iCharts Discussions

rameshraja · Expert Joined: 24 Nov 2006 Posts: 1121

As I have written earlier in Forum, Market has crashed on 23.05.2008 and Nifty after making intraday high of 5047 tumbled to the low of 4932 and finally closed at 4941.80. Nifty has finally broken the rising trendline of 18.03.2008 to 22.05.2008 and Bulls have succumbed to the pressure of bears.

We as a trader, following technicals always become over optimistic when market movesup calling the shots of all fancy Targets on upside and when market goes against us, we never get humiliated by trying to beat market direction and instead immediately switch side to give abysmal downside targets when market starts coming down. I am no exception to this, as in the recent rally of market, I was anticipating Nifty minimum target of 5450 whereas it made a high of 5270 and reversed.

Most of the Global markets have come into sell mode right from US to Europe and even many of the Asian markets including BSE / NSE. I feel we may see again the bleeding in all world markets due to bear hug and we also need to undergo this pain.

Nifty futures on 26.05.2008 might gap down and move to next support level of 4855 – 4860 and try to pullback to 4920.

Today's Nifty Range is 5000 - 4860. Trading below 4837 is dangerous for market today.

My sense is Nifty might try to test the bottom of 4600 in the next few days and that is area which is going to be challenged by both BULLS & BEARS. I would like to trade long as and when it comes to 4600, taking a risk of 50 points and exit the trade if it closes below 4550.

In Individual Stock, I prefer swing short of GE Shipping above 500 with SL at Friday's high of 519 for TGTs of 470 - 450.

Disclaimer: Technical Analysis is subjective and I may be wrong in my analysis. I would request you to do analysis at your end without taking my writeup in full faith.

Best Wishes

C T RAMESH RAJA

cypandya · White Belt Joined: 20 May 2008 Posts: 12

RR Sir,

what abt SBI??
its look very weak from charts.
when to enter long in it sir??

pradyehv · White Belt Joined: 09 Jan 2007 Posts: 43

Thank you rrsir.

rameshraja · Expert Joined: 24 Nov 2006 Posts: 1121

Hello sir

Its not the right time to long SBI stock . We will track the counter and try to long when everyone start loosing hope on that stock.

C T R

Arul Zen · White Belt Joined: 23 Jan 2008 Posts: 38

THANK YOU RR SIR

mansukh · White Belt Joined: 17 Aug 2006 Posts: 29

Thanx a lot Ramesh Sir.. Smile

vetrivel · White Belt Joined: 23 Jul 2007 Posts: 20

Respected RR sir,

How true your words are// people DO give fancy targets both sides. and continue to believe and loose their money.

Disciplined approach , taught by you is the ONLY way to remain solvent in these kind of volatile markes.

I remeber your words, Strict following of stop-loss and "getting down" from the train when the destination is reached. This Discipline only can save people.

Anyone can be right or wrong in their analysis // but proper trader caution is essential.

Thank you sir for all your advise // and hope all new traders are sensible enough to follow guidelines .

Good work of posting daily analysis thanks once again.

with Love & Regards,
Murugaprasath

rameshraja · Expert Joined: 24 Nov 2006 Posts: 1121

Hello sir

Pranams. With your blessings I should do well in my trading.

Regards and respect

C T RAMESH RAJA

nvksrinivas · White Belt Joined: 14 Aug 2006 Posts: 6

Sir

You are bang on lower targets for nifty futures, I had the target of 4868.81 for today as compared to 4860 of yours. The next support for nf is 4784 lets see if this comes.
nvksrinivas