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India's leading stock market index--Sensex-- is refueling for a 3700 point move in the near future. The direction of index depends on the direction of the break from a consolidation pattern.
The NIFTY will also move with the Sensex as both the indexes have similar chart patterns. In November last year, when the markets hit their previous highs from 2008, we had recommended that longs take their profits and aggressive bears initiate short positions. The downside target on the Sensex was 18,000, when the index was at 21,000.
After hitting it's previous peak in November 2010, Sensex hit the target we had mentioned and went further down to the 17,500 level. However, since hitting the peak the index has moved in a consolidation pattern called a symmetrical triangle. In a symmetrical triangle, price moves in a continuously narrowing range as buyers and seller battle to give market direction, but fail. The narrowing range forms a symmetrical triangle when we connect the peaks and valleys in price.
Once prices break out of the triangle they usually have explosive moves. Right now the Sensex is stuck in the triangle as shown in the graph. If the index closes outside the triangle on the downside, prices will head lower. On the other hand a close above the triangle's borders will take prices higher. Long term traders tend to avoid asset classes moving inside a symmetrical triangle. They take positions only after prices close outside the triangle.
When prices are moving inside the triangle, professional traders consider the asset class to be refueling for the next strong move. Since in a symmetrical triangle the direction of the the move is not predicted with a high degree of certainty, it's best to wait for prices to close outside the triangle before taking a position. However, the text books state that symmetrical triangles are continuation patterns. This essentially means that Sensex will continue it's upward momentum.
But one thing the text books don't talk about is the location of the symmetrical triangle. Just like the value of square foot of land is much higher in Nariman Point than in the suburbs of Mumbai, so is the location of the triangle. Since Sensex is near it's previous high, which is a strong resistance area, the likely hood of continued rally from the symmetrical triangle is low. However, had the a symmetrical triangle been near 12,000 with prices rising from 8000 the rally would have continued
How far the Sensex can go after the break from the triangle is estimated by the measured move. The measured move is the distance between the second touch in a the triangle and the trendline on the opposite side. In the case of the Sensex the measured move is a little above 3700 points. Once the Sensex breaks out of the triangle, 3700 points is applied at the point of break to estimate the target. For instance if the Sensex breaks below at 18,000, then 3700 is subtracted to arrive at a target of 14,300. On the other hand a break above at 19,000 can take the Sensex to news highs of 22,700
Written by MOHIT GAVHALE
1.US stocks suffered their worst day in nearly a month.
Yes!!!!
US stocks suffered their worst day in nearly a month on Monday as concern about the stalemate in US budget talks and growing debt problems in the euro zone prompted investors to hedge against further losses.
The S&P 500 dropped nearly 2 per cent on concerns that Europe's debt crisis would spread to Italy. European officials were still struggling to solve Greece .s fiscal problems as Italy's markets have been roiled by worry about its banks.
Be Alert!!!!!!!!!!!!!!
Something not going good in market!!!!
Stay Cautious in Near Term!!!!!
Yes!!!!!!!
You All Know What Happened in Market!!!!!
Always..............track me Brings.......Accurate Idea of market Trends
When Street Talker Barking......
Street Talker Barking.....Nifty Can go 4800...4500...4200 Due to High Crude Price..........
Ongoing Scams Budget Worries
When.....................
1.Some Big Opertor Saying ENIL Heading to Four Figur in Next One Year & Raymond to Rs.600/-
2.Insider say Some Big Investor Eyeing on Trent & Shopper's Stop for Big Investment.
According to a recent report by Morgan Stanley Research on emerging markets , the first half of the year will continue to be difficult in terms of returns but the performance is likely to improve in the second half of the year!!!
The report highlights three possible scenarios for the MSCI Emerging Market Index-a bull case, a bear case and a base case. It assigns different weightages to each (see graphic).
Accordingly, the report says, earnings are likely to see a deceleration in EPS growth, from around 40% YoY in 2010 to 13% YoY in the base case and 4% in the bear case!!!
FII Figure!!!!!!
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What To Do Today........
Nifty....Today Face Resistence at....5578...5643....5690
Nifty.....Today Support at .....5515...5462...5405
Nifty Range...4800--------6600
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NEXT TGT FOR
WE SHORT NIFTY @6100 TGT 5350 / 4800
OUR 1 TGT HIT NIFTY 5350
Scammmmmmmmm Rumors Every where So Stay Away...
Our Opininon for Today's Market.......
1.Stock Specific Movement Expected Today ......
2.Midcaps Looks Good........
INTRADAY HOT STOCKS: 13/07/2011
SELL TATAST BELOW 568 TGT 562/555 SL 578 OPEN
SELL RIL TGT 842/830 SL 862 OPEN
BUY TCS@ 1145 TGT 1155/1165 SL 1138 SELL BELOW 1135 TGT HIT
BUY INFOSY ABV 2815 TGT 2845/2875 SL 2795 SELL BELOW 2760 TGT HIT
BUY LUPIN @ 458 TGT 462/466 SL 454 TGT HIT
POSITIONAL CALL
BUY LIC@ 215 TGT 220 TGT HIT
BUY DRRED@ 1580 TGT 1599 TGT HIT
BUY DLF@ 220 TGT 225 TGT HIT
BUY HDFC@ 688 TGT 699 TGT HIT
COMMODITIES]
BUY GOLD@ 22750 TGT 22850/22950 TGT HIT
BUY SILVER@ 55000 TGT 55500/56000/56500/57000 TGT HIT
CURRENCY
BUY EURO@ 63.6 TGT 63.7 TGTHIT
BUY LIC@ 215 TGT 220 TGT HIT
BUY DRRED@ 1580 TGT 1599 TGT HIT
BUY DLF@ 220 TGT 225 TGT HIT
BUY HDFC@ 688 TGT 699 TGT HIT
COMMODITIES]
BUY GOLD@ 22750 TGT 22850/22950 TGT HIT
BUY SILVER@ 55000 TGT 55500/56000/56500/57000 TGT HIT
CURRENCY
BUY EURO@ 63.6 TGT 63.7 TGTHIT
KEEP AN EYE ON RIL. CRUCIAL RES: 859-873, SUP: 845-820. TWICE A CLOSE ABOVE 859-73 BAND CAN OPEN UPSIDE FOR 885-900-15
positional SELL RCOM @ 108 TGT 85 / 60 SL 112 1 tgt hit
La Opala RG Ltd
(BSE TICKER-526947@ Rs.82/-)
La Opala RG LTD it is the only well established name in the crockery business in the country. The product is being sold through departmental store, general utensils merchant and gift retailer. 15% of the revenue is derived from export. USA, UK, Spain, Belgium, France, Germany, Japan and Dubai are some of the countries where the company exports its product
Excellent FY 2010-11 Result!!!
TARGET
Rs.124/- Rs.150/-
Dynamatic Technologies Ltd
(Bse Ticker-505242@ Rs.1500/-)
Order From Airbus & Boeing
One of the biggest Aviation Equipment Provider Company
Target
Rs.1900/- Rs.2400/-
Jubilant Food Works
(BSE TICKER-533155@ Rs.825/-)
Every Dip is Buying Opportunity!!!!
TARGET
YES!!!!
Another Nestle in the making!!!
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DISCLOSURE: - Our Friends & Colleagues, We Personally May Have Positions In The Above Mentioned Stocks. Anyone Who Has Links To Us In Either Way May Also Have Positions In The Above Stocks.
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