On the Line of Support - 5040

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Attached above is Eod Chart. Today Important 50 & 200 dma broken decisively, means the Entire Picture turning slowly in favour of Bear. Also the Channel Pattern shows that Nifty may test 4900 or below.

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Attached above is the 15 Mins Chart and marked all Extension waves, as Nifty has fallen with lot of extension waves. I feel this may help some beginners to learn also.

As per I feel that 3rd wave is not yet finished, and so 3(5) is still on. 5040 is the previous low made on 18th June, hence today Nifty able to close above 5040 means a Minor bounce back for tomorrow is not ruled out.

So our Readers of this blog who are in short should maintain intraday sl of 5093 and hold the Shorts.

As the Overall trend looks weak in favour of Bear, the Ultimate fall may be up to 4860 or near.

Hope all find usefull by reading this Blog.

Performance :-

krish_venkatesh (25/Jul/2012 12:14:17): *****STOCK-ALERT***** Sell & Hold if TATA STEEL breaks below 388 with a SL of 398 on closing basis. Target 377 & 366. (all cash Levels)


krish_venkatesh (26/Jul/2012 10:19:29): *****STOCK-ALERT***** ORIENTAL BANK (OBC) Sell if trades below 231 for a Target of 228 / 225 & 220. SL 237.


krish_venkatesh (26/Jul/2012 10:56:27): *****STOCK-update***** PANTALOON all target achieved. Sell given on 23rd July @ 177. Cmp:162.50. Book Full Profit & Exit. Profit 14.50 X 2000 = Rs.29000/- Hope All enjoy the Call

krish_venkatesh (25/Jul/2012 10:17:14): *****Stock Update***** NIFTY Sell given on 20th July @ 5210. Cmp:5100. Profit 50 X 120 = Rs.6000. Book atleast 50% Profit here and Enjoy

krish_venkatesh (26/Jul/2012 10:59:49): *****STOCK-update*****
SBIN cmp: 2060. Sell given on 20th July @ 2140. Book Full Profit & Exit. Call Closed. PRofit 125 X 80 = Rs.10,000.Hope All enjoy the Call

krish_venkatesh (26/Jul/2012 11:41:52): *****STOCK-UPDATE***** CHAMBAL FERTILIZER cmp: 70.50. Sell given on 23rd July @ 73. First Target achieved. Book 50% Profit. Profit So Far 2.50 X 4000 = Rs. 10,000/-

26-07-12, 01-43-44 pm *****Update****:- ORIENTAL BANK now 225. Achieved Second Target. Start Booking Profit. Profit So far 6X1000 = Rs.6000. Enjoy

26-07-12, 03-19-38 pm*****Update****:-Book Full Profit in Tata Steel 382 & Oreintal Bank (OBC) at 225 and Exit. Hope Enjoyed the Profit