Nifty Weekly technical View and Trading Stocks

By | May 24, 2009 1:20 pm

HI All,

After the Euphoric mandate given to UPA by the People of India Stock markets rejoiced and created History by hitting circuits twice in a Day.After the Historic day we were consolidation in 4167-4300 range for the rest of the Week.Now the Bears are completly white washed and probably there are few shorts in the system which is quiet dangerous as there will be no buying support for markets,I am attributing this to the Fact that market is having highest OI sinse Jan 08.

Coming to Nifty Weekly Picture

NIfty 50% Retracement from the precipitous fall of 6357.1 to 2252.75 lies at 4310-4320 Range,So fresh long should be intiated above 4320 levels for a tgt of 4448 (JAN-08 lows) 4510 (Recent High on tueday) 4649 (AUG-08 high) and 4789 which is 61.8% retracement of the fall.

Do note that if 4150 breaks we have support at 4050 nad even if that fails we are headed towards 3947 which is 13 EMA and giving good support in the current Rally.

Trade with trend and Levels Do not try to predict the trend.

Stock Specific Ideas

Educomp Solution Stock has broken Tripple Top Buy between 2680-2750 for a tgt of 2888 2920 and 3000 3200 Sl 2400 on all Longs

Fortis Healthcare can be bought with a SL of 87 tgt 120+ in Short term

TCS is forming rounding Bottom on Daily and Weekly Charts Longs should be intiated above 650 for a tgt of 830 in short to medium term. Sl of 600

Reliance can be bought near 2140 for a tgt of 2180 2310 sl 2040

Satyam has shown an Symetrical triangle breakout and can see 60,69 levels sl 50.50

Use the Pivot Excel sheet to trade it will be automatically refreshed in a min.

It is best to use the EOD day Pivots Buy at support and sell at resistance for longs and vice vera for shorts.

Core projects DCB all achived there tgts given on blog. Mid cap side lot of action will be seen in coming days

Intra Day Nifty levels and 1-2 Intra calls will be updated on Blog Chat box before 10:30 AM .


Category: Daily

About Bramesh

Bramesh Bhandari has been actively trading the Indian Stock Markets since over 15+ Years. His primary strategies are his interpretations and applications of Gann And Astro Methodologies developed over the past decade.

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