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.)


allvoices

13 comments:

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.

techno_rohan@yahoo.co.in 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.

http://in.content.mobile.yahoo.com/new/finance/

Uma said...

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

http://clients.rediff.com/pocketrediff/smsstocks.htm

To quote from the web page:

''To get the latest stock quote of a company, compose a SMS with 'stk' followed by the company name and send it to 7333.

For example, if you need the latest stock quote on Infosys Technologies Ltd., SMS 'stk infos' and send it to 7333.

To use this, do I have to download anything on my mobile?

No, nothing has to be downloaded. You just need to send us a message from your mobile with your requirements, and you can start straight away.


Is there any extra charge for using the facility?
No, the only charges that you will incur will be standard rates that your cellular operator will charge for the sms facility.

Do I have to know the exact name of the company?
No. Just send us the first three letters of the company, and we will send the entire list of matches to you. If you need more matches, just type 'more stk' in the 'Write Message' box on your mobile and sms it to 7333.''

Rajandran said...

Yup Old Lady Concepts.
Have a GPRS enabled mobile phone
Download Markets on mobile from

http://mobile.moneycontrol.com

Track your favorite stocks... nifty.. world markets... business news... break out news.. stocknews much more....

Its have tickers, watch list to add ur fav stocks

Iam using it unlimitedly. my grps bill not yet exceeding Rs25.

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.

Cheema

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.