Well since my last post, the market gave the anticipated break out on the up side and has today touched 10K again (Nifty 3K).
Just when all were busy worrying that the Sensex is set for 6000 , the markets rebounded and touched 10000! Nothing new - That's is usual for the markets to behave - only we technicians must have the faith to believe that 'they' are wrong once again!
One stock which has seen some good buying and has formed a double bottom trend reversal is IDFC - yes it remains my favorite.
The chart indicates that even the RSI and MACD gave positive divergences and more significantly the MACD has entered positive zone.
I expect some small resistance at Rs 75 and a target near to Rs 84-88 for the stock. Keep stoploss at Rs 59 for any long trading positions.
Happy trading !!
CA Rajiv D Khatlawala
1 comment:
Dear Sir,
I was about to call you in this week for not blogging for such a long time but you came out from the hibernation. Thnks.
Now I am getting the signal that mkt won't be able to crosss at max 11700 level. what do you say?
Piyush
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