On the daily charts, Nifty futures has formed a 'bearish engulfing' candlestick pattern suggesting imminent reversal.
We may consider immediate support at 5240 (NF) and a break below this should lead to further selling pressure in the index weighted stocks.
Down targets for NF will be 5180 (not shown on chart) and then sub-5075 levels. Resistance will be obvious at 5300-5315 levels (NF).
Incidentally, even in this weakening market, there are some stocks (and sectors) which are likely to go against the trend and rise. These will be discussed today in the ITG Group!
Happy Trading
CA Rajiv D Khatlawala
www.investogyan.com
2 comments:
Hi Rajiv,
Hope you are doing well in your new venture and thank you very much for your regular updates on various asset classes.
From your regular updates, I have come known that you discuss about stock/sectors in your ITG Group meetings. I also presume that these ITG Group meetings are for local subscribers who can come and attend such discussions.
I just wanted to know how do I get the benefits of ITG Group meetings, being an outsider who cannot attend. I suggest you to comeout with newsletters with the contents of ITG Group meetings, with a reasonable subscription fees, so that we all can get the benefit of your knowledge.
Thanks in advance for all the help you are providing to the investing community.
With Regards,
Thank you Praveen. I appreciate your views and I am working out a methodolgy to provide a written document of the discussions of the ITG group, which can then be mailed to subscribers.
I shall announce subscription / other details on my blog before next tuesday (i.e. next ITG meet)
Thanks for your interest
Regards
CA Rajiv D Khatlawala
Post a Comment