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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 increase in petrol prices from Saturday midnight has made the fuel more expensive than aircraft turbine fuel (ATF), used to power planes.
ATF costs Rs 60.56 a liter in New Delhi. A further price cut of Rs 1.8 was announced on Sunday. Petrol costs Rs 63.37 a liter.
1.EGoM to decide on diesel, LPG price hike next week
Yes!!!!
Finance Minister Pranab Mukherjee said the Empowered Group of Ministers (EGoM)bheaded by him would decide on the price hike of diesel, LPG and kerosene when it meets next week!!!!!!
2.IMF Chief Strauss-Kahn Charged With Attempted Rape
Yes!!!
The head of the International Monetary Fund, Dominique Strauss-Kahn, was arrested in New York on Saturday (early morning Sunday in India) for allegedly sodomising a Manhattan hotel maid
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.....................
Just See...........
1. Billionaire investor George Soros's hedge fund dumped most of its gold holdings during the first quarter, according to a securities filing on Monday.
Yes!!!!!!!!
Smartest People' Getting Out of Commodities!!!!!
2.History suggests a change in margin like that of the CME is a death verdict .
Yes!!!!!!
Poll !!!!
A poll of analysts and traders showed an overwhelming negative bias for prices this week. Eight out of 12 respondents expect oil prices to drop, three believe prices will rebound while one expects prices to remain little changed.
Markets likely to do better in second half of this year: Morgan Stanley
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....5475...5528....5580
Nifty.....Today Support at .....5415...5362...5325
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: 20/05/2011
BUY LT ABOVE @ 1605 TGT 1625 /1640 SL 1595 TGT HIT
BUY JETAIR ABOVE@ 466 TGT 472 /478 SL 462 TGT HIT
BUY HINDZINC@ 137 TGT 141 /145 SL 135 TGT HIT
BUY TITAN ABOVE 4120 TGT 4150/4180 SL 4090 TGT HIT
SELL SBI BELOW 2300 TGT 2280 /2250 SL 2315 BUY ABOVE 2345 TGT HIT
PAID CLIENT CALL
BUY HEROHONDA@ 1800 TGT 1820 TGT HIT
BUY BANK IN@ 408 TGT 415 TGT HIT
BUY NIFTY@ 5440 TGT 5480 TGT HIT
PAID CLIENT CALL
SELL JSW@ 928 TGT 918 TGT HIT
BUY SUNPH@ 434 TGT 440 TGT HITBUY HEROHONDA@ 1800 TGT 1820 TGT HIT
BUY BANK IN@ 408 TGT 415 TGT HIT
BUY NIFTY@ 5440 TGT 5480 TGT HIT
SELL NIFTY@ 5488 TGT 5450 TGT HIT
BUY 5500 CA@ 60 TGT 80 TGT HITCOMMODITIES
BUY GOLD@ 22140 TGT 22190 TGT HIT
CURRENCY
positional SELL RCOM @ 108 TGT 85 / 60 SL 112 1 tgt hit
(Bse Ticker-533055 @ Rs.147/-)
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