I had indicated yesterday that the Nifty level of 5215 was crucial for intraday. The Nifty tested a low of 5200 and closed below the indicated level at 5210. This was inspite of (or is is 'because of'?)the positive IIP numbers of 11.70% growth !!
The Nifty had 'un enthusiatically' broken the 5200 resistance level last week. Now whether this will really give a support - is a dicy question.
A close below 5180 tomorrow may mean that the market upward momentum is lost and a further correction towards 5120 would be possible.
Buying triggers are only if the Nifty breaks the 5260 - 5270 range. Till that time - don't be bullish.
Lighten your long positions and become bullish on the Kites!!!!... At least the kites will surely go UP!!
Happy Uttrayan !
CA Rajiv D Khatlawala
ValueTrade Academy Pvt Ltd.
6 comments:
Rajiv, does that mean we should get out of longs in all counters mentioned by you in the previous posts? For example, EssarOil, TataComm and Inox?
Nope ... This is more applicable to longs in 'index weighted' stocks - which are part of Nifty ...
any view on Natural Gas? Instead of breaking 280 on the upside, it fell sharply.
Oh, btw, an excellent call on Inox..it has almost hit your target of 90 :)
still waiting on TataComm to hit it..and as far as EssarOil is concerned, it did reach its first target but as suggested I added more on break of 162, now it is back to the initial entry point...has anything changed in that? should we still hold?
Yes,,,Infact I have similar question on Tata Communication. As you said it has given a breakout. But can you pl. elaborate on Advanced indicators.
Fundamentally there are not any specific good factors
Raju
Dear Friends ,
Remember Prices discount everything; and that too in advance....
Also Advanced Indicators which are I track are proprietory in nature - not to be revealed... !
Regds
Post a Comment