Sunday, March 20, 2016

Weekly Review - 21st March, 2016

Dear All,

The market is heading for a truncated week as both NSE and BSE will remain closed for trading on Thursday on account of Holi and on Friday for Good Friday.

The next major trigger for the Indian market would be Match quarter results from India Inc as well as a rate cut by the Reserve Bank of India (RBI). The Q4 results season will start from the second week of April.

In the meantime, market direction will depend on global market trend, investment by foreign portfolio investors (FPIs) and movement of crude oil prices.

Domestic institutional investors (DIIs) pulled out more than Rs 6,500 crore from domestic equities over the past 11 sessions while FIIs pumped in close to Rs 11,933 crore in the past 11 sessions since the Union Budget.


>>> Nifty Weekly Chart <<<

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RSI on a break out mode on Weekly chart. Moving Averages made a Bearish cross over. Price closed above 7580. We advice to stay cautious on Short Selling.

>>> Nifty Daily Chart <<<

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Wave (x) seems to be extending further. Above 7580 or 7620 rally can be extended still 7760.

>>> Nifty Hourly Chart <<<

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Price took support @ 7406 and bounced as sub wave (iv) - an irregular abc.

>>> Bank Nifty Weekly Chart <<<

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Like Nifty - Bank Nifty also made a Weekly Break out on chart. Lot of news around the media. Price ignored all factors and confirmed a break out on chart.If Price breaks above 15775 may see a rally till 16306.

>>> Bank Nifty Daily Chart <<<

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Above chart shows how 15760-775 looks important. A Cross above 15775 may see a rally till Next Resistance as shown on chart.

>>> Bank Nifty Hourly Chart <<<

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Last Friday rally looks tiered. I assume that it may an irregular abc, hence price may possibly correct till the lower end of the expanding triangle. Above 15775 - current marking or consolidation goes invalid and rally may continue.

>>> Apollo Tyre - As Posted Last Weekly Review <<<

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wrote last weekly review - have entered Short for the third time in a row. See what happened.

>>> Apollo Tyre - Hit SL and Exited with Loss <<<

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A sudden jump in index and stocks on later part of the trading on friday - crossed key resistance 175 and hit SL. We have managed to exit with a loss near 177. Will Enter again or not depending on next week move. We have no Open Position now on the mentioned stock.

>>> CEAT LTD - As Posted on Last Weekly Review <<<

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Last Weekly review - mentioned - Have made some profit on CEAT LTD and may re-enter. See what happened.

>>> CEAT LTD - SL hit and Exited with Loss <<<

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Hit Stop Loss above 1121 and Exited with Loss. Price trading above the Upper Trend line.

>>> TataMotors - As Posted on 16th March, 2016 <<<<

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We continue to Hold short till it holds below Resistance 370.

>>> Performance till 18th March, 2016 <<<

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

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