nifty june 24th 2009...

still in short term downtrend.

if closing above 4310 today nifty will brkout from the falling resis tline, thereafter higher highs and higher lows pattern needed to confirm uptrend.

opening bias is positive.

stocks to watch short to medium term on long side ifci, hdfc, recltd, mindtree etc if mkt stays up or breaks out.


lets see how perfectly our supports/resistances again worked:

yahoo chart:


p/e outlook:
on 5th june update i had mentioned about 4.5% upgrade being projected on nifty50 earnings since april end, now further small upgrade takes this figure to about 6.5% over april end. therefore tgts will also get revised upwards.

tuesday 23rd june 2009...

nifty reacted and played almost exactly within our yday's given lvls 4345 and 4227. cool 100 odd points in intraday.

todays lvls 4287/4207/4150, intermediate tline gets broken below 4200(bearish).

will head for the big gap if goes below 4150.

opening bias is negative.

monday 22nd june 2009...

so, nifty opened in green on friday and bounced from the oversold condition.

it may continue to do so but remains in short to medium term downtrend till doesn't close above the falling resis line. today profit booking of yday's short covering move is possible.

the intermediate support tline is at 4182 holding this on closing basis is very imp.

weekly resistance 4518, weekly support 4182.
monday resistance 4345/4375, monday support 4227/4182.