iCharts Discussions

[rameshraja]

COMPASS FOR 17.10.2008

Due to bad global cues, yesterday market opened on huge gap down and went as low as 3103 in Nifty future and recovered to 3350 due to hectic short covering by bears. After a long time, it was very nice to see such a big rally of 250 points from the day's low with high momentum but what is saddening is, in the last 30 minutes of trading, Nifty has givenup almost 100 points from the day's high and closed at 3290.

Technically, market looks still weak and none of the oscillators point towards the reversal of trend. In weekly chart of Nifty, this week happens to be the fourth consequetive black candle and one needs to guess if any reversal could happen going forward.

From the weekly chart of Nifty if we analyse from Gann method, it has generated short signal, by taking 4654 as intermittant high with 360 degree in perspective. According to Gann technique, Nifty Future Downside TGTs are 3040 - 2505 and probable pullback could be around 3845.

Where are we headed today for trading ? Nifty future can moveupto 3340 and could retrace to 3160. Nifty sustaining at higher levels will be difficult for the day, as oscillators like RSI / MACD /Momentum / Stochastics are still in sell mode.

Nifty Future Range for the Day: 3340 - 3160

Future Trading Level are as follows:

For Nifty Future:

3522.80 3499.65 3485.40 3462.35 3448.15 3425.25

3411.10 3388.30 3380.45 3374.25 3369.95 3360.25

3351.65 3342.95 3333.30 3329.00 3322.90 3315.10

3292.60 3278.75 3256.40 3242.65 3220.45 3206.75

3184.65 3171.00 3149.05 3135.50 3113.65 3100.20

3078.45 3065.10 3043.50 3030.15 3008.70

For Axis Bank Future:

686.70 676.50 670.25 660.15 656.65 653.95

652.05 647.80 643.95 640.20 636.00 634.10

631.45 628.05 618.30 612.30 602.65 596.75

587.25 581.40 572.00 566.25 557.00 551.30

For ICICI Bank Future:

474.70 469.45 461.05 455.85 447.55 442.45

434.30 431.45 429.25 427.70 424.25 421.25

418.15 414.75 413.20 411.05 408.30 400.45

395.65 387.90 383.15 375.55 370.90 363.40

358.80

For Reliance Industries Futures:

1512.85 1508.70 1503.45 1488.35 1479.05 1464.05

1454.85 1439.95 1430.80 1416.05 1407.00 1392.35

1383.35 1368.85 1359.95 1345.55 1336.70 1322.45

1313.70 1299.55 1290.85 1276.85


Best Wishes


C T RAMESH RAJA

[mahesh765]

hi sir!
i have been reading your posts without fail everyday and every single day you have been spot on!!ur a genius ..this is the first time i get to reply to the post coz my login wasnt working earlier..im just beginner i have reading up and watchin all sort off videos for last one year ..everybody tells you what to do when the situations arises in intraday ..but you just type down the extact situation in advance!how is it possible..please tell me where to start ...what is the outlook for monday ?i have 3200put oct hope they remain safe!

[rameshraja]

Mr Mahesh

I am not doing anything great and I just post what I read from chart from Fibonacci Analysis. You tend to learn more about technicals when you start analysing various charts for couple of years.

Regarding your put option, I can only advising you onething. Market is already beaten down heavily and it is unwise to have overnightshort position.

From the current level of Nifty, there is no margin of safety for fresh shorts, and one has to be extremely careful in Trading.

Please desist from taking overnight short and market is likely to hit temporary bottom sooner than later. The art of making money in financial market is only selling at the right time and pulling the Profit trigger.

Best Wishes

C T RAMESH RAJA

[mahesh765]

hi sir!
then i must say ur fascinating reader of the charts then !! was looking at the charts we are going down twice the speed we came up to 5000+.the major support after 3100 is 2900..is there a possiblity we will go below 2900..r even 2600.?.it seems like bottom less market to me rgt nw!ur thoughts bought this sir ?im sorry to ask ur name sounds alot like a tamilan !are from tamilnadu ?

[rameshraja]

COMPASS FOR 20.10.2008

The Bear onslaught on last Friday was furious and many stocks breached their intraday support levels with ease. Oflate Nifty gyrating 200 to 300 points in intraday has become order of the day. In this kind of volatility, traders needs to be careful and if they don't have logical SLs for their trade, it will be takenout in this fierce move.

My reading of chart in Nifty suggests that it is highly oversold and there is no sign of reversals happening, but in a situation like this, and when there is a fear amongst the trading community, one has to take a contrarian call on market. Nifty spot has a downside TGT of 2930 from the pattern breakdown and I think this could be the right place one need to be a contrarian and take a long call in market. In the event of worst global cues, it can fall to 2800 and makes a temporary bottom for a relief rally.

I have a strong conviction that Nifty will rebound to 3350 this week and it has the high potential of movingup even to much higher levels. I expect market to make a temporary bottom either this week or during next week and it should pullback to 3775 to test the base of the trendline of the pattern, which it has voilated a few weeks back. This time when market pullsback, it is going to be a violent one and bears will be forced to go for hectic short covering.

Nifty Range for the day ( 20.10.2008) : 2950 - 3110


Trading levels for Nifty Futures as per step 2 Trading System :

3412.10 3389.30 3375.25 3352.60 3338.60 3316.05

3302.15 3279.75 3265.90 3243.60 3235.90 3229.85

3225.65 3216.15 3207.70 3199.25 3189.80 3185.60

3179.60 3172.00 3150.00 3136.45 3114.60 3101.15

3079.40 3066.00 3044.40 3031.10 3009.60 2996.35

2975.00 2961.85 2940.60 2927.55 2906.40 2893.40

2872.45 2859.50


For Reliance Industries Ltd: ( Futures)

1525.60 1516.20 1501.00 1491.65 1476.60 1471.40

1467.35 1464.45 1458.10 1452.40 1446.70 1440.35

1437.55 1433.50 1428.40 1413.65 1404.60 1390.00

1381.00 1366.50 1357.60 1343.20 1334.40 1320.15

1311.40 1297.25 1288.55 1274.60 1265.95 1252.10

1243.55 1229.80 1221.35 1207.75


For State Bank of India ( Future):

1636.30 1626.55 1610.80 1601.15 1585.55 1575.90

1560.45 1550.90 1535.55 1526.10 1510.90 1505.60

1501.50 1498.60 1492.15 1486.40 1480.65 1474.25

1471.35 1467.30 1462.10 1447.20 1438.05 1423.25

1414.15 1399.50 1390.45 1375.90 1367.00 1352.55

1343.70 1329.40 1320.60 1306.45 1297.75 1283.70

1275.05 1261.10 1252.55 1238.75


Best Wishes


C T RAMESH RAJA

[rameshraja]

COMPASS FOR 21.10.2008

I have nothing to add my view today and I continue to hold my opinion that NF should bounce to 3350 level. Yesterday NF has made Inside Bar and the range for that is 3353 and 3050. Whichever side it is going to break, then opposite side is going to be the SL. The risk behind this bar to trade is, the SL is at 300 points. I am of the view, when SL of the said IB is takenout, it is going to be very explosive in its move rather than trading by IB method as per conventional tedhnicals.

Attaching herewith Camarilla Trading levels for your day trading and I wish you all the best for the day.

C T RAMESH RAJA

[eagleseyes]

hi RR sir ..GM

thanks for the levels once again ... no step 2 levels today ??

Also i think that 3358 should eb taken out

[rameshraja]

COMPASS FOR 23.10.2008

The Nifty on 21.10.2008 again made an Inside Bar with the range of 3275.95 and 3067 and yesterday it broke the low of the bar with much of ease due to bad global cues. In Real time chart of Nifty in 30 minutes time frame, yesterday, it has made a triangle pattern and its base is breached in the last half an hour of trading and this gives the downside TGT of around 2825.

My sense is market is nearing bottom, albeit temporarily, one needs to be very careful in carrying short positions and market should moveup violently on upside sooner than later.

The probable range for Nifty future for the day: 2850 - 3065

Trading Levels for Nifty Future:

3146.30 3136.95 3132.80 3126.85 3119.25 3097.50

3084.05 3062.40 3049.05 3027.50 3014.20 2992.80

2979.60 2958.30 2945.15 2924.00 2910.95 2889.90

2876.90 2856.00 2843.10 2822.30 2809.45


For Reliance Industries: ( Future )

1421.65 1412.55 1397.90 1388.85 1374.35 1369.35

1365.40 1362.65 1356.50 1351.05 1345.50 1339.40

1336.65 1332.80 1327.85 1313.65 1304.90 1290.80

1282.15 1268.20 1259.60 1245.80 1237.25 1223.55

1215.10 1201.55 1193.15 1179.70 1171.40

For State Bank of India ( Future )

1487.50 1472.45 1467.30 1463.20 1460.35 1454.00

1448.30 1442.60 1436.30 1433.45 1429.45 1424.35

1409.60 1400.55 1385.95 1377.00 1362.50 1353.60

1339.30 1330.45 1316.25 1307.50 1293.40 1284.70

1270.75 1262.15 1248.30 1239.75 1226.05 1217.60


Best Wishes


C T RAMESH RAJA

[mahesh765]

dear rr sir !
your right once again!i red the above post where you had mentioned the temp bottom at 2800 levels..so what bottom level are we loooking at ?the next major support is at 2600 which came in the 2005 after that its 2000..these sound so scary rr sir!
many analysts say that most countries will go bankrupt .to top the charts its usa.http://www.youtube.com/watch?v=hkOD3uyPXRE.please share your views !
mahesh

[rameshraja]

COMPASS FOR 24.10.2008

The market was brutally hit yesterday and the fall of was lead by heavy weights like Reliance / State Bank of India and Tata steel. Nifty future has closed below 61.8% of Fibonacci retracement of the entrie rise of earlier bull market range of 920 to 6357. My sense is, Nifty should pullback from 2825 level and make bears to go for hectic covering.

My view is market should temporarily bottomout either on 31.10.2008 or on 03.11.2008.

Nifty Future trading Range for the Day ( 24.10.2008) : 2855 - 3005

Trading Levels for Nifty Futures for the day:

3201.30 3179.25 3165.65 3143.70 3130.15 3108.30

3094.85 3073.15 3065.65 3059.80 3055.65 3046.45

3038.20 3029.95 3020.80 3016.70 3010.85 3003.45

2982.05 2968.85 2947.60 2934.50 2913.40 2900.35

2879.35 2866.40 2845.50 2832.65 2811.85 2799.05

2778.45 2765.70


For Reliance Industries Limited ( Futures )

1350.55 1336.25 1327.40 1313.20 1308.30 1304.45

1301.80 1295.75 1290.40 1285.05 1279.05 1276.40

1272.60 1267.80 1253.90 1245.35 1231.60 1223.15

1209.50 1201.10 1187.60 1179.30 1165.90 1157.70

1144.40 1136.25 1123.10 1115.05 1102.05 1094.00


For State Bank of India : ( Futures )

1404.80 1399.75 1395.75 1392.95 1386.75 1381.20

1375.65 1369.45 1366.70 1362.80 1357.80 1343.45

1334.60 1320.35 1311.60 1297.45 1288.80 1274.80

1266.15 1252.30 1243.75 1230.00 1221.55 1207.95

1199.55 1186.05 1177.75


Best Wishes


C T RAMESH RAJA

[vinst]

RR sir,

I am getting a turn date between 30-oct to 1-nov, 2008

regards,
vineet

[rameshraja]

COMPASS FOR 29.10.2008

I was giving my opinion in shout box last week, market will find temporary bottom on Dhan Teras and it has actually happened and bears were seen covering their shorts in market. On the day of Muhurat trading, Nifty future has closed above 2675, which is at 20% above from the intermittant low. As the day was a muted session, we need to see if it is able to close above this level for two consequetive sessions for further upmove. In the event of closing above this level, then Nifty could probably head towards 3135 to 3250. I always hold the view Bear market rallies are very swift and it is short lived.

Bear markets are known for tragedy and it is to be taken as an opportunity, for long term investor to pick the right stock for investment. And for a lot of stocks flabs have been removed in the carnage and it looks very attractive for investment, just based on mere fundamental of a single parameter of Book value of the stock.

Nifty range for the day ( 29.10.2008 ): 2785 - 2578

Trading Levels for NIfty futures:

2959.80 2938.55 2925.50 2904.40 2891.40 2870.40

2857.45 2836.60 2823.75 2803.05 2790.25 2769.65

2756.95 2736.45 2723.85 2703.50 2696.45 2690.95

2687.05 2678.40 2670.65 2663.00 2654.40 2650.55

2645.05 2638.10 2618.05 2605.75 2585.80 2573.55

2553.75 2541.55 2521.90 2509.75

For Reliance Industries Ltd ( Futures )

1310.90 1296.80 1288.10 1274.10 1265.50 1251.65

1243.10 1229.35 1220.90 1207.30 1198.90 1185.40

1177.10 1163.75 1155.50 1142.25 1137.70 1134.10

1131.60 1126.00 1121.00 1116.00 1110.45 1107.95

1104.40 1099.90 1087.00 1079.05 1066.25 1058.35

1045.70 1037.90 1025.35 1017.60 1005.20


Best Wishes

C T RAMESH RAJA

[hdobhal]

Dear Ramesh Sir,

Thanks for this post. I will add to it that only those who want to invest for LONG, really LONG TERM should start picking stocks and that too when they have carefully studied fundamentals and a possible future outlook. The target should alos be realistic and not like THE ONE, SOME INTELLIGENT ICHARTIAN "INVESTOR" GAVE FOR RPL SOMETIME BACK.

My Best Wishes for all value investors...

Harish

[rameshraja]

COMPASS FOR 31.10.2008

The Nifty Future on Wednesday was able to consolidate the previous day gain and closed above 2674 once again, which is 20% from the recent low it made on 27.10.2008. This gives us the hope that Nifty can pullback to 3135 going forward.

In weekly chart, if Nifty future is able to close above 3000, then it could retrace to 2775 - 2800 and it has the potential of moving towards 3385 - 3590 - 3770. In the event of Nifty future closing above 3000 in weekly chart ( Mind it, it is not on EOD basis but in weekly only ) we as a trader should buy on pullback at around 2800 with SL being placed at 2610. As the SL is far away by 200 points, we can only take the risk in options with proper hedging.

The above is only my opinion after analysing the Nifty Future weekly chart, and therefore, before you initiate any trade, please do analysis at your end and take decision on your own. Since Technical Analysis is subjective, and I may be wrong in my analysis and reading of charts. Further, it is always riskier to go for trading in counter rallies and particularly in bear market. Bear market rallies can terminate abruptly
and I am hesistant to give the above view with authencity and I believe market is always supreme in its action.

The range for Nifty Future for the day : 2940 - 2730

Nifty Trading Levels for the day :

3030.25 3017.00 2995.55 2982.35 2961.05 2947.90

2926.70 2913.65 2892.60 2879.60 2858.70 2845.80

2824.95 2812.15 2791.45 2778.70 2758.15 2745.45

2725.05 2712.45 2692.10 2685.10 2679.60 2675.75

2667.10 2659.35 2651.70 2643.10 2639.30 2633.80

2626.90 2606.90 2594.55 2574.70


Best Wishes

C T RAMESH RAJA

[pradyehv]

dear rameshsir,
2940 was a great level. nvksir was also saying 2931 is blind short level. Stalwarts of icharts on the dot again.

Thank you,
Prad