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