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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
YES!!!!!
The government will raise diesel, cooking gas and kerosene prices next month after a gap of one year .
The empowered group of ministers, which is authorised to raise fuel prices, is expected to meet early next month to decide partial price hike on individual products
The government last raised prices of politically sensitive fuel on June 25, 2010 when kerosene became costlier by Rs 3 a litre, diesel by Rs 2 a litre and cooking gas by Rs 35 per cylinder. Crude prices have risen from about $75 per barrel then to $110 a barrel.
Oil companies, that enjoy a pricing freedom for petrol since June 25, are expected to raise its price also. "They want to raise petrol price by Rs 2 a litre, but it will be done simultaneously," one official said.
Oil companies have so far revised pump prices of petrol 10 times since it was deregulated last year. Oil ministry officials said that state-run oil companies - IOC, BPCL and HPCL - were suffering a revenue loss of Rs 450 crore every day on sale of controlled fuel and a price hike was imminent.
1.Cabinet note soon on allowing 51% FDI in multi-brandl
Yes!!!!
The department of industrial policy and promotion will soon float a cabinet note for allowing up to 51% foreign direct investment (FDI) in multi-brand retail after an informal group of ministries that have issues with some of the proposal gives its recommendations.The committee of secretaries, or CoS, had given its in-principle nod to FDI in multi brand retail on July 22. The CoS asked the DIPP to rework the condition of 30% of domestic sourcing as it was found to be in breach of World Trade Organisation norms. The informal group will look at an alternative to such a condition, which would be incorporated in the cabinet note.
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. Insider say Some Big Investor Eyeing on Trent & Shopper's Stop for Big Investment.
2.Insider say Timex may come out for Delisting offer at Heavy Premium to Current market Price.
3.Insider say heavy activity start in Midcap Space Some Big Operator Already Start to take Big Position in many Midcap Stocks.
4. As per advance expectation & some Insider Information Airbus may pick up stake in Cades Digitech a subsidiary of Axis IT&T after some time
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....5255...5293....5230
Nifty.....Today Support at .....5125...5072...5025
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: 08/08/2011
BUY PETRONEAT @ 173 TGT 176/180 SL 170 TGT HIT
BUY JSW@ 700 TGT 715/730 SL 685 SELL BELOW 680 TGT HIT
BUY CIPLA @ 309 TGT 312/315 SL 307 OPEN
TODAYS PAID CALL
BUY MNM @ 658 TGT 680 TGT HIT
BUY SBI @ 2120 TGT 2150 TGT HIT
BUY NIFTY @5130 TGT 5190 TGT HIT
SELL NIFTY @ 5200 TGT 5150 TGT HIT
BUY HIND LIV @ 310 TGT 317 TGT HIT
BUY DELTACOR @ 91 TGT 95 TGT HIT
COMMDITIES
SELL ZINC@ 97 TGT95/92 TGT HIT
SELL NIKEL @ 1009 TGT 995/975 TGT HIT
SELL COPPER@ 409TGT 400/395 TGT HIT
SELL SILVER@ 59000 TGT 58500 TGT HIT
BUY GOLD@ 25000 TGT 25100 TGT HIT'
SELL GOLD@ 25150 TGT 25000 TGT HIT
CURRENCY
BUY USD@ 45 TGT 45.15 TGT HIT
4
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