Buying can be done near strong support zone of 5140-5160, Keep appropriate stoploss to your long positions in midcaps/smallcaps.

Nifty View:

Stock View: Alembic Ltd

The stock has been trading in a range of 42-55 since Aug 2009 ( 10 months). Yesterday after the announcement of demerger of buisness of Alembic Pharma the stock gave a good 10% move. The stock is looking good on daily, weekly & monthly charts if it manages to sustain above 55 level. For Long Term traders: Buy Alembic on dips to 53-55 with a stoploss of 48 and look for 65/69 in 4-6 weeks. For medium term traders: Till it sustains above 55 and give a close above it, Buy Alembic above 55 with a stoploss of 50 on closing basis and look for 62/65 in short term. Today is a monthly closing for a stock, so closing above 55 will be good for the stock.

Have a wonderful trading day

Regards

Ankit

Leave Index and concentrate on stocks for the time being, Consolidation in Nifty required to make a new high

Stock View: CUB

The daily chart of CUB suggests that the stock is a poised for a breakout only when it crosses and closes above 36.5. Buy CUB once it sustains above 36.5 with a stoploss of 34.5 and look for 40/42 in extreme short term.

Have a nice day

Regards

Ankit

Small dips till 5140 should be used to buy Nifty. Till 5140 holds expect stock specific breakouts to take place on regular basis

Add yahoo id budding _ entrepreneur1987 for intraday support

Nifty View:

 If you are bullish and waiting eagerly to see a new high but not comfortable in buying at current levels of 5300 then you can use the following strategy:

Divide the amount you want to invest in 2 parts.

Invest Part I when Nifty dips to 5200-5220 range (+/- 20 points )

Invest Part II when Nifty dips to 5140-5150

Keep a stoploss of 5000

And wait for 5450/5500 as your targets.

Have a nice trading day

Regards

Ankit

5250/5265 remains a strong support zone for Nifty, expect stock specific moves to continue

Stock View: Cipla

The stock is witnessing a distorted cup and handle formation on charts and if crosses and closes above the red resistance line it can give good moves. For short term traders: Buy Cipla once it crosses above 343-346 zone with a stoploss of 333 and target of 355/360 in short term. For medium term traders: Buy Cipla above 343-346 zone with a stoploss of 324 and look for 360/375 in medium term.

Have a nice day

Regards

Ankit

Triple witching day today, needless to say the markets would remain volatile. On the upside 5360/70 and on the downside 5260/70 are the levels to watch out for. Break on either side will give u some action-packed moves

Stock View: Petronet
The stock has been behaving exactly opposite to the movement of Index. While Index is about to scale new highs the stock is about to break its major trendline  since Nov 2009... First time it touched this trendline in Nov 2009, the stock bounced back 33%. Second time it touched in Feb 2010, the stock bounced back 24%. This time i am expecting a bounce back of 10-15% if and when it happens. Buy Petronet Lng 77-77.5 with a stoploss of 74 on closing basis and look for targets of  84/90 in short term...

Have a nice trading day

Regards

Ankit

6% returns in last 6 days... It is logical to book your longs or hedge your positions

Stock View: Jet Airways

Jet Airways is looking good on charts, after giving a good move in April seems to be just consolidating. The stock looks good if it crosses 524-526 and most importantly sustains above it. Buy Jet Airways only if it sustains above 524-526 with a stoploss of 510 on closing basis and look for targets of 542/550 in short term..

Stock View: Rajesh Expo

The stock has fallen from the levels of 122 to 74 in a quick time. The stock has shown some signs of bottoming out, it just needs to cross falling red trendline and sustain above it to give a fresh upmove. Buy RajeshExpo only if it sustains above 81 with a stoploss of 78 and look for targets of 85/92 in short term. The stock is still in a short term downtrend, we are just playing for a bounce so do exit if stoploss gets triggered.

Have a nice trading day

Regards

Ankit

Those who are holding their longs can book today... Nifty future if trades below 5200/5210 then expect levels of 5160/5150

Stock iew: Gvk Pil

The stock is looking very good on charts and is poised for a breakout. The stock is respecting the green trendline since Mar 2009 plus it is about to give a breakout above overhead red trendline. Buy GVK Pil only if it trades above 44 with a stoploss of 42 on closing basis and look for targets of 47/49 in short term.

Stock View: Alstom projects

 The stock is consolidating for the past one week between 595-615 and as a result of which it is looking good on charts. However the stock looks good on short term basis but long term investors also may enter the stock on dips to 560-570. Buy APIL only if it trades above 615-616 with a stoploss of 600 and look for short term targets of 635/650.

Have a nice trading day

Regards

Ankit

Consolidation needed before we touch a new high, 5270-5300 to act as a strong resistance ... Expect more stock specific moves from now onwards

Nifty View:

There is a very mild possibility of formation oF Head and Shoulder Pattern on the daily charts on Nifty as we are approaching the second shoulder part which is near 5250-5300 level. Nifty needs to take out 5300 on closing basis to rule out any possibility of Head and Shoulder formation. Nifty needs to consolidate first before giving a breakout above 5300 as indicators are also looking overbought. My view is that we are overbought, we need consolidation before we take out 5250-5300 range and make a new high.

On the Relative Strength Index, the first overbought level was when Nifty made a high of 5300 in Jan 2010, the second overbought level was when Nifty made a high of 5400 in April 2010. After both these highs we saw a major fall in markets of around 10%. I am not saying that necessarily we will again fall 10% but we need to consolidate between 5100-5300 before giving the next move up as markets are highly overbought.

Stock view: MTNL

Mtnl stock is looking good and may be a candidate for a good bounce back. After a period of consolidation the stock is trying to move up. Buy MTNL 55-55.5 with a stoploss of 53 on closing with targets 58.5/62 in short term.

Stock View: DS Kulkarni

Since April, the stock was moving in a downward sloping trend  but now it seems that the stock is ready for a breakout. Once it crosses the downward sloping trendline it may give a good quick upmove. Buy Ds Kulkarni developers @ 67-67.5 with a stoploss of 65 on closing basis and look for targets of 73/75 in short term.

Have a nice trading day

Ankit

Back after a short term break..... Watch out for strong resistance around 5150-5160

Some Stock Picks:

Buy Rolta at current levels of 163 with a stoploss of 159 and look for targets 168/173 in short term..

Buy HCC only above 117.5 with a stoploss of 113 and look for targets of 122/125.


Sorry due to time constraints, I am not able to update the blog with charts. And I apologize to those who visited the blog in last few days but could not find any post.


Regards

Ankit

If Nifty trades below 4995-5000 then expect Nifty to touch 4960/4965 . On the upside 5050/5080 are the likely resistances

Stock View: Tata Steel

The stock has fallen almost 35% from the highs it made in the month of April and now its trading in a channel shown by 2 red lines. The stock has strong support zone between 410-440 levels, the reason being: 1) 440 is bottom made during panic fall in Nov 2) 410 is the bottom made in Sept '09 3) 50% retracement level of the entire rally of 140 to 700 odd levels. In addition to all this red channel support also lies in the blue rectangle between 410-440. Investors are advised to accumulate tatasteel between 410-440 in a slow and staggered manner for a bounce upto 490/525 levels.

Regards

Ankit

BP gets downgraded by Fitch, Nifty support is around 4950/4970 and resistance will be observed at 5140/5160

Stock View: Larsen & Toubro

As you can see in the chart there is a clear inverted Head and shoulder pattern being observed in LT stock. It took 8 months for the stock to get into this pattern. The stock can be a good pick for short/long term investors with a view of 3-6 months. Any weekly/monthly or sustained daily closing above 1700-1710 can take the stock to much higher levels of 1900/2000 for a 10-15% move. This would require lot of patience so only patient investors get into the stock.

Stock View: DS Kulkarni

The stock has taken support from the green trendline everytime the stock falls. Till this green trendline is taken care of, the stock is looking good. For short term players: Buy DS Kulkarni at around current levels of 68.5 with a strict stoploss of 65 on closing basis and look for targets of 75/80 in short term. For day traders: Momentum now only above 71-72 levels.

Have a nice trading day

Regards

Ankit

Nifty again may find resistance around 5100 levels, once it crosses and closes above 5100 then you may expect some more fireworks.

Stock View: Sbin

A very neat triangle pattern on the charts in the daily charts. Small resistance at 2275-2280, crossing and sustaining above that may propel the stock to higher levels. Buy Sbin only above 2280 with a stoploss of 2240 and look for targets of 2320/2345. Now above 2350-2370 zone, there could be  another round of buying, so in that case will update again.

Stock View: Sintex

The stock was trading in the downward sloping channel for the whole month of May, now as u see in the charts in June it is trying to break from the channel. In addition to this there are multiple tops around the level of 283. Buy Sintex only above 283 with a stoploss of 277 and look for targets of 290/295 in short term.

Stock View: Whirlpool

Multiple tops around 270 + triangle formation on daily charts = Likely breakout on the cards. The stock after a big move from 200 to 280 has been consolidating in the range of 250 and 270. Buy Whirlpool only above 270 with a stoploss of 265 and look for targets of 278/283 in short term.

Have a nice trading day

Regards

Ankit

Sell in May and go away, Come in after July you may get to see a new high. 4900/4870 on the downside and 4980/5000 on the upside are the key levels

Nifty View:

The above strategy seems to be working every year, the July part may not be always true but still the history tells that the May month is one of the worst months of the year for stock markets. May month also has some spill-over effects on the month of June, so May coupled with June itself is a dreadful sign for markets.


If you look at the charts,this green box may look like an ordinary one but in reality it is so important that it may turn out to be a "bottom-decider". As you see we have always made a higher bottom to propel further to make a new high. In this current fall, previously i mentioned that 4800 will hold so markets did an exact u-turn from 4800  and gave a sharp bounce back till 5100. Now as global situations worsens further, markets are expected to take a hit on them. If the fall due to world markets gets arrested in this green rectangular box then we may be in safe hands and can say " ALL IS WELL ", but if this rectangular box is broken on a daily/weekly basis then expect 4500 to come. Why this rectangular box is important? Answer: 1) Even if 4800 ( our intermediate bottom ) gets broken and there is a bounce back from any level above 4700 that qualifies as a higher low as our previous low was 4675.2) Even if we touch 4675-4700 and bounce back sharply still there will be no problem as it will be defined as a " double bottom ". But if it breaks 4675-4700/green box  on a weekly/daily closing basis then " ALL MAY NOT BE WELL ".

Have a nice day

Regards

Ankit

Monsoon meets its date, First rains lash Kerala... Strong GDP growth.. Can all this propel the Nifty forward? Let us see...

Stoxk View: TNPETRO

As you see in the chart, the stock is rangebound since last one and a half months and needs to break 22.5 barrier convincingly for a breakout. Yesterday it crossed 22.5 but could not sustain above it. Buy TNPETRO only if it sustains above 22.6-22.75 with a stoploss of 21 on closing basis and look for targets of 24.5/25 in short term.

Stock View: Dhan Lakshmi Bank

Dhan Lakshmi Bank is looking good on charts as the stock is about to breakout from the triangle pattern. Once the triangle pattern is taken out you can expect stock to move to upper end of the channel. Buy Dhan Lakshmi Bank at current levels of 152 with a stoploss of 146 on closing basis and can look for targets of 160/165 in short term. Momentum and Day traders only enter if stock is sustaining above 156.

Have a nice trading day

Ankit