The intra day resistance of 6118 remained unconquered and the support of 6082 too held on closing basis in the last trading session, which remained dull mostly in our expected lines.
Today being the triple witching day, the intra-day traders should look for the key support of 6085 and resistance of 6118. The moving average convergence divergence is not showing any conclusive signal although the stochastic charts are indicating a bullish undertone. Yesterday being an inside day with lower highs and higher low as compared to the previous session in which case a sharp upside or downside may catch everyone by surprise. The sharp drops or shoot-ups may be utilized to take fresh position for the June F&O series.
The mid term investors may consider selling the non- performers in their portfolio and accumulate the key index stocks in case of a drop. ONGC may be considered in case of drops. The strategy should be to add small lots in case of sell off. The immediate support of ONGC is at 326.80 and bids may be placed for small quantity at around this point.
The intra-day investors might have noticed that our predicted support of 5942 held on closing basis thus preventing an all out carnage. The Stochastic charts have started give signs of bullish resurgence. The moving average convergence divergence charts have not turned bullish as yet. But in light of the settlement of the F&O series in tomorrow's session, the market might as well go dull. However, the deciding point for future course is the resistance of 6118, which if conquered with good volumes may see the benchmark index to go up to 6141 and 6170. In case if it fails to conquer 6118, then it may consolidate with 6082 and 6009 as immediate supports.
The mid term investors may start selling the non- performers in their portfolio in case if the resistance of 6118 is conquered and market goes up and accumulate the key stocks if it goes down.
The intra-day traders may note that the settlement of F&O of May series is on this Thursday and market may tend to be volatile. That being said, the 5992 point is to be watched today and if Nifty crosses this point with good volumes from the beginning then it may go up to 6028 and 6085 where it will face resistance. However after an initial pull up the market may come down as the supply pressure does not seem to be over as yet and if the immediate support of 5963 is breached then it may again test the support of 5942 which remained unbroken on Friday on closing basis. If the 5942 support is taken out then it may be headed towards 5853 and 5764. Positions may be squared off at the end of the session.
For the mid term investors any dip may be utilized to accumulate the key stocks in small quantities.
The market came down significantly yesterday as the key supports of 6070 and 6005 were taken out.
For the intra day traders, the key level to watch for the return of bulls is that the Nifty must cross the resistance of 6125 which looks impossible today even if there is a bounce. The market has turned weak as we had been advocating throughout this week. The immediate points of resistance are at 5998, 6024 and 6067. However as of now the market looks headed towards 5764 if the immediate support of 5942 is taken out today in early hours.
The mid term investors must have noticed how the HDFC Bank and ITC counters held even after a meltdown in the broader market index. Any dip may be utilized to accumulate.
The intra day traders who read our yesterday's post must have seen that the market even though strong initially it did eventually turn out to be weak as we had envisaged on account of the overbought positions in F&O. Any hope for the bulls is that our suggested support of 6070 held throughout the session as the benchmark index reversed from 6074.45.
For the intra-day traders, the crucial point to look for in today's trades is 6085 which if breached conclusively with good volumes will see the Nifty test the support of 6070 and then 6005. However if the support of 6085 holds and Nifty conclusively trades above 6113 with good volumes then it will meet resistance at 6138, 6159 and 6170. However one must strictly follow stop loss at this juncture if one has to trade and o not leave open positions at the close even if that entails booking of loss.
The mid term investors following our blog might have seen how strong the HDFC Bank and ITC counters have been. They may continue to accumulate these stocks and place bids as indicated in our last post. In case if market goes up, the metal stocks may be got rid of even if at a loss.
We have been advising our investors to rid their portfolio of those stocks that did not participate in this run up. Well, booking loss has it's own depressive repercussions and needs a lot of guts. If you are one of the various readers of our blog who followed our advise, I bet you are low. But mind you- this is just a phase and eventually you will congratulate yourself for acting against gravity. Nonetheless, for the time being here's to your melancholy... presenting Meta & The Cornerstones..... Enjoy!!!!!!!!!!!!!!!!!!!!!
The intra-day traders may keep in mind that the market looks inconclusive and weak in the
face of the impending settlement and the over bought positions in F&O
segment may cause it to slide even lower.
The support of 6108 is very crucial for today which if taken out will result in a decrease in the commitment by the market players and slowing the speed of ascent, the benchmark in which case may slide down to the 6070 mark.
However, to resume the current trend of strong bull run, the index should conclusively conquer the resistance of 6187 and stay above 6108 throughout the trading session. 6122, 6134 and 6152 are minor intra-day resistances.
In case the market slides down, the mid term investors may bid small quantities of HDFC bank around 699.95 and if this level is breached then at 690.65.
For those accumulating ITC, they may bid small quantities at 326.75 and then at 309.30.
In case the index moves up north try to rid your portfolio of the non- performers in it.
The readers of our last blog post published yesterday might have noticed that the support of 6145 did hold yesterday. In addition, the moving average convergence divergence is also indicating strength. The stochastic is suggesting that the market is overbought but the trend line spells out room enough for the market to continue up north.
With all this in mind, the intra-day traders of Nifty are advised that if the market holds above the 6152 mark with good volumes in the opening moves and remains so in the first few hours then it will go to 6188 which must act as a strong resistance. Fresh logs will emerge if this resistance is taken out leading the benchmark to 6209 and 6260 .
On the other hand if the supply pressure which erupted in the last hour of trades yesterday continues and the support of 6152 is breached with good volumes and momentum, more shorts will emerge in the system and coupled with unwinding of longs will drag Nifty down to 6136 and even to 6079.
Mid term investors are advised to add those stocks which have performed well in this run up which started on the 10th April 2013 if there is a meltdown today. If there is a flare up, sell off those stocks in your portfolio which have been battered out of shape and are still languishing around their low levels. Metal sector, for example.
The support points for buying HDFC Bank are at 709.10 and then 699.95
The support points for buying ITC are at 331.25 and then at 326.75 and 309.30
You come from far away
With pictures in your eyes
Of coffeeshops and morning streets
In the blue and silent sunrise
But night is the cathedral
Where we recognized the sign
We strangers know each other now
As part of the whole design
Oh, hold me like a baby
That will not fall asleep
Curl me up inside you
And let me hear you through the heat
You are the jester of this courtyard
With a smile like a girl's
Distracted by the women
With the dimples and the curls
By the pretty and the mischievous
By the timid and the blessed
By the blowing skirts of ladies
Who promise to gather you to their breast
Oh, hold me like a baby...
You have hands of raining water
And that earring in your ear
The wisdom on your face
Denies the number of your years
With the fingers of the potter
And the laughing tale of the fool
The arranger of disorder
With your strange and simple rules
Yes now I've met me another spinner
Of strange and gauzy threads
With a long and slender body
And a bump upon the head
Oh, hold me like a baby...
With a long and slender body
And the sweetest softest hands
And we'll blow away forever soon
And go on to different lands
And please do not ever look for me
But with me you will stay
And you will hear yourself in song
Blowing by one day
Does everything depend on what we make of it, or does everything make us what we are?
Some hold the view that we make things happen, with our thoughts, actions and desires.
Others argue that it is in fact the other way round. Things happen to us, and happen to us on their own. We fatalistically have to accept it as our due.
There has been an age old debate going on - Of the human potential versus the human inability.
The human inability got involved with existence of supremacy of God in some cultures and was ascribed to karma of past births or astrological influence of planetary effects in others.
The other thought was primarily based on the assumption that man is rational. This led to the belief on human potential.
Every person, no matter how noncommittal he might seem and no matter from what wake of life, has one view or the other.
Dear readers, kindly share your opinion and experiences in this regard and help gather those of the people around you in the comment section below.
The bench mark index of fifty stocks, Nifty has turned bullish of late with all the technical indicators like moving average convergence divergence and the stochastic indicating that there is a little more upside left. But with the settlement of May futures and options on Thursday next, which is still eight sessions away, the market may defy gravity and show somewhat incredible flare ups especially when most retail market participants will be expecting a melt down.
That said, the intra-day traders are advised to ride longs and add more if the index manages to stick it's head above the 6191 mark with good volumes. If it trades above the 6191 mark then the resistance will be met at 6210, 6234 and 6267.
The index will consolidate if it trades below the 6191 mark and above the 6165 mark. A dip below this mark will see unwinding of longs as the market will tend to loose some of the recent profits and might go down to 6145, 6112 and 6068.
Long term investors are advised to check their portfolios and start selling all those stocks which are languishing or have been battered out of shape and have not performed in the recent bull run. Please do not add more of these in the hope of downside averaging of purchase price and get rid of them, whatever the loss. From the proceeds of such sale please buy those stocks that have run up with Nifty whenever supply emerges.
Our own recommendations are keep adding stocks like ITC and HDFC Bank and recast your portfolios. We too are doing the same.
I sat within a valley green I sat me with my true love My heart did strove me to between The old love and the new love The old for her, the new that made Me think on Ireland dearly While soft the wind blew down the glen And shook the golden barley Twas hard the awful words to frame To break the ties that bound us But harder still to bear the shame Of foreign chains around us And so I said, "The mountain glen I'll seek at morning early" While soft the wind blew down the glen And shook the golden valley Twas sad I kissed away her tears My fond arms 'round her flinging The Yeoman's shot burst on our ears From out the wildwood ringing The bullet pierced my true love's side In life's young spring so early And on my breast in blood she died While soft winds shook the barley But blood for blood without remorse I've taken at Oulart Hollow And laid my true love's clay-cold corpse Where I full soon must follow As 'round her grave I wander drear Noon, night and morning early With breaking heart when e'er I hear The wind that shakes the barley The wind that shakes the barley
