Scrip NIITLTD
View Long
Entry 29.9
Exit 31.4
SL 27.9
Scrip BAJAJHIND
View Long
Entry 82.2
Exit 87.9
SL 78.6
Scrip LITL
View Long
Entry 240.8
Exit 261.4
SL 224.8
Happy Trading
www.tripleint.com
Tuesday, May 5, 2009
Great victory for bulls!! Will this last long ?!!
It was a remarkable day in the history of markets yesterday. Bulls were extremely ferocious and also there were allround participation. They were able to conquer all the near term resistance level with ease and that too in the opening itself and bears did not have a chace to even run for cover.
Given the strong positioning of bulls, again the question of "why would one leave the strong hold so soon and let bears win too soon comes to the mind again".
The 3 day volumes have seen an increase, but still less than what it was when 3500 levels were taken by bulls 10 days back.
Though this run up has defied the gravity, it looks like this still has steam to push to the levels of 3708, 3780 levels. Beyond 3790 levels, it outlook will turn cautious and I would rather be looking for a reversal confirmation than continuing to be a bull.
The resistance levels are 3708, 3780 and support levels are 3630, 3595
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Happy Trading
www.tripleint.com
Happy Trading
www.tripleint.com
Monday, May 4, 2009
Nifty 'May' see higher levels in may before correcting ?!!
It was a remarkable expiry day in the month of April where there was an almost complete bull engulfing pattern. From the peak of the series, if we simply look at the close, it shows bulls are still strong and only that they did not push NIFTY higher for the expiry.
Another series has begun and assuming that the move on the expiry day and taking into account the prior move to test the previous high made for the series, NIFTY could very well see higher levels before correcting further in 'May'.
The general view technically, fundamentally, politically and even if we add historically it all points to direct bearishness. But as written in the previous post will that happen too soon?
That is were again I am extremely cautious. NIFTY might see much higher levels before correcting further.
There is still very low participation when we look at the volumes. But how long retail can stay in the sidelines if NIFTY is zooming. This is something which cannot be resisted and there has to be an hysteric participation before this market can correct. This has not yet happened and I was expecting to happen anytime in the last week of April.
The key resistance levels are 3520, 3580 and 3630 and the support levels are 3447, 3420, 3403
Wednesday, April 29, 2009
Bullish undercurrent finally turned out as a move to trap the bulls ?!
The bullish undercurrent that we could sense for the past three days finally turned out to be a move to trap the bulls themselves and NIFTY corrected significantly (exactly by the same amount of an expected upmove).
All this time, the concern that this rise has been with low volumes indicated that the move is not genuine and this was expected to happen anytime soon, but the expectation that this will not happen for this expiry proved to be wrong.
What now?
Given this situation, it might again be premature to say for sure that market is going to crack from this level too soon. It has to again penetrate through all the well known support levels, initially a test of 3334 followed by 3300 levels.
Any break below 3256 will clearly confirm the downtrend and a break below 3120 going forward would mean disaster. The question now is that can this all happen again so fast as it happened on the upside.
This is not clear at the moment and NIFTY could also be range bound from 3200 and 3447 levels before the next big move is triggered.
So it is wait and watch for the time being.
Resistance levels : 3403, 3423, 3447
Support levels : 3334, 3303, 3256
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Happy Trading
http://www.tripleint.com/
Tuesday, April 28, 2009
Bullish view intact ! Markets to see higher levels before expiry
Markets made a new high for this month series yesterday and bulls could do it despite all the global weakness yesterday. Considering the move from sub 3300 levels to reach the peak of 3517 levels reiterates the fact that this expiry is again under the control of bulls.
A gap up to 3500 levels is also not ruled out and a run up till 3580 can take place today itself.
All the key levels remain exactly the same.
http://tripleint.blogspot.com/2009/04/bulls-strongly-positioned-for-this.html
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Happy Trading
http://www.tripleint.com/
Sunday, April 26, 2009
Picks to watch for 27 Apr 2009
Scrip ABIRLANUVO View Long Entry 563.1 Exit 589.5 SL 539.5 Scrip ADLABSFILM View Long Entry 236.3 Exit 248.1 SL 223.2 Scrip LITL View Long Entry 243.7 Exit 260.7 SL 223.4
-Happy Trading
www.tripleint.com
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