AUTO AND IT STARTS TO SHOW SOME WEAKNESS

The leaders of this rally from march-09, have been top companies from auto and it sector,as one can see from charts posted here, these two sectors were laggards of 2006-2008 huge euphoric rally in sensex-nifty.

As against that rally, these two sectors are the leaders of the current bull-run.

Now, as charts suggests, there are some stocks in these sectors, that have started to show, some weakness,its still no CONFIRMATION, yet, but initial weakness is coming up.

BELOW 4909....NIFTY SUPPORTS AT 4883-4862

LOOKING at the negative world market...if 4909 is broken...i think there are supprts at 4883, and 4862...one should buy at 4862..for a decent upmove, especially if one finds,nifty takes supports at that level.

HOW MY SYSTEM RESPONDED....TO MY NIFTY SUPPORTS ?

nifty supports works

Accepting the ultimate fact, that market is SUPREME......even though i found market making a top yesterday..nifty crashed almost 100 points..as at 5020 i found some negative technicals..

but, i had posted charts and support levels of nifty n sensex...4919-4910 worked superbly ,today, amidst negative world markets,nifty opened low, but my supports worked, and markets closed flat.

A SMALL RISING WEDGE, WORKS.

Time and again,,my mix bag of pure ,genuine technicals + some innovative techniques + some common sense logic works wonderfully for me and helps my blog readers.

yesterday, i found a very small reversal pattern, said rising wedge..after a flat open , markets kept sliding slowly..a little burst came mid-day..but then as morning lows around 4996 broken, it was already below the rising wedge support line..and nifty crashed heavily.

supports and tgts are around 4940--49190-4910 as shown on charts.

5014 DONE..NOW WHAT ??

Target for nifty 5014 was achieved..there are still some higher levels which can be achieved, for the current rally like 5175 and 5330..the rally has got very good momentum too,a fall from here around, may and should give another buying opportunity for the short term..but NOW as the upper targets like 5300-5600 are getting CONSENSUS view..i think a correction is due.

there is a very steep trendline..and a SMALL RISING WEDGE..ON sensex chart..if the support line is broken ,which is very likely..we should enter a deep correction atleast.

5014 IS THE TGT AND RESISTANCE

FROM 4655 nifty has traveled upto 4972 ...i have mentioned tgt of 5014 first,,looking at the move today...i think 5014 is possible tomorrow,,,and which should act as atleast short term resistance levels

A BIG DAY INDEED !!!!!!

on 030909, at around 4610, my support was 4580 and hurdle was only 4655..nifty took support at approx the same 4580 level n crossed the hurdle, resulting a hefty 300+ points in just 8 working days..a short term tgt seems tobe 5014,,observing only 4-5 days of candle power a few days post-budget i came out with nifty tgt of 5190,very few ppl believed my tgts...now almost everyone is giving tgts of 5100+,including respected sudarshan sukhaniji.

A BIG DAY AHEAD?????

Nifty is getting strong supports around suppport zone at 4775...if it helds even tomorrow..on the hourly closing basis...(as there are supports at 4746-4735)..i think we will see a 100-150 points rally in nifty.

watch 4775 for nifty

THERE is no change in the current trend,except minor resistances at tgt area,,,the short term trend will change from up to down below 4775.

16200 FOR SENSEX 4830 FOR NIFTY TARGETS DONE

Nifty and sensex duly reached their IMPORTANT targets that i have been advocating on my blog,,,post budget.

INDICES NEAR TARGETS

Nifty yet again ,bounced back from supports 4550-4580 mentioned here, on friday....before friday, twice nifty did bounce back from the level 4580...but couldnt cross 4655...once again on friday it took support at 4580...my system soon started generating buy calls,,and it zooomed past 4655 in a hurry.

Yeasterday future nifty touched 4805...very much near my targets,,mentioned here...a month back,almost.

4847 is an important level to watch,,16367 is the level for sensex which should resist current rally.

SENSEX TRIANGLE ???

WHERE ARE WE HEADED FROM HERE ??

Something BIG is going to happen to our markets......I cant see nifty moving in this small range, for much longer now onwards.
A COMBINATION of one set of indicators,,,,in indices and in major stocks like, hdfc,bhel,reliance,axis,icici..clearly suggests that..even if markets are in a distribution phase right now,,we should see a bounce back on the upside from tomorrow.or max by monday..and that too should come without much damaging prices.
ON the other hand, i have a unique trading system,,which is generating strong buy calls in some midcap stocks..so instead of a large distribution phase, we are perhaps witnessing only a SHIFT OF BUYING. all in all buying seems tobe intact,in genral.
FIRST condition is a close above 4655..if thats met,we are in for a LARGER RALLY on the up.

MY TRADING SYSTEM:::HOW WERE ITS CALLS TODAY ?

4655 on the upside & 4550-4580 on the down-side....LEVELS TO WATCH

A move above 4655 is a must for the markets to sustain the bullish mood...and a move below 4580-4550..will have bears some control over the short term trend.

MY TRADING SYSTEM:::1 MINUTE ABAN

NIFTY SUPPORTS

AN IMPORTANT SUPPORT 4648 BROKEN..WATCH 4550

I was not able to update my blog,,,having some development work .

our level 4648 was broken for a while on monday,,but was recovered before closing.

since our markets are still not able to get momentum on the upmove,,yesterdays initial rise wasnt able to cross fridays highs,,,resulting finally to breach 4648..yesterday decisively.

A very strong support zone is around 4550..and than at 4504..in my opinion,as theres is no bearish momentum either...NIFTY MUST NOT BREACH 4439......IF 4439 IS BROKEN ON THE CLOSING BASIS...IT WILL NOT BE A GOOD SIGN FOR BULLS.