iCharts Discussions

[rameshraja]

The market closing on last Thursday ( 14.08.2008 ) for Nifty futures and for many stocks didn't give comfort to be long in the market. I was technically looking for Banking stocks like SBI / ICICI / HDFC Bank to close below 20% from recent high for two consequetive sessions for the market turn bearish as this is the first sector to trigger this Bear market rally. I am givingup my idea of NF moving to 5000 levels until 4654 high is takenout.


Nifty Futures Range for Monday : 4495 - 4315

Going by the closing figures of NF and for many stocks including Banking on 14.082008, I find there is something more to read about the trend than a mere correction. I would prefer exiting from all long positions on Monday morning itself than looking for banking stocks to close below 20%.

I would prefer opening shorts in market with SL being 4654 for NF and ride the position till it negates this high or keep trailing at subsequent Negative reversal highs. If I am not wrong , the violation of falling trendline on upside is a false signal and I would therefore prefer to exit longs immediately.

As regards individual stocks for swing trades , I prefer to short Banking / Cement / Sugar / Reality sectors stocks and as also ADAG stocks like Adlabs / REL INFRA / Reliance capital with SL being the highest high of last two weeks.

This is my opinion about market and I therefore request you to do analysis on your own and then take decisions about your trades.

Best Wishes


C T RAMESH RAJA

[jeetendram]

RR sir, why don't you provide with exact figures of 20% below HH for banking sector ? This would help us to track market fasrer and better, as I don't look at markets beyond NIFTY. Thjanks.

[rameshraja]

Dear Mr Jittendram

I am exiting my longs before Banking stocks closes below 20% for two consequetive sessions as I am not comfortable with the closing price of Nifty and for many stocks as on 14.08.2008.

As regards your question of absolute figure for close below 20% is not possible, as when a stock makes new intermittant high, then the value of this 20% will keep changing.


Regards

C T R

[nitinak]

Respected RR Sir,

Thank you very much for posting your views on market and Nifty. Sir i again request your kind self to post your views daily.

With Warm Regards,

Nitin Kaklotar
Surat.

[badri2003]

nice pivot points ramesh sir. will you post it everytrading day before the start of trading. thanks for the same.