the last 7 trading sessions. Today, the MACD has also generated a SELL signal for ICICI BANK. The stock has a thumbs down and can be shorted at these levels for a decent profit in the next few sessions.

SBIN - The CCI Indicators and the Stochastics generated a sell in SBIN  - The RSI has decreased rapidly from 65- 58 in the last 3 sessions which means the security is continously losing volume and is being played by naked shorters for marginal gains.


               WE ARE VERY BEARISH ON THESE 4 STOCKS AND BANKNIFTY - 
                    A 20% fall in Banknifty could take the index down very easily by 10%