iCharts Discussions

[vinay28]

[rk_a2003]

[vinay28]

[rk_a2003]

Good one to start a morning vinay.Your sense of humor is refreshing.

[amitagg]

was off for most parts today

on 21st - I said IT - it has turned out that way - no longer negative view
today - all scrips advanced esp tech mahindra +hcl tech+tcs

Vinay - are u still negative on IT for short term [?]

Any views on levels for HCL Tech and how to trade - i was sensing weak sentinment few days back [buy contrary to my belief 'today' it advanced fast today].

I am short [for Sep NF] at 935 levels [CMP 953], will it turn sideways or break above 1000?

ditto for Infy [will it again go past 3050?]

i guess market will pause at 5540-5550 and reverse? - a key breakdown level

views invited

[rk_a2003]

You said you are no more negative on IT pack. How come you are short?

Any way as of now there was no indication for breaking 3050 for INFY .At the same time for going down it needs to break 2960 -2940-2920.I guess your SL is above 3050.HCL technologies gave a bounce up for a second day but with good volumes .

At the moment HCL appears to be a real threat. Now days HCL and TCS are darlings in IT pack due to their consistent good results. You need to consider the sentiments too while attempting for a short. Just for this reason they are outperforming among the whole IT pack.

On the whole IT pack is moving in a strange way now days. When market is going down due to weak rupee they are holding up with the strength of $.When the $ is weakening they are also holding up moving up a little with the overall strength of the market. In essence they are neither going down nor moving up substantially. I traded Wipro few day’s back its really frustrating experience. However, it reached near my target after prolonged waiting and allowed me to square up, later it went up again. The lucky part is it neither triggered my SL too.

From that day I stopped looking at IT pack for very short term trading.

Hope your positions too end up in the same way. They may come down substantially incase markets and $ go down together (Yesterday $ and the markets went up together vice versa too can happen)

[vinay28]

[amitagg]

many thanks.

i was sensing market low - exact happended next day....since market was up and IT was not falling "as was expected" i wrote no longer bearish...this was in my thread "read the line"...right i was - what i posted in thread was for users of my view so that no bulk purchase/sale should be made

but i trade in "small quantities" stock specific also.... i though that HCL tech would be in a channel [i had made 10 -15 profit yesterday as i wrote in my thread]....earlier swing high was 935 so i again today shorted at that level...i did not expect it to break that immediately which it did....true difficult to short so have to keep quantity small..

i do have any position in infy......i guess i should hold on now and wait for few days till expiry and then see how the "pack" is behaving.

i was checking if there was opportunity to trade in these in higher quantities if anyeone was confident and visualising an immediate top. so thanks let s not trade in these... i just like Vinay believe they can "when they turn" can give big time an dnot wish to lose that opportunity

thank again.

[vinay28]

INR 2 below recent high or 3% and still IT stocks hardly fell. This could mean either (a) FIIs are distributing and I feel they are indeed showing weakness albeit small or (b) IT firms are correctly hedged. Latter is doubtful as most post foreign exchange losses and hence are not smart enough.

[amitagg]

2 developments - Infy _Mr Son elevated and Hexware PE funding.....may be the latter was also sprucing up the techs of late...improvement in US / europe data a trigger may be........

these [ i.e retracement / pullback of previous trendline break [5650] and multiple support [5550] ] are brief periods when "patience is a virtue".....to trade in low quantity next week

from what i see in other threads, 5600 on upside and 5375 on downside are the trigger points.

[amitagg]

"patience" is a virtue for traders as mentioned yesterday. Guess few SLs would have been triggered both on stocks and NIFTY if traded intra-day.

While it is said that market goes in range most of the time rather than trending....its still not advisable to add "long" even above 5497 etc...[since 5550=5580] much much stiff resistance and no one can predict any slide at any of the points above 5500]

So trade if small quantity and PLS WAIT for opportunity. I would still maintain that both shorts and longs can be trapped within 30 points or so for next few days....avoid whipsaws by not trading....

5375 and not 5440 or 5400 and 5600 and not 5520 or 5550 is what i am looking at.

[amitagg]

Since everyone is wondering about IT stocks, just want to mention that they have still NOT confirmed another leg up...which means that they MAY be "DISTRUBUTING". MaY shall change to SHALL when they break their first more important stocks eg:

HCL tech : below 903-905 closing
Wipro below : 448-450 closing
TCS below 1780-1790-closing

Infy is Iffy.

Point that NO one in above has broked previous SWING HIGH "YET". ie. HCL just touched previous INTRA DAY 962 high today, wipro below 472 still, tcs below 1890 [touched 1875 and fell.]

another "distribution sign " can be that all the above were above there CLOSING SWING HIGHS TODAY but not could not touch or sustain above intra-day swing highs and fell reasonably.

[amitagg]

BUYING NIFTY SEP FUTURES - 4 multiple lots 5218-5210-5180-5170..shall add lower...

[amitagg]

squared first lot at 5238....next waiting again at 5210...since in morning there wont be a durable pullback

[rk_a2003]