ICICI Bank - at crucial support

The nifty movement today was 'boring' in morning but i am sure my intraday participants could comfortably at least get 50-60 points at the day end ...

The Nifty has broken below the crucial 5000 level (intraday level was 5025). A close below 5000 may be treated negative.

ICICI Bank has been one of the weaker banking stocks and I expect that it is near a major support level of Rs 795 in FUTURES.

Below chart is of ICICI BANK FUTURES


A break below this in futures should lead it towards 720 -700 levels. Those who may want to short sell may keep stoploss at Rs 830/- .....

Happy trading !

CA Rajiv D Khatlawala
www.investogyan.com

Is the WORLD changing trend ?

The Nifty, as expected, opened in down gap by more than 100 points and closed weak. Intraday traders got some scrip-specific moves (R Cap etc) but more or less other stocks remained dull.... Watch the Nifty 5000 level in Spot....

The recent turmoil in the word financial markets led me to check the MSCI World Index (which includes EM too)...

What we see is technically not encouraging . . The medium term trendline has been broken and the MSCI World Index seems to have the potential for another 7-8 % fall, before it gets some temporary support. . .



Upmoves in World markets in coming days should be treated corrective and I shall be keenly watching the Dow 9830 level which if breaks can mean further weakness ...

Like in case of the previous blogpost, I urge readers to start commenting so that this blog becomes more 'interactive'

Happy Trading !

CA Rajiv D Khatlawala
www.investogyan.com

DOW JONES - will it take us all down?

Friends,
I am sure you have read about the planned SuperTrader seminar at Ahmedabad (please see previous blogpost).

Well, the US markets and the European markets fell heavily yesterday and it seems we are not in for a good opening on Monday....

The recent down move in DOWJONES prompted me to check how the US Markets look from a 'very' long term perspective.

Below is a fifty-year chart of the DJIA (Dow Jones Industrial Average). Phew, what a chart .... and what a developing pattern ... I urge my readers to 'tell me' what pattern they see !



Believe me friends, if this pattern does , what it does, the critics of technical analysis will have nowhere to hide . . .

I will expect your take on the pattern in the 'comment' section. . .

CA Rajiv D Khatlawala
www.investogyan.com

SuperTrader Free Intro Seminar Ahmedabad

Dear Friends,

The Free Seminar giving details of the 'SuperTrader' Workshop Series is planned at AHMEDABAD on Sat 12th June 2010 at Gajjar Hall (Law Garden)at 11 am . . . .

Just spread the word friends !! Even if you are not from Ahmedabad, tell your friends / Brokers / collegues at Ahmedabad!

And the Baroda Semianr is tomorrow (Sat 5th June) 11 am at the Academy !
Thanks

CA Rajiv D Khatlawala
www.investogyan.com

Suzlon - Wind changes ahead ?

The Nifty opened in up gap and remained positive throughout the day.... But what rallied today was what I was constantly suggesting on this Blog - Telecom .... RCom / IDEA/ et al....

Well, one stock which is currently hovering around its previous low ... is SUZLON ...

The volume build up at the current lows is firming up and on a price rise with volume expansion in few days, the scrip should see some 'value buying'... Even on the Daily charts today there is a typical Candlestick pattern made - called the 'Bullish Haaraamee"



I expect that a break above Rs 57 should give a corrective move towards Rs 65+ levels . Keep a stoploss near Rs 53.

The SuperTrader Workshop series is starting on Mon 7th June ... So - Hurry up and get registered ! (Also planning SuperTrader Workshop series at Ahmedabad - Will inform on this blog once finalised).

CA Rajiv D Khatlawala
www.investogyan.com

MTNL .. time to connect !

While the NIFTY almost remained stagnant for most of the trading time, action was vibrant in few stocks.

I am sure my blog readers got hold of Rcom and IDEA and also the Sugar counters ! (I can already see the smile on your faces).....

Well, the Telecom sector is seeing buying interest at attractive levels and the one stock which is yet to move is MTNL.



Like its peers, RCom and IDEA, MTNL too is witnessing huge volumes near its previous low and this can be a chance to pick up a corrective upmove.

Watch for a break above Rs 57/- for an entry in this stock with a stop placed at Rs 52.50 for a target intially of Rs 68- Rs 72.

Happy Trading

CA Rajiv D Khatlawala
www.investogyan.com

Nifty - Watch 4950 !

Hello Friends, I am back (after a long weekend) But while I was outstation, I managed to keep pace with the markets....

Today's big fall was as expected. Needless to say, my participants of intraday workshop would have surely traded downside and earned bigtime. . . (I was expecting a some of them to call me, but anyway).

Nifty has got the resistance as indicated and it has closed below the crucial 5000 level. A further weakness would be suggested by a close below 4945-4950 levels tomorrow. This is likely since world markets are likely to continue the weakness. . .



Moreover the weekly charts are still negative and they suggest that a weekly close below 4920 may make them further fragile.....

Resistance in upmoves is at 5010 - 5025 levels which may be used by 'long' traders to exit for the time being. . .

Happy Trading !

If you are interested in joining the SuperTrader workshop series, please register for a Free discussion seminar on Sat 5th June... This seminar will give you an overview of how the SuperTrader series will be beneficial for your trading and also brief you about the broad contents of the course....

Thanks
CA Rajiv D Khatlawala
www.investogyan.com