Morning !
The setup is getting clearer now for both NIFTY and BANKNIFTY, since 11th August average intraday range (high-low) for nifty has been of 61.6 points with minimum movement 40.15 which was yesterday and maximum movement of 81.9 which was on 16th August. This is clearly showing signs of a sudden fall/correction in this uptrend. Any close below 8568 would trigger fall till 8450-8380 zone and sudden reversal from that zone in the next 3-5 trading sessions.
For BANKNIFTY too, the average intraday range (high-low) since 11th August has been 193 points with minimum movement of 107.85 points which was yesterday and maximum movement of 291.3 which was on 12th August. Suddent fall/correction can be witnessed till 19000-18600 spot in the coming 3-5 trading sessions and then a sudden reversal for upside.
This minor correction will again give fresh buying opportunities, traders who want to be short and take advantage of this narrow/skewed movement going on since last 1 week can take advantage and then immediately reverse positions for the big trend which is on upside for 9119+ levels and 21000 levels for NIFTY and BANKNIFTY respectively.
For stock specific, the positional trades given by me for DRREDDY and INFY are still on, INFY made a new 52 week low of since i had given a call for sell below 1055, the momentary correction we have witnessed on upside is just intermediate, this will continue its fall for 950. For DRREDDY hold on for break below 2953 and then enter shorts.
Some new additions to my SELL calls are: TATASTEEL CMP at 379.95, sell for 370-360-350-340, positional one month trade. Strict SL closing above 388.
SELL LUPIN CMP at 1521.70, sell for 1485-1445-1400-1350-1300-1250, positional call 1 month trade. Strict SL closing above 1545
All levels mentioned are SPOT LEVELS.
Happy Trading !
The setup is getting clearer now for both NIFTY and BANKNIFTY, since 11th August average intraday range (high-low) for nifty has been of 61.6 points with minimum movement 40.15 which was yesterday and maximum movement of 81.9 which was on 16th August. This is clearly showing signs of a sudden fall/correction in this uptrend. Any close below 8568 would trigger fall till 8450-8380 zone and sudden reversal from that zone in the next 3-5 trading sessions.
For BANKNIFTY too, the average intraday range (high-low) since 11th August has been 193 points with minimum movement of 107.85 points which was yesterday and maximum movement of 291.3 which was on 12th August. Suddent fall/correction can be witnessed till 19000-18600 spot in the coming 3-5 trading sessions and then a sudden reversal for upside.
This minor correction will again give fresh buying opportunities, traders who want to be short and take advantage of this narrow/skewed movement going on since last 1 week can take advantage and then immediately reverse positions for the big trend which is on upside for 9119+ levels and 21000 levels for NIFTY and BANKNIFTY respectively.
For stock specific, the positional trades given by me for DRREDDY and INFY are still on, INFY made a new 52 week low of since i had given a call for sell below 1055, the momentary correction we have witnessed on upside is just intermediate, this will continue its fall for 950. For DRREDDY hold on for break below 2953 and then enter shorts.
Some new additions to my SELL calls are: TATASTEEL CMP at 379.95, sell for 370-360-350-340, positional one month trade. Strict SL closing above 388.
SELL LUPIN CMP at 1521.70, sell for 1485-1445-1400-1350-1300-1250, positional call 1 month trade. Strict SL closing above 1545
All levels mentioned are SPOT LEVELS.
Happy Trading !
Sir,
ReplyDeleteAny update on RCOM?
AMIT: For RCOM,i am waiting for some more clarity, there was a call last year on 23rd December that i gave on MMB moneycontrol for SELL RCOM in 88-95 zone with a target of new 52 week below 45.50, the time frame given for that was 2-3 months, though it actually made a 45.25 on 24th June almost another 3 months (your will get the snapshot of that MMB post in my older post on this blog). But as of now i am waiting for it to complete this sideways pattern, in which it is in the range of 45-53 since 11th May. I will not be trading till i don't get some more clarity about this sideways movement going on, that is why will not give a suggestion for the same.
DeleteThanks Sir, I remember your call in MMB for shorting for 52 wk low!!
DeleteI asked since I felt that it is poised for retracing its previous journey. Please give your valuable suggestions for the apt time to enter.
Regards
AMIT: Yeah sure, even i have been waiting for it to come out of this range,it did yesterday with making 54.65 as new high after 13/05/2016. Will keep posted.
DeleteSir i think markets will slip not now, but when nobody will be expecting. US markets recovered sharply late night.
ReplyDeleteSir i think markets will slip not now, but when nobody will be expecting. US markets recovered sharply late night.
ReplyDeleteNeeraj: Well, US markets close in good red considering its range since 20th July 2016, almost a month, this fall for DOW JONES will be till 18000 and after that last rise till 19500-20000 zone, and then a crash will come in US markets, that you will witness only once in your entire lifetime,along with we will fall also till 7200-6400 zone in coming time, but only after making new all time high above 9119, it could be 9350-9500 or more, that we need to wait and watch.
DeleteDear Sir,
ReplyDeleteYour View on HindPetro for Short term and also for Long Term (3 years or more).
I have bought at 1200/- few days ago.
Regards
Basant Kejriwal
Basant: My view will depend on what is your target towards your buying price of 1200.
Deleteand the timeline for the same
DeleteDear sir
DeleteI can Hold HPCL for 10 years or more, But My question is that Can It became a Multibagger and gives shareholders a 10 times return in 10 years.
Actually I personally Feel that There is A huge Scope For OIL AND GAS SECTORS IN INDIA for coming 10-15 years.
That's why I want to hold.
And my Second Stock Query is For Petronet LNG, I am holding this from last 3 years .
What is your Outlook for Petronet LNG for Long Term
Thanks and Regard
Basant Kejriwal
Sir how come a crash of life time in US will let us make a bottom at around 7200-6400, if it be the case we must nose dive upto or below sub 4500!!!
ReplyDeletePlease elaborate sir.
Neeraj: See, each market,stock,commodity,currency has its own wave structure going on, US markets are more than 1000 years older than Indian markets, they already have matured markets and are much ahead than Indian markets,on the larger picture all the world indices are in sync overall, but when it comes to an individual movement, we will also follow the same but since we have our own wave structure,we will adhere to that and we will not crash the way US will do,their condition is now into DEFLATION and India is still affected by INFLATIONARY pressures,you yourself would witness,it is just the analysis what i shared with everyone. Will post the long term picture of the DJIA with charts and markings.
DeletePlease read 1000 years as 100 years,typo.
Delete