Friday, March 06, 2015

Weekly Review - 09.03.2015

Dear All,



Indian Market Edged higher during the week as investors reacted positively to the Budget. The repo rate cut (of 25 basis points) by the RBI on Wednesday lifted Sensex and Nifty to record highs, but profit taking pared gains.

Experts feel the market is overbought for now, and could see a correction on technical factors. With two major triggers—Budget and rate cut—out of the way, the focus will once again shift to corporate earnings.

Core sector growth weakened considerably in January, and economists are anticipating a dismal index of industrial production (IIP) reading for the month. By extension, this means that earnings growth for this quarter is likely to be subdued.

Realty, consumer durables, auto and IT were among the underperforming sectors during the week. Power and FMCG shares firmed, and investors showed a marked preference for small and midcap shares.

>>> Nifty Weekly Chart - As Posted Last Weekly Review <<<

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

Wrote on last weekly review about the possibilities for Nifty to move up higher after the formation of a DOJI. see what happened then ?

>>> Nifty Weekly Chart - Happened and Yet to <<<

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

High Possibilities of touching the channel top as shown on chart. A Red Doji on last week, signals some sort of Caution. So lets see how the bulls may gain - as per daily chart.

>>> Nifty Daily Chart - As Posted Last Weekly Review <<<

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

A Dragon Fly Doji on daily chart at the Last week end, gave confidence for a further upmove. See what happened, there after ?

>>> Nifty Daily Chart - Happened and Yet to <<<

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

If you are a regular reader or our blog, You might be well aware that we are long in Nifty since 8530. We also booked full 500 Points Profit. So what's Next is a big question again.

Nifty resisted @ 9119 or 61.8% golden retrace as shown on above chart. RSI had a confused pattern - both a break out and break down.

But as per EW - I strongly believe that Nifty. if able to cross again the resistance 9119, then 9290 and 9510 possible on the higher side very soon.

Traders must avoid Short position at current level. Should buy on every dips for the given target as per the chat given above.

>>> Nifty Hourly Chart <<<

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

8840 or the Trend Line should support Nifty now.

>>> Bank Nifty Hourly - As Posted on 04th March, 2015 <<<

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

Posted on 04th March, 2015. We have shorted Bank Nifty near 20,000. See what happened.

>>> Bank Nifty Hourly - Happened and Yet to <<<

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

It was a good fall, and in just 2 days Bank Nifty gave us more than 500 Points.

So whats next. If 19385 or 50% retrace holds as wave (x), then Upmove should resume. Else Price may test 61.8% retrace near 19111. Immediate Resistance for Bank Nifty @ 19821 & 20021 on the upper side. Cross above these resistance may give bulls strength.

>>> AMBUJA <<<

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

Ambuja gave us a 10,000 Profit.

>>> CESC <<<

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

Price getting consolidated for last 6 months as ABC. Wave C fell down as 100% of Wave A. Hence 570 if holds, expect a good and fast short covering very soon.

>>> RCOM <<<

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

Falling Wedge. Get Ready for a Break Out and Rally.

>>> PERFORMANCE - for the First Week of March, 2015 <<<

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

For details of Service - Send email to niftyforall@yahoo.com