iCharts Discussions

[amitagg]

cant say. IT stocks very unpredictable for me...lets wait for one or two results

[amitagg]

i guess of the possible move DOWNMOVE in next few sessions....considering volatile movements started in intra day charts......holding no positions since uncertain...shall watch one more weaK price action

[amitagg]

waiting since few days.....for the break....then shall trade....looks break on upside....but 6300-6400 heavy resistance ..so will sell calls on "gap up" [thats how break shall come, not intra-day] after 2-3 days.....

it down then shall revisit...since not having positions..

IT looks overbought [plus negative divergences and results out of the way shortly] and shall SELL OTM calls if there is a gap up break on any day.

sold one lot of TechM - 1600 call at 40.....shall look to trade HCL tech later...not wipro or infy.

today a possible doji...if close is near open...then tomorrow critical....today suggests bullishment untile 6070 gives way while tomorrow struggle and end at doji [3rd] would mean a downtrend....so just watching

[amitagg]

i have been saying of selling 6000 call put at 300 few days back....i have squared at nominal 10% profit....expecting a break and expansion of volatility

[amitagg]

entered one trade....Sesa Sterlite

bought F at 185, sold 190 call at 6, sold 180 put at 6......

[loss below 180 expiry on F]
[loss below 174 expiry on p]
Net credit = 12 immediate....

support 173-175, resistance 191-193 for the stock and sideays movement, likely break on upside

[amitagg]

Nifty likely to complete topping pattern this month.....and make high by 5th Nov...which shall not be crossed for next few months.....

as per EW counts [5th of 5th from 5100] and trend channels etc....6300-6400 would be a extremely strong resistance and markets would not touch 6500 at all.....

thats my view......i would look to sell "OTM" calls, above NS 6200 without hedge in few tranches in small quantities......

the last bull shall enter above 6200 not me.....[individual stock buying opportunities shall be multifold based on intra day pattern]

[saumya12]

Hi Amit

Plz post the chart with EW counts.

Thanks

[amitagg]

here are calcs....

1 5118 5580 462
2 5580 5318 262 (56% of 1)
3 5318 6143 825 (Extended @ 178 % of 1)
4 6143 5700 443
5 5700 upward in play = 5700+462 = 6162 min or 1.618*462+5705= 6452 [it can halt at 1.382 also]

Breakup of 5
1 5700 5950 156
2 5950 5825 125 (50% of 1)
3 5825 - 6156 = (Minimum 6225 @ 161% of 1 to be Extended)
4. 6156-6045
5. to unfold.....

one possiblity:

1 5825 5981 156
2 5981 5877 104 (67 % of 1)
3 5877 6156 279 (Extended as more than 161 % of 1)
4 6156 6045 110 [0.392 approx to .382 of difference]
5 to follow above 6156 till _____say 6045+156=6200 approx or 1.618*156+6045= 6297

6261 is 1.27 of reverse fibo of 6142-5705
6451 is 1.707 reverse fibo of 6142-5705

as per trendline also, 6400 was resistance.....obviously we need to watch and time the selling entry not necessarily tomorrow.....[also small qty since countertrend trade]

also some stocks like ITC and Bharti look good on charts and can give some upsides....tomorrow or next few days.....watch reliance if it breaks 885 again.....also watch IT stocks to see whether they are giving up...overall market mood and individual stock action would be seen to determine the trading direction

[amitagg]

further to fib cals below, note that India, Nikkei, Hangsang have similar charts, poised to break out....i posted sometime back that South Africa chart was similar and had alreayd broken out....

note that in late Nov / Dec, there may be profit booking which would definitely stall the tempo beyond 6300 when retail or missed out traders would enter.....

so while trading should be "UP" lets not lose the sight of capturing some selling OTM gains during later part of the week...depends....theta factor comes into play

[amitagg]

Booked 2.25 Rs profit in below Sesa Goa trade [selling call put] out of initial inflow of 12
booked profit in tech M short call [50% gain]
booked bharti airtel profit - spike and channel today and last 5 days = 345-341+344=348

my earlier suggestion in beginning of month of selling 6000 call put at 360 would have yielded great profit.....i booked out early

[amitagg]

sold Rinfra @ 407 stop 415 easy target 401

[amitagg]

R infra chart posted see

- current high made on lower volume than previous similar highs
- broke support at 410 level [last 5-7 tick daily chart see]
- candle below 50% of previous white candle
- 2B short - after break of trendline and restest of high at 420 and failure [candle supporting]
- trendline resistance at 420 multiple times
- macd made lower high
- slight -ve divergence on rsi

immediate support 401-402 next 395-397 [likely support area]

[amitagg]

Markets have gained previous range from low today....should not fall as per RRs method...

Stopped out of RInfra at 415....buys in LICHSG spike and channel continuing (booked 40 percent) and balance TSL to cost of 202.5..first target met 206 around next waiting at 208 (20 percent) then 214

Markets may spend few days (2_4) here butlooks good for upsides...my view 6200 shall be broken next week...

[amitagg]

markets above 6200 as expected.....but i am of the belief than we may see 150-200 point fall around 6278-6335..... market action / pattern / candles would decide.....just when one would expect 6500 etc.
have booked out of sbi and lic stocks at profit...

today traded Peter's system with profit marrying the stop losses etc differently.....its a better and closer refinement over some other methods being mentioned...just my belief.

[amitagg]

cipla looking good at supports...can buy..421 immdiate target...stop 407