Talk about midcap and smallcap stocks, Index is likely to be rangebound till year end holidays

Dow hitting highest close in 15 months + Another short squeeze due to f&o expiry can lead to higher levels in the index but the benchmark indices are likely to be range bound in 5130-5215 till we see huge volumes which will lead to a breakout or breakdown. The first two weeks in January will be crucial as it will mark the return of FIIs who are chilling and celebrating the year end holidays right now keeping all global markets at crossroads.


Nifty View:

5130-5210 is likely to be the range. The major trendline support is now around 4900, any sustained close below 4900 will lead to a major trend change. Either dont be overleveraged or hedge your positions.


Stock View: Noida Toll

Can it be a triangle breakout? Let's see. Buy if it closes above 40 to see an up move targeting 44-45. Stop loss would be 36.5 on closing basis. High risky stock so keep less quantity.



Stock View: Mukand ltd

Mukand is looking good on short term charts. It is a Buy if it crosses and closes above 70 for target of 80 and the stop loss for this trade would be 65 on closing basis.



Some of the stocks mentioned earlier:

Sintex is on the upmove, wait for targets. Electcast hold. Gammninfra targets achieved.



Have a nice trading day and Wishing everyone a very happy and prosperous new year.

Regards

Ankit
09899899989
Call if u have any suggestions for the blog.

A close above 5210 on Nifty and above 10600 on Dow will give confidence to Bulls, Major supports around 5130 till then expect stock specific moves

It was a low volume day at Dalal Street up till 2:30 pm, but in the last one hour of trade there was a late sell off in the markets due to some profit booking on the account of yet another Mini Week ( with only 3 working days instead of 5 ). Markets have given a breakout but there is no news or participation from large funds to propel the markets higher from current levels. Dow Jones did show a similar pattern as Nifty, it also witnessed a late sell off.

Intraday chart Nifty 29/12/2009 ( Yesterday )


Intraday chart DowJones 29/12/2009 ( Yesterday )



As you can see both had a late sell off due to profit booking because of low participation and volumes.



Dow Jones View:


Dow Jones is still following a pattern of rising wedge on a short term chart, and is also following a trading range of 10250-10550. 10550 was broken on the upside and it touched 10580 but due to late sell off it could not close above 10550. A major move uptill 10800 will come if it closes above 10600 with huge volumes . Till then 10350-10250 is a strong support.





Stock View: Electcast

The stock is unable to cross the trendline formed from May 2009.A close above 51 level with huge volumes can take this stock to 58 and 65. Buy Electcast only if it closes above 51 with a stop of 47 for targets of 58 and 65.




Stock View: Sintex Inds

A perfect triangle pattern is seen in this stock. It is a buy above 273 for extreme short term targets of 295-300.




Have a nice trading day

Regards

Ankit

Finally after a long wait Nifty finally broke 5180 and touched a new high of 5197.9

After waiting for almost 20 months, Bulls got to see the level of 5200 ( at least on Nifty futures :P ). As expected and posted on Thursday, Nifty exactly took support from around 5125 levels. Now the last thing that bulls need to conquer is a closing above 5200-5210 which if done can take Nifty higher to 5350-5400 levels. Meanwhile we can see all those Midcaps that gave breakout last time but could not achieve targets ( due to lack of support from Nifty ) to achieve targets now.


Nifty View:

The graph says it all.. Its a 2 year chart of Nifty where red line shows the key resistance level which if Nifty crosses and gives a sustained closing above it then the next target would be the upper end ( 5400 )of the parallel channel. the major support lies now at 4850-4900.



Stock View: Ushamartin


Stock is unable to cross 80-82 supply zone since last 3 months. For the past few days it has seen a revived interest with huge volumes( see orange circle ). Buy USHAMART at the current levels or on closing above 82 for target of 89 and 95. Stoploss would be 70 on closing basis.



Have a nice trading day

Regards

Ankit

Just see what a day of short covering can do, As a result of which some key resistance levels were broken effortlessly

" 5180 " - the key dreaded level for Indian Markets should not be dreaded anymore. All indicators now showing that the big breakout is round the corner only, it can be today or next week. The short covering came with such huge volumes in Nifty futures that the volume today was almost double of what it was yesterday. Some key resistance levels like 5050-5070 were broken so effortlessly that it was surprising for many people. On this blog I constantly posted that there is a very good support around 4925-4935 and Nifty becomes weak only if it breaks this level on closing basis, Nifty's low was 4943 :) day before yesterday.


Nifty View:

There is no reason now for not crossing 5180, Nifty will fail in doing so if there is some major bad news coming our way. Now if there is any profit booking then the first support for Nifty comes out to be 5120-5125 and the next major support is 5070-5080. There still might be large amount of shorts in the system waiting to cover above the triple top of 5180, so above 5180 you can see levels of 5220-5250 in quick time.





Stock View: Gammon Infra

The stock is trading in the triangle since May 2009, having its very good base line ( green line )at 17-18. The Red line is the side of the Triangle which is difficult for stock to cross. Any closing above 20.5-21 with huge volumes can take this stock higher to 24-27. Dont buy till it doesnt cross and close above 20.5-21.



Have a nice trading day

Regards

Ankit

You need volumes to breakout or breakdown from range of 4930- 5070, Midcaps outperforming benchmark Indices

Nifty View:

The chart is self explanatory that if Nifty holds on to green line ( 4930 ) then expect it to touch the Red Line ( 5050 ). It will be difficult for Bulls to cross 5050-5070, till then we will remain in the range of 4930-5050.



Stock View: 3iinfotech

Bullish candle seen with high volumes. The stock is a buy at current level with a possible target of 93-95, stop loss would be 86


Dollar Index View:


View Posted on 7th dec, http://optionstech.blogspot.com/2009/12/as-i-expected-nifty-fell-from-5130-odd.html.

Dollar Index has bounced sharply back from the previous top made in June 2008 and it has retraced back to upper end of the downard sloping parallel channel, once it gives breakout above 76.3, expect 78 $ too in very short term.




Current View of Dollar Index:

It was posted on 7th Dec 2009 on the blog( check archives ) that Dollar will touch 78$ in short term, after 15 days on 22 nd Dec it has completed its target. Now where it is headed to? There are two lines which will act as a major hurdle for Dollar Index to rally further:

1) Red Line: ( 79.45): It is a combination of 3 resistances. Firstly, its the 200 DMA of the Index. Secondly, its the 50 % retracement level of the fall from 89.62 to 74.23. Thirdly, its a line joining multiple tops at 79.45 which were made in August this year.

2) Blue line: ( 81.90 ): If the Red Line is crossed somehow then the next major resistance is the blue line which is a combination of 2 resistances. Firstly, its the 61.8% retracement level of the fall from 89.62 to 74.23. Secondly, its a line joining double top at 81.9 which was made in June this year.


Have a wonderful trading day

Regards

Ankit

Today's gap up opening will be a relief for Bulls, Use it to reduce your over-leveraged positions

After closing at the lowest point of the day around the major support band of 4925-4935, the index is expected to open gap up around 4970 level. This dead cat bounce rally may be limited to 5000-5020, only a move above 5050-5070 can see Nifty rally up to previous high of 5180. It's a good sign that Mid caps are not falling as much as the Index stocks.


Nifty View:

Nifty has almost reached its first major support of 4925-4935 ( green line ), a sustained close below this level can take Nifty to last major support of 4800 where two important trendlines coinicide, Red Line( low of 4800 formed in Nov), Blackline ( lower trendline of parallel channel formed since June 09 ). It is advised not to short Nifty till it gives a close below 4800.




There will be no stock recommendation for the day.


Sorry i could not post a detailed view on markets due to some personal reasons.

Have a nice trading day

Regards

Ankit

Nifty finally gives breakdown below 5000 but there is a good support around 4925-4935

On Friday, Nifty finally gave a breakdown below 5000 after flirting with 5000 danger level for the past 2 days and the quantum of selling pressure was so much that exact 4972 was the level shown straight after 5000 was broken i.e all stop loss orders placed were either skipped or were executed till 4972 on time priority basis, but there was no follow up selling in Index futures as a result of which Bears were left with no option but to hold the levels 4980-4995 till end of day trade.



Nifty View: Nifty has broken 50 DMA and most importantly the black trendline which it was holding since the last 2 days. Now this black trendline i.e ( 5050-5075) will act as a huge resistance for bulls but the support is not too far away. The index has bounced back from green trendline many times in the past so it has a very strong support at 4925-4935 levels, sustained closing below this level can turn Nifty very weak on short term charts.




Stock View: APTECHT

This stock was hammered out of shape in the month of October and now is very close to support line ( green line ) and 200 DMA which are coinciding with each other at around 175 level. The blue line is acting as resistance which is placed at 205 level. The red line is a danger line, closing below which the stock could turn very weak. In this case Aptecht can be bought near 175 odd level with a stop loss of 165 on closing basis.
Blue Line --> Resistance Line
Green Line --> Support line
Red Line --> Danger Line




Have a nice trading day

Regards

Ankit

Stock Exchanges postpone trading hours extension to 4th Jan, 4950-4930 should hold if Nifty breaks 5000

Nifty View:

Nifty is still holding on to the trendline ( black ) joined from Nov 3rd lows and has tested it 4 times ( shown by 4 red circles ) from Nov 3rd till now. If it breaks this black trendline then expect Nifty sliding to 4930-4950 which is the next major support and is shown in the chart by green trendline .




Stock View: Rolta

The stock has outperformed the benchmark indices in the last few trading sessions. It can be bought if it sustains above 181-182 with a target of 200 with a SL of 160 on closing basis.



Sorry, due to some personal work I could not post a detailed view about markets and effect of trading hours extension. I will try to do it in this weekend.

Have a nice trading day

Regards

Ankit

Nifty holds on to psychological level of 5000, Now work for 55 minutes more for no extra pay

Markets opened weak but held on to the psychological level of 5000 throughout the day. As i mentioned yesterday it is a strong support because it is a combination of 2 parameters, firstly the trendline support and secondly the 50 DMA.

Meanwhile after the approval nod from SEBI and after many meetings and discussions, exchanges have finally decided to increase market timings by 55 minutes to 9 am -3:30 pm. It all started yesterday when BSE decided to increase market timings by just 10 mins. It was obvious that both exchanges will keep same time for opening and closing sessions. So NSE instead of increasing it by just 10 mins grabbed this opportunity to do whatever changes they want in one go. At the end of the day it was BSE which followed in footsteps of NSE citing the reason that if they have to be competitive they have to act swiftly, and they had no option left but to follow them.


Nifty View:

All the supports that i mentioned yesterday should hold to take this market beyond 5180. The supports remains the same as yesterday with 5000 being the most important and the nearest support level. 5085-5090 will act as a huge resistance for the markets as it has acted as a huge support for the last few days.


Stock View: Gtl Infra

The stock's chart is in a triangle shape since March 2009, so there would be a big breakout if GtlInfra crosses and closes above 40 level with huge volumes. The targets would be 43 and 47





Stock View: Rolta

The chart gave a breakout above 180 in early December and now is in the period of consolidation before the big move. Blue trendline is a support line from which the stock has given bounced back atleast 5 times, the black trendline is the breakout line above which the stock has given a breakout and finally the red trendline is the support line which is giving the support during consolidation. So buy Rolta with Sl of 178 for targets of 195-205.


Have a nice trading day!

Regards

Ankit

Finally a breakdown from week long range of 5050 to 5180, a higher low is necessary to break out above 5180

Markets have finally broken down from the range and this time also we could not breakout above 5180 which i personally think would remain a dream for few more days. Bombay stock Exchange has advanced the opening bell timings by 10 minutes in order to cater to more foreign flow after SEBI gave proposal to both the exchanges to extend their timings. National Stock Exchange, India's largest stock exchange will also take a decision on by how much timings should be extended so that it can match BSE's time and does not loose out on those extra 10 minues of turnover going to BSE.


Nifty View:


After the breakdown from the range of 5050-5180, Nifty's next major supports are as follows:

1) Red trendline joined from Nov low + 50 dma.

2) Green trendline at 4930-4920 is the line joining some of the last lows on closing basis.

3) Black Trendline at 4800 joining important lows since MaY 2009 + 27th Nov low from where nifty bounced back sharply



No stock updates today.



Have a nice trading day

Regards

Ankit

Another indecisive day of trade, still not able to breakout above 5180. Watch 5085-5090 as a good support before 5050

Another day when we were not able to breakout above 5180 despite the positive Asian and European markets, last time the reason was lower than expected IIP data and this time the reason is 3 times increase in Inflation data Month on Month basis. The inflation data which came at 4.78% against 1.34% was way above analysts' estimates. The 3 times increase is mainly on the basis of base effect but there are some serious issues on the supply side of primary articles, RBI increasing some basis points here and there would not make much of difference rather RBI should try making primary articles available in abundance which would be able to meet the ever growing demands and thereby resulting in the sharp fall of prices.


Nifty View:

5085-5090 is also acting as a good support now as it is a level from where markets have bounced back for the past three days and today also 5090 on the downside could not be breached by Nifty. In addition to all this 20 DMA is poised at 5080 which is very close to this level and will act as a good support. So the conclusion is after 5080-5090, 5050 will be the last support.

We all know the resistance on Nifty,the supports on Nifty are
1) 5080-5090 -- 20 DMA + LAST 4 Day's Low
2) 5050 --- very short term support
3) 5000 --- Red trendline joined from nov + 50 DMA
4) 4800 --- Black trendline support joined from May + 27th Nov low from where Nifty Bounced Back sharply



Stock View: Lanco Infra

Lanco Infra is on the verge of breakout if it closes above 600 with huge volumes atleast higher than average of last 10 days. The black and the Green trendlines joined from May 2008 are acting as a resistance for the up move and the Red trendline will act as a support to the stock. So its a buy on dips till the red line is not voilated on closing basis.




Stock View: Grasim

Grasim is all set to breakout from this 3 month long triangle and this time the stock has a reason to celebrate as prices of Cement bags are expected to go up by 15-20rs/bag in north India. Sustained move above today's high of 2474 can give a move upto 2580-2600



Have a nice trading day

Regards

Ankit

Another failed attempt to cross 5181, Double top at 5181 transforms into Triple top

Markets again witnessed selling pressure from the dreaded level of 5181, this time the reason was lower than expected IIP data, 10.3% as against expectation of 12.5%. However Nifty broke the level of previous top 5181 and touched 5182.55, in all this people who were short on Nifty Futures and kept stop loss suffered loss as all buying stop loss must have triggered that were kept above 5181 in Nifty futures. As a result Nifty futures touched a high of 5186.55 and then came down after the announcement of IIP data which were lower than expectations taking the benchmark index down to 5140 level in a jiffy.

Nifty View:

Nothing to post right now as it sometimes get boring to post the same chart again and again because there is no meaningful movement in the index. The silver lining in the Friday's move was that if Nifty could not cross 5181 then it also didn't give breakdown below yesterday's low of 5085 and that is a good sign. Just keeping it Simple , one should know that above 5181 is breakout and below 5050 is a breakdown


Stock View:

India InfoLine Ltd

The stock has been oscillating between 120 and 160 since May 2009. Any move above 141 will create over all buying which can take this stock to 160 levels and just watch out for the volumes while breaking out.


Have a nice trading day

Regards

Ankit

Hans Rosling - 27th July 2048, The date India and China will outstrip U.S

DowJones 10150-10550, Nifty 5050-5180 range seen, Watch out for sectorial moves

Nifty is still trading in a tight range of 5050-5180, the range is so confined that it is observed that the intraday high of last 3 days is almost same and intraday low of last 2 days is almost same. Same is the case with DowJones which is also trading in a range of 10150-10550 since 1st week of November, the only difference is that the range of DowJones is almost double of the range of Nifty.

At this point of time i would like to advise people :

1) With over-leveraged positions to keep a trailing stop loss of 5050 ( It's a request, remember its better to book a small loss rather than a huge loss as you are already over leveraged ) to your extreme short term positions

2) With short positions to keep a stop loss of 5180 on closing basis, the reason why i am saying closing basis is that the there is a huge possibility of " fakeout" instead of a " breakout" on Nifty.

3) Who are still sitting on Cash to invest 25% and take a longer time horizon of more than 1 year and wait for market dips to invest the rest 75%. There focus should be on mid-caps rather than large caps as still there are many opportunities left in the mid-cap space which can hugely outperform the large cap space.

DowJones View:

The rising wedge pattern is followed since March 2009, these 2 black lines are converging and the index is trying to maintain within this space only but the time has come to get out of this space. 10150-10550 is the range which the index is maintaing since Nov 2009. So a breakout or breakdown must be coming in the next few days.



Sector Watch: Fertilizer Space

Two of the stocks which are looking very good are Chambal Fertilizer and Nagar Fertilizer and charts of both the stocks are posted below:






Have a nice trading day

Regards

Ankit

Finding cues to breakout or breakdown, Range seen at 5050-5180

Nifty did manage to absorb yesterday's 100 point fall in DowJones and there was no major damage except a nominal cut of about 0.7% in today's trade thereby outperforming other Asian counterparts like Hangseng & Nikkei which were down 1.5% each. In the last few days there have been cuts by rating agencies on countries' economic outlook, first it was Dubai, yesterday it was Greece, and now S&P cuts Spain's economic outlook to negative. There could be a negative impact on global markets if more cuts like these are seen in future. Meanwhile due to Spain's cut in rating, Dollar has gained against Euro as Spain is an Euro-zone country and Dollar gaining is now a negative for Gold which has hit a 1 month low as it fell as much as 8% in last 4 sessions. Recovery can be expected in gold if it holds 1120$ which is a good technical support.


Nifty View:

The view remains the same, 5180 on the upper side and 5070-5050 on the lower side are the levels for the Nifty. Any move above 5180 or below 5050 will result to follow up buying or selling. Till then concentrate on Stock Specific moves rather than concentrating on Nifty.


Stock View: Today i am posting view on two of the stocks which might lead the next rally if at all it happens

Infosys:

If Nifty has to cross 5180 then some large caps has to participate and outperform the markets. Infosys seems to be one of them as the chart on the whole seems to be a very bullish chart and is holding on to the lower trendline from March lows. On the upside it has to close above 2480-2500 with huge volumes which will fuel the next rally.



Larsen & Toubro:

The second stock which is likely to outperform if and when there is a breakout above 5180 in Nifty is L&T. The stock always holds on to short term trendline since May 2009 which makes it a buy on dips candidate. Any closing above 1700 with huge volumes can propel this stock to 10-15% higher i,e around 1950 levels.



Have a nice trading day

Regards

Ankit

On the verge of breaking out above 5180 or was it a big bull trap ???

Today Markets witnessed an unexpected rally from the the level of 5063 to 5151 in the last two hours of trading. I am using the word " Unexpected" because the Asian markets were down in the red, HangSeng was down 1%. European Markets too opened in the red but recovered later only to post gains ranging from two to three tenths of a percent but our Markets after the stupendous rally posted gains around 1.6%. Global Markets could spoil today's big rally as European markets have closed down one and a half percent each and as i post this blog U.S markets are also trading down almost 1%. After Dubai drama now the medium term outlook for public finances in Greece looks miserable. Its the first time in 10 years that a major ratings agency Fitch has cut its rating on the country below single-A and Greece is the only country in the euro zone to be rated below single-A.



Nifty View:

Nifty has closed at the striking distance of 5180, if world markets would have supported then we could have witness a gap up opening above 5200 but that was not the case as all world markets are down anywhere between 1-2%. Today Nifty moved up exactly from the level of 20 dma which is placed at 5057. On the upside there is only 1 major resistance i.e 5181 but on the downside there are 3 most important levels to watch out for:

1) 5110
2)5070
3)5050

Under any circumstances Nifty should not break 5050 and if it does so then the short term uptrend will end completely.




Have a nice trading day

Regards

Ankit -09899899989

As i expected Nifty fell from 5130 odd level, Watch out for stock specific moves till we breakout or breakdown

Dollar snapped back sharply from the lows of around 74$ resulting in sharp declines in commodities like base metals and precious metals. Gold tanked around 6% in just two trading sessions after making a high of around 1220$.




Dollar Index has bounced sharply back from the previous top made in June 2008 and it has retraced back to upper end of the downard sloping parallel channel, once it gives breakout above 76.3, expect 78 $ too in very short term.


Nifty View:

Nifty future on the intra-day chart made a double bottom at 5051, if that holds by any chance and there is a gap up opening then expect Nifty to touch 5090/5105. If thats not the case and the opening is a gap down one, then 5020-4985 will act as a very good support for Nifty. Keep booking profits in individual stocks and keep trailing stop losses.


Red bubble shows that how it was becoming difficult day by day to cross 5181 level and eventually a double top has been formed there. The green square near the trendline shows the target where this recent downmove from the top of 5181 would take support or probably end.



Stock View: Ballarpur Industries

Ballarpur Ind has been obeying a red trendline as a resistance zone since last one and half years, A breakout and a close above this red trendline can take this stock to 30 odd levels, volumes are supporting for this stock but the only problem is the closing above 26-26.5 is needed




Have a nice trading day

Regards

Ankit 0-9899899989

Why it is becoming so difficult day by day to cross 5180-5200?

The answer is that there are multiple tops around 5180-5200, starting from Jan 2008 to as recent as October 2009. That is why bulls are finding it difficult to cross 5200 and they might need some good news as a reason to cross this level and give a big break out eventually.




Nifty View:

Nifty is again finding difficult to cross 5180 and it fell back from 5161 after a weak opening on Friday. This is the third attempt by Nifty in the last 3 days, so it is advisable to go short in and around 5130-5140 range with a small stop of 5190. If not going short atleast book profits or dont create long positions. Green area is an area of good support for markets i.e 4990-5020 and after this the next major support comes at the black trendline which is at 4920



Stock View: Gmr Infra


GmrInfra has been consolidating between 60-75 since July. A clear breakout is visible above the upper trendline with high volumes, if sustains above this trendline then targets are 75-82-90





Have a nice trading day

Regards

Ankit

As i expected Nifty turned back exact from 5181, Midcaps outperform Benchmark Indices

Nifty touched 5181 on 20th October 2009 ( just the next trading day after Diwali ) and next was today 3rd Dec 2009. Around 2:30 P.M, there was unexpected selling in the markets as a result Nifty fell 50 points in just 20-25 minutes. Such selling normally comes on the back of some bad breaking news flashing on TV channels, but today it felt like Technicals do work in Markets :P he he. As posted on the blog yesterday that Watch out for stock specific moves, Nifty rose only 0.16% as against CNX Midcap which rose 0.95%.

Nifty View:

If Nifty fails to close above 5181 within next 2-3 trading sessions, it can fall upto 5020-4980 ( 20 dma & 50 dma being so close to each other ). In a more severe case expect 4920-4900 too ( black trendline joining two recent lows ).



Stock View: Usha Martin

Usha Martin has a multi-month resistance at 77-80 odd levels. A big move is expected if closing or a sustained move above 80 odd levels is there which can take this stock to atleast 90-95 odd levels. An attempt was made today but the bid was foiled because the benchmark indices were witnessing a huge selling pressure during the second half of trading session



Have a nice trading day

Regards

Ankit ( 0-9899899989 )

Markets take a pause, Watch out for stock specific moves

Nifty View :

It remains the same as yesterday, Nifty needs to take 5180 out convincingly to reach to upper end of parallel channel i.e 5350-5400

Stock View: SRF Ltd

Triangle formation is seen in SRF since mid October 2009, A move above 195 with supporting huge volumes can take this stock to 205-220 levels

Stock View: SAIL

A nice breakout in SAIL stock is seen, the stock has been rading in a parallel channel since June 2009. If and only if it sustains above 205-210, it can this stock to target of 240 in medium term.



Have a nice trading day!!!

Regards

Ankit

It seems Dubai crisis is solved in 3 days, Everything now seems to be hunky dory

Three days earlier people went on to say that it could be an another " Lehman Brothers " and markets are going to fall to unexpected levels like 4000 and that too very soon. Markets did fell till 4800 only to recover all the losses in 3 days. This is a very good example that if u have had a very bad experience in the past like Lehman Brothers, u will relate any bad news in the future like " Dubai Crisis " to your past experience only to be proved wrong by Markets which again proves that "Markets are supreme" !!!


Nifty View:

Expect Nifty to breakout above this orange trendline at the opening bell itself as Dow Jones is holding a triple digit gain and eventually breaking out the Diwali high of 5180, although here we could see minor resistance at 5180. After all this Nifty might be heading towards upper end of the channel i.e 5350-5400 very soon



Dow Jones View:

Triple digit gain in Dow jones (with low volumes) but not able to cross upper end of the channel at 10600. Constant supply is seen at this level, so its better not to buy at higher levels or buy when it breaks out from 10600. If it doesn't cross 10600 in few days then expect 10000 very soon.


Stock View: Hotel Leela

Hotel Leela has finally given a breakout above 41 levels, and it can touch 47-48 levels or the red line in chart in short term, keep a stop loss of 40 in this stock. The best part of this move was that breakout has come with huge volumes which is a great sign. 41 will act as a huge support for this stock


Stock View: Geodesic

BEFORE: Recommended Yesterday that it can bounce back to 109 levels



AFTER : Today itself the stock touches a high of 108.65 almost completing target of 109




Have a very nice trading day!!!

Regards

Ankit

Awesome Q2 GDP data, Nifty holds 5000

Q2 GDP of India grew by 7.9% way above expectations, now there are talks going on for revised GDP target for the whole year which is right now at 6.5%. Stock markets which were languishing below 5000 level gave this news an instant thumbs up and went on to hit an high of 5066

Nifty View:

Nifty will face resistance at 5060 & 5110 and the supports are placed at 4980 & 4945.The following red arrows shows the projected market movement in coming days, a correction upto 4770 can not be ruled out. Corrections should be used by mid term investors to buy


Stock View: Geodesic

The stock was down from 140 odd levels to 90 levels, it has bounced back from very strong support levels of 90. The stock can show retracement upto the following level:
24% retracement - 101.8 ( already done )
38.2 % retracement - 109.1
50% retracement - 115
61.8% retracement -121




Stock View: Niit Tech


The stock is about to make a fresh breakout above 165, only huge volume is needed for the breakout. The stock tried for the breakout yesterday also but it did not happen even today, it may happen tomorrow so watch it closely




Have nice trading day

Regards

Ankit