Nifty Analysis 28 Feb 2011

It is noteworthy to mention the Budget session has ended peacefully, letting as usual the market to interpret the pros and cons.
For day traders like me, these incidents however do not make any difference, so long as I know what I am doing, why I am here and how I am doing.
Nifty had survived my support, 5234 that I had mentioned on 24th instant and from thereon gained another 200+ points, mainly due to the fact the fall to 5234 on 24th instant was absolutely without any strength.
From my charts, it looks as though chances are looking bright for yet another test to 5234, in the event of breaking 5291 with 5396 posing a strong resistance.

Nifty Analysis 24 Feb 2011

Undoubtedly it was one heck of a one sided market. When I returned to my terminal at 2pm after an hour’s rest, my usual one between 1pm and 2pm, I was stunned to see the freefall. Earlier before leaving, I had warned a friend of mine to be cautious saying, if Relinfra snaps today then there will be a freefall. Of course that counter does not decide the fate of the overall market but due to the sentiment that is already down to the core, would add more fuel to the fire.
Today at 11.30 my Nifty Supports were 5351 and 5312. To my utter consternation when I saw 5300 breaking without much effort I sensed it was more to do with some unknown problems than just a technical and usual rumblings on inflation, scams and ongoing middle east problems.
Now to the reality. Keeping in mind tomorrow the 2011-12 Railway budget will be presented with much fan fare and the market will undoubtedly dance to the tune accordingly, its advisable to remain with day trading and enjoy the weekend with a good book, listen to pleasant KennyG music, spare more time with family and friends and a nice chilled beer.
I will be looking forward to see 5156 to provide support if 5234 is broken at the opening itself and in case of any extreme, extraordinary developments, I will be surprised if 5078 is not tested.

Nifty Analysis 23 Feb 2011

In my analysis on 22nd instant I had observed the previous day’s abnormal rise of Nifty Index was not a lasting one and should not be taken for granted, rather it was a good session for day traders. This is exactly where Moving Average Crossover along with MACD method works, if not precisely, extraordinarily well, thanks to MAs lagging in nature.
I am attaching here charts of my favorite stocks, JSW Steel and Tata Motors along with Nifty Spot Index for reference.

Nifty Analysis 21st Feb 2011

Yesterday’s, 21st Feb instant, was perhaps one of the best I had witnessed in the recent past with huge swings, creating an ideal atmosphere for day traders. However, I would anticipate yet another highly choppy session today. Another interesting thing to notice was the volume in some of my favorite counters like, JSW Steel and Tatamotors.
The recovery according to me was a mere ephemeral in nature since the last fall was without any strength and an obvious reaction to the primary fall.

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Nifty Analysis 16th Feb 2011

Its time for prudence. Yesterday’s, 15th instant, price action seems to be without any strength and its too early to come to any conclusion about the direction of the market. The entire pull back was as usual a technical one rather than based on any fundamentals. I would say, the atmosphere is ideal for day traders.

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Nifty Analysis 11th Feb 2011

The week ended with some fresh buying as well as short covering. As anticipated with caution on 10th instant, due to less strength in the fall, Nifty index made a good recovery and tested 5312 level and so did my other favourite stocks viz. IDFC, JSW Steel, Tatamotors, Sesagoa and Yes Bank.

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Nifty Analysis 10th Feb 2011

A well balanced market, that’s what I would call today’s trading session, giving opportunities for both Long Bulls as well as Short Bulls. The most ideal condition for day traders.
Chances are looking better for Nifty Index to test, 5261, 5312 but I would remain cautious on carrying overnight positions,at this stage.

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Nifty Analysis 09th Feb 2011

Although today Nifty index survived the onslaught to some extent thanks to few heavy weights witnessing good buying, my favourite stocks, IDFC, JSW Steel, Sesagoa, Tatamotors and Yes Bank bore the brunt with high volumes.
There is one respite despite heavy sell off, the strength of today’s fall looks comparatively weaker on some stocks, could be due to some buying but the Long Bulls have to wait for their turn to come.
Healthy And Wealthy Trading

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Nifty Analysis-08-02-2011

Today, selling continued unabated across the board. Except one stock in my favourite stocks list, IDFC (6.2 Millions), JSW Steel (2.6 Millions), YesBank (2.6 Millions) including Nifty Index faced the wrath of profit bookers as well as new sellers with good volume.
Attached here are 58 min. charts for your reference.

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NSE Nifty Index MA Crossing

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