Thursday, October 04, 2012

Nifty - Is Bear Dead or Alive ???

Dear All,

>>> NIFTY <<<

>Click the chart to see on full screen<

Nifty retraced almost 61.8% of wave (iii) - seems that this can act as an Strong Resistance. Cross above this level may test 5878 which is 78.6% of retrace level. Lot of news like FDI in Insurance etc., huge Buying spree from FII's driving the market higher with Extension waves in Nifty. No doubt all are in doubt and Nifty short holders are in Panic.

Nifty shall correct only when the Channel Line gets broken as shown on chart.

I have received many queries about "What's my view on Nifty". As I wrote Yesterday - every one should understand that its hard to trade on Extension Waves. Lot of Negative Divergence can't stop Nifty. So One should wait till a strong signal emerges.

Todays Performance:-

(04/Oct/2012 09:18:22): ****N4A-STOCK-ALERT*** :- Sell CIPLA below 378. SL above 386. Target 368 & 356. (all spot levels)

(04/Oct/2012 15:24:03): ****N4A-STOCK-UDATE*** :- CIPLA 364. SELL GIVEN AT 378. PROFIT 1000 X 14 = RS.14000/-. BOOK AND ENJOY.

27/Sep/2012 10:10:02): *****N4A-STOCK-ALERT*****Sell N Hold IFCI between 31-31.30. SL above 31.90 (closing Basis). Target 29 & 27. (All spot Levels - Lot size:-8000)

(04/Oct/2012 15:15:01): IFCI hit 29. Profit 8000 x 2.30 = Rs. 18600 = Great Profit. Book and Enjoy

I have given IFCI Chart and Details for its weakness in my Last Weekly Review. Refer it.