Saturday, May 31, 2008

Weakness is confirmed.......

I will be in a train starting tomorrow morning till markets opening on monday.

Yippi!! I am on leave for a few weeks.

In anycase I am not expecting much in the markets expect a blood bath to continue. The nifty white candle that we saw on friday is well engulfed by a big black candle of thursday it seems as though bears are either enjoying their time eating the bulls or they just do not have it in them to crack the bulls fully. If they do crack the bulls then we have a long way down the ravine before we recover. If not then this tussle will continue for some more time to come.

Momentary relief signs -- nifty tries to move away from the lower side of bollinger band -- but just about, Stochastic and StochRSI are giving buy.

Bearish signs -- The bearish engulfing candle, TRIX, RSI and MACD. Global cues from US closing are neither way.

So best of luck to all for monday. (any developments that may happen on sunday re not discounted in this.)



Nifty said...

I continue to be bullish till 4820 is not broken for the target of 5040.

S S Cheema said...

I too really wish that it is this way -- I am holding reliance, L&T and ABAN -- any other way I will find myself difficult to extract as I will not be in touch with markets (traveling). But purely by indications -- if they do not break this vicious circle the bull are in -- then the downside will be sharp.
I know that there are problems with both high and low theories. For example there is no bad news that has not already been discounted. Short of elections with someone getting assassinated -- and oil touching 150$ or India going for a war -- I think anything coming including monsoons will get cheer -- but then charts are charts and that is what I am talking about.

You are very true in saying that 4820 or as I would have put it 4814 has not been broken. And it is great for bulls so far. Let us just wait and watch.

It is best to be on sidelines for retail investors. said...

I feel, it's time to be patient and remain in CASH. As market is making lower tops and lower bottoms and most technical charts are indicating downtrend...

If this will continue then we may see a sharp correction and it is be possible tht Nifty may touch 4450 -levels by 18th June'08.

Wait & Watch.

Uma said...

cheema: new photo! well if you're ever traveling again, you could check stock prices by sms and if your stop loss is triggered, just call your broker on your cell.

Uma said...

here's another service that gives stock quotes via sms:

To quote from the web page:

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Rajandran said...

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Have a GPRS enabled mobile phone
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The ultimate software to track markets live.

Rajandran said...

Now u can stock to markets live.
Even on the roads

Rajandran said...

Now u can track the markets Live

Even on the roads.

Uma said...

cheema, Nifty broke 4700 bad tidings indeed! Exit longs and just watch the market.

Rajandran said...

Hi Cheema,GJ,UMA,Suresh,JV

I had posted simple explaination for intraday strategy please do correct me if i was wrong

Kindly Visit Market Calls and put your view there

S S Cheema said...

Uma and jaggu,
I left markets in your hands for one day and you could not take care of my longs ;-)
Comeon guys and gals we were supossed to look after each others interests.
Had you just given nifty support just one more day ...
sob sob

... don't worry the ninja is back again.


geniusjaggu said...

wen ninja is back,jackie chan runs for cover...bhaaagoooooo (#### all animals from mkts irrespective of species run for cover####)

Uma said...

ahh Cheema...don't leave your longs unattended you know bears are out for the kill! Wish you better luck, now that Nifty has found a ray of hope...some stability! I am long on ACC for long term. Honestly, Im not too optimistic.