Saturday, November 23, 2013

Weekly Review - 25.11.2013

Dear All,

Market saw a sell off after the minutes from the Federal Reserve's last meeting signalling US stimulus may be reduced in coming months and persisting worries over the slowdown in foreign investors’ buying into Indian shares.

We have discussed about the possibilities of bear attack in last several weeks. As expected Nifty saw a sharp sell-off and drifted below 6000.

F&O Expiry next week makes more nervous about where the nifty is heading for. So let discuss this week about the two Alternatives on Nifty.

>>> Alternative - 1 <<<

>>> Nifty - Daily <<<

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


We have discussed many time before about this bearish view as a-b-c-d-e pattern ended near 6340. Channel support and 5970 plays an important support. If breaks final support comes from 5875 or 38.6% fib lvl.

>>> Nifty - Hourly <<<

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


Last have mentioned about Island Reversal, If you are my regular reader you might remember that too. Friday rally failed to fill the gap left on the island due to sell off on the later part of the trade. Monday if 5972 hold then nifty should bounce till 6064 and 6120 for sw(ii) as shown on chart. Once the gap get filled the index should resume its fall on the downside.

>>> Alternative - 2 <<<

>>> Nifty - Daily <<<

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


Nifty daily - An alternative Bullish view - May 20, 2013 Nifty has completed its First wave upmove. Fall upto 5118 on Aug 28th shall be wave 2. So finally we are on wave 3. After hitting a new life high on Nov 03rd, now Index trying to complete its Irregular 2nd Wave consolidation.

If Nifty hold 5972 or takes support near to it, an IHS may come into effect and a Bullish upmove for New index high possible in near term.

Fundamentally there are lot of issues on our economy, many may argue that after slow down hitting our economy how index can move up to a life time high. But remember How DOW index made life high when there are lot of issue on their economy too.

So its going to be an Interesting move on Nifty again.

>>> Nifty - Hourly <<<

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

Once again Hourly chart given here for an bullish argument. An IHS here looks very effective if the channel hold. So Short (Bearish Traders) on Index should be kept carefully with Proper Stop Losses. Get ready for a Jumbo upmove if the Support not breached on the downside.

>>> BLOCK BUSTER CHART <<<

>>> Auro Pharma <<<

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

>>> ZeeL <<<

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

>>> ICIIC Bank <<<

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

ICICI Bank hit 1011 on friday. Second Target 1030 done with a Profit of 55 X 250 = 13750.

>>> MISSED CALLS <<<

>>> Godrej Ind <<<

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

We gave Profit booking when it hits first target, and it seems many have not booked it. Also re-initiated next day failed and hit sl. Loss Rs.5000.

>>> Can Bank <<<

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

Exited with a Loss of 3000.

>>> PERFORMANCE <<<

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