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Free Intraday Tips For 23 June 2010

Tue, 22 Jun 2010 17:48:33 +0000

The Nifty ended in red today after a strong rally yesterday making an inside bar candlestick pattern. Hence the high and the low of its previous candle become pretty important. The Nifty is currently in its wave iv, which can be a zigzag or a triangle, hence it can trade range-bound or sideways before expiry (due Thursday, June 24, 2010). Once 5302 is broken on the lower side, the Nifty will slide to meet its 23.6% retracement level at 5273, which is also close to its 40 hourly moving average (HMA). On the upside, 5367 is a crucial resistance and till that is not taken off, wave iv down will continue in the short term. However if 5367 is taken off, extension will continue on the higher side. The hourly momentum indicators are in sell mode but the daily and weekly indicators are in buy mode and so we continue to maintain our bias up.

Nifty Close 5318

Nifty Support 5280-5250-5210

Nifty Resistance 5350-5380-5410

Buy Nifty Above 5350 SL 5322 TGT 5410

Buy Glenmark Pharma 274 SL 268.5 TGT 279.5

Sell BHEL 2435 SL 2460 TGT 2412-2400

Buy Maruti Above 1388 SL 1370 TGT 1415

Free Intraday Tips For 22 June 2010

Mon, 21 Jun 2010 18:47:59 +0000

The Nifty has achieved its conservative target of the inverted head and shoulders pattern. Now, above 5330 there is only one hurdle for the Nifty i.e. 5400 the previous high. Once the high of 5400 is taken off, 5500 would be the next target, which is the aggressive target of the head and shoulders pattern and also the upper end of the parallel channel. The daily momentum was in buy mode but now the weekly momentum has also come into buy mode, which is a positive sign for the bulls in the medium term. On the lower side, 5266 is a crucial support below which the Nifty may see a correction in wave IV. However, even that will be a buying opportunity. So we continue to maintain our short- and medium-term target up.

Nifty Close 5353

Nifty Support 5310-5270-5220

Nifty Resistance 5380-5420-5470

Buy IDFC 172-173 SL 167.5 TGT 178-183

Buy Nifty ABOVE 5380 SL 5352 TGT 5445

Buy DLF ABOVE 294 SL 289.80 TGT 299

Buy JP Associates ABOVE 135 SL 133 TGT 138

Free Intraday Tips For 21 June 2010

Sun, 20 Jun 2010 17:36:11 +0000

Nifty seems to have completed its first leg of wave Y of wave X up and for that 5303 becomes a crucial resistance. In the second half, Nifty as expected headed lower after giving an hourly negative close and the hourly KST formed a hinge. The current downwave has a crucial support at 5206 and till that is held there exists a probability that it is a correction of the rise from 5206 to5303 but if 5206 is broken, the possibility will be negated and the Nifty will head even lower. On the downside, 5147 is the decider if this rise has to be an impulse, but if 5147 is overlapped the possibility of an impulse will be negated and it will be confirmed even more that the rise from 4786 is an X wave. On the weekly charts, it seems to be a corrective wave as the last week was a weekly negative close. Hence, we are now in the second leg of wave Y of wave X and once it gets completed we will head upwards again for the third leg up, which should be the final rally. The daily momentum indicators are in buy mode and since the third leg up is expected after this slide, we continue to maintain our short-term bias up.

Nifty Closed 5262

Nifty Support 5230-5190-5150

Nifty Resistance 5290-5330-5370

Buy Nifty ABOVE 5280 SL 5258 TGT 5345

Sell AXIS Bank BELOW 1190 SL 1208 TGT 1165

Buy Maruti ABOVE 1370 SL 1349 TGT 1400

Buy SAIL ABOVE 199 SL 196 TGT 203

Free Intraday Tips For 15 June 2010

Mon, 14 Jun 2010 18:24:46 +0000

Nifty closed above the 61.8% retracement level of the fall from 5400 to 4786 and also above the 20 weekly moving average (WMA), which is a positive sign for the bulls. On the upside, 5270 is the next hurdle, which is 78.6% retracement level of the fall (from 5400 to 4786). On the lower side, 5142 and 5100 are the short-term supports. The daily momentum after giving a buy crossover has turned positive, as it has moved above the zero reference line. The index has also given a breakout from the inverted head and shoulders pattern, which is a bullish signal in the short term. So going forward, 5100 becomes quite important as till that is not broken the head and shoulders pattern will continue to hold.

Nifty Close 5198

Nifty Support 5150-5110-5060

Nifty Resistance 5220-5270-5320

Buy Suzlon @ 55 SL 53.5 TGT 56/57.5

Buy LT 1704 SL 1686 TGT 1732-1744

Buy Tata Power Above 1252 SL 1246

Buy Jp Associates @122 Sl 120.80 TGT 124.60-125.80

Free Intraday Tips For 11 June 2010

Thu, 10 Jun 2010 19:11:22 +0000

The Nifty has closed at the day’s high thereby filling the gap formed a couple of days back and in turn increasing the probability of the continuation of wave X on the upside. The Nifty has given a breakout of the inside bar pattern on the upside, which is another reason for the bulls to cheer. The Nifty has completed wave X down of wave X up and is now rising in wave Y up of wave X up. Hence the Nifty is expected to retrace at least 61.8% of the fall from 5400 to 4786. The sector supporting the up-move is one of the traders’ favourite—the metal index—and this is rising on the bet that the Euro has made an intermediate bottom. The daily momentum is still in buy mode, which is a positive sign for the bulls in the short term. Hereon, the weekly close will be important to watch out for. With this note we continue to maintain our short-term bias up.

Nifty Close 5078

Nifty Support 5040-5000-4960

Nifty Resistance 5120-5150-5190

Buy Sesagoa 354 Sl 346 TGT 360-366

Buy Nifty ABOVE 5120 SL 5082 TGT 5180

Buy AXIS Bank Above 1262 SL 1244 TGT 1288

Buy DLF Above 267 SL 262 TGT 273

Free Intraday Tips For 10 June 2010

Wed, 09 Jun 2010 17:43:05 +0000

Despite sliding into red during the session, Nifty ended the day in green—and this means that the probability of continuation of wave X still exists. On the lower side, 4961 is acting as a crucial support for a couple of days now—and till that is held we continue to maintain our short-term bias up. On the higher side, 5051 and 5071 are the crucial resistances as Nifty futures have formed a bearish island reversal pattern. The range for the Nifty hence is 4961-5071 and a breakout from the range will make thing much clearer. The daily momentum indicator continues to be in buy mode, which is a positive sign in the short term.

Nifty Close 5000

Nifty Support 4960-4920-4880

Nifty Resistance 5040-5080-5120

Buy Century Text 442.5 SL 440 TGT 446-450

Buy HDFC Bank 1882 SL 1868 TGT 1902-1912

Buy Bhushan Steel 1290 SL 1277.5 TGT 1302

Buy Tata Steel 463 SL 454 TGT 470-476

Free Intraday Tips For 7 June 2010

Sun, 06 Jun 2010 19:26:25 +0000

Nifty closed in green but there is not much to cheer about as it closed with marginally gains on pretty low volumes. This is what typically happens in wave X—the volumes don’t support the rise in price. However, the daily and hourly momentum indicators remain in buy mode keeping the short-term trend up, but the medium-term trend remains down as the weekly momentum indicator continues to be in sell mode. Nifty has posted yet another positive weekly close in its wave X up retracing almost 61.8% of the fall from 5400 to 4786. 5168 is a crucial resistance i.e. 61.8% level, which is also our short-term target and 5091 is a crucial support. Now, the monthly KST is on the verge of giving a sell crossover and that will be the biggest trigger on the downside. But till that is not confirmed, we continue to maintain our short-term bias up in tandem with the daily indicators.

Nifty Close 5135

Nifty Support 5100-5070-5020

Nifty Resistance 5165-5200-5240

Sell Ranbaxy 430 SL 435 TGT 422-416

Buy Nifty ABOVE 5137 SL 5115 TGT 5183

Sell Nifty Below 5090 SL 5117 TGT 5030

Free Intraday Tips For 21 May 2010

Thu, 20 May 2010 18:06:12 +0000

Nifty’s closing in green today makes things quite tricky from here onwards, as the odds whether this decline is a complex correction W-X-Y-X-Z or an impulsive one get even. So, 4908 level becomes a crucial level to watch out for and till that is not broken, the bears should act cautiously. The hourly indicators are giving positive divergence whereas the daily and weekly indicators remain in sell mode signaling that the trend remains down but till 4908 is not broken there might be some consolidation. The break of 4908 will drag Nifty below its 200 daily exponential moving average (DEMA), which is now acting as a support and also increases the probability of this decline being impulsive. On the upside 4980 and 5015 remain crucial resistances and 4908 a crucial support. We continue to maintain our bias down.

Nifty Closed 4948

Nifty Support 4900-4860-4820

Nifty Resistance 5000-5060-5110

Sell Nifty Below 4920 SL 4956 TGT 4873

Sell AXIS BANK Below 1190 SL 1212 TGT 1168

Sell Maruti Below 1195 SL 1212 TGT 1170

Sell Reliance Capital Below 622 SL 633 TGT 608

Free Intraday Tips For 19 May 2010

Tue, 18 May 2010 17:48:08 +0000

Nifty, as expected, found resistance at 5106, which was 61.8% retracement for the wave four up. Now, since the index has closed in green forming a doji candlestick pattern, so, wave B of wave Z down looks completed. The correction still doesn’t appear to be over, as on the hourly chart it appears that the rise from 4966 to 5105 is a threewave rise. So, going forward, two levels will be crucial to watch out for—5105 and 5024 —as the break of 5024 will confirm the continuation of wave z down. Since, the daily KST has made a hinge for the third time, the upside risk in the short term is high. Hence, we continue to hold our short- and medium-term bias down.

Nifty Closed 5066

Nifty Support 5020-4980-4940

Nifty Resistance 5120-5160-5200

Sell IDFC 160 SL 162.80 TGT 158-156

Sell Nifty Below 5030 SL 5068 TGT 4970

Sell TCS Below 728 SL 739 TGT 713

Sell DLF Below 285 SL 290 TGT 278

Free Intraday Tips For 17 May 2010

Sun, 16 May 2010 17:56:45 +0000

Nifty sold off right after getting back into the channel. This means that the earlier move was an X wave, whose probability we discussed earlier. It gave a whipsaw to the downward parallel channel and is now heading lower conservatively for wave Z. The weekly momentum indicator continues to be in sell mode and the daily momentum indicator, which had risen the hopes of the bulls, will make a hinge again if Nifty falls even harder. Nifty never closed above its 20 daily moving average (DMA), which acted as a crucial resistance. Hence, we continue to hold our medium-term bias down and change our short-term bias to down with the reversal above 20DMA. Let us see whether the Bulls can hold 200DMA again. Nifty on the hourly chart is trading below its 20 hourly moving average (HMA) at 5163 and 40HMA at 5153, which are now its short-run resistances. The hourly momentum indicator KST has turned into sell mode and trading below the zero reference line.

Nifty Close 5080

Nifty Support 5040-5000-4950

Nifty Resistance 5130-5170-5220

Sell Nifty 5080 SL 5145 TGT 5040

Sell BHEL 2363 SL 2385 TGT 2244

Sell STER 702 SL 721 TGT 685

Sell Tata Steel 547 SL 566 TGT 532