Sunday, May 12, 2013

Weekly Review - 13.05.2013

Dear All,

Market rallied and crossed all Major resistance like 6080 and nearing 6120. But since now some analyst feel that Market is witnessing a liquidity driven rally and investors should be cautious near current levels as some profit booking might set in. What is really worrying is Weakness in Rupee, Political In-Stability, Problem in Banking Sector and Weak Result from some major blue chips.

Market on 28 Months High, Though Fundamentals are still worrisome, as I feel there is no Sudden or Major change in it.

Despite the Rs 6000 crore odd FII buying in the Indian equities, the rupee shows no strength whatsoever. Going forward, I expect further depreciation of the currency and ultimately a test of 56.5 levels.

Technically Nifty moving up on a Negative Divergence from 5800 to 6100+ signals Caution sign. If 6120 is not crossed get ready for a Profit Booking or even some good fall from here.

So lets move onto Charts what does it says ...

>>> Nifty <<<

>Click the chart to see on full screen<

As said last week, Nifty on the last leg. Making some complicated extensive move, able to cross 6080 and nearing 6120. 6120 and Channel Break out shall Move nifty 6170+ move. Unable to cross 6120 confirm the end of Upmove and we need a Meaning full break down for a fall, probably below 6000 Only. So Lets Wait and See.

>>> SBIN <<<

>Click the chart to see on full screen<

SBIN - Had a short call Last week - Hit SL. Now the Pattern seems like two way formation like a IHS and Bullish Flag pattern also. But still I feel Bulls hands are tied till it crosses 2331 Resistance as shown on chart.

>>>Can Bank <<<
>Click the chart to see on full screen<

Canara Bank - also trying to form a two pattern like Head and shoulder and Expanding Triangle. Break above 440 should move price toward a new high near or above 490+ for an expanding triangle. Else restricted to 440 means may fall after forming a H&S. Interesting Patterns, Should wait and see for the same.
>Click the chart to see on full screen<

Last Weekly Review Said Ranbaxy was a Break down candidate. Now after a meaningful break down stock making a pull over which may last a bit or may resist on the lower channel as marked on chart. Be Patience for the stock to fall deeper from here.
>>> Performance <<<

>Click the image to see on full screen<