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***all analysis are based on self chart study only, actual trading gains may vary.
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    Tuesday, May 24, 2011

    mkt long term view follow up and mkt ahead...24th may 2011...

    before nov 2010 i had given nifty tgt of 6340 and nifty reacted just 1.5 points below it and never saw highs again ! i had mentioned many times of lower tgt of 5400 after it broke below 5800 and thereafter a final tgt of 5200. as u have seen it went perfectly according to the script. thereafter i said a major pullback will occur and those long term investors that did not book profits when nifty was above 600 should utilize this major pullback to book profits and exit the market when nifty will likely go toward 5500 and 5800 lvls, at the most the pullback will go to the trendchannel upperside which was at 5900-5950 range. it was also given that medium term long positions could be taken near 5300 till 5800 etc.

    as u have seen nifty reacted exactly from 5945 and came down again in early april 2011 and retraced its entire upmove from the low of march(5348). i had predicted this intermediate top max till 2nd week of april 2011 on this blog.

    recently the dollar strength has made nifty continue its weakness bringing it below 5400 again and closer to the channel lower end near 5350.

    all this intermediate to long term move was well projected in advance and written here on this blog and later posted a chart also showing the likely long term movement path of nifty and this view which is so far come 100% accurate again and again like so many earlier projections of mine. this one being based on long term upward trending trend channel.

    pls also refer to feb and march 2011 and later posts and charts. e.g https://lh6.googleusercontent.com/-glTejq0YqG8/TW2YwvEyLKI/AAAAAAAAA7I/zm5r0vGcpq4/s1600/nifty_trendchannel_02ndmar2011.png

    (to be continued)...

    the magic of two trendchannels(upward and downward sloping)


    forecasted map(updated):


    some bounce maybe from lower end of trendchannel due to near oversold on eod charts, may or may not be sustainable. however many months back since 5350 was then broken on weekly charts i had mentioned downside till 4800 most likely after pullback max upto 5800-5900, so were there after rallying to 5945 back to near 5350 again so lets see what happens from here on.

    if bounce does occur now near lower end of the trendchannel 5500 and then 5600 may be possible, but too early just now to say that.

    cash turnover by fii's and the domestic institutional investors in May 2011:

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