iCharts Discussions

rameshraja · Expert Joined: 24 Nov 2006 Posts: 1121

Market has developed Cold Feet after hitting 5080 on 13.05.2008, which happens to be 0.382 of Fibonacci Expansion level from yesterday's range. Bulls could not defend any of the support levels as heavy weights of Nifty ONGC and Reliance started cracking.

In the afternoon session of 13.05.2008, there was a huge selling pressure across the board and it was very difficult to find a stock in melting pot to go for long and huge volume of trades started in Nifty and many of the frontiline stocks on down tick after 2 P.M.

BULLS could not defend the onslaught of BEARS and finally succumbed to the bear's pressure. What is in store for traders on 14.05.2008 ? My sense is Nifty futures should not trade below 4932 which is a very crucial level and followed by 4923 which happens to be the SL for Bar Reversal pattern made yesterday. If bears were able to conquer the level of 4932,there could be a pullback to 4975 level and finally will fall to 4800.

Nifty spot breaking 4910 decisively is a threat to the trendline which has been inforce from mid March and any closing below that level will push the index to close below 50 SMA.

The real threat to bulls will emerge only on breaking 4932. Will it break 4932 ? To this question only BULLS and BEARS can answer, but definitely not by me as I am a trend trader.

Tomorrow for my trading, I am too stock specific and would like to short counters like Essar oil / SBI / Sterlite / Tata power . On long side , BULLS have to create an envrionment for me to long else bears have to do excess on downside.

I am keeping my fingers crossed for tomorrow's trading and trend will be known only after opening bell.

Disclaimer: Usual content. Technical Analysis is subjective and I may be wrong in my analysis.

I am attaching herwith Camarilla Trading Levels for 14.05.2008 for your trading to take view on Resistance and support levels.

Best wishes

C T RAMESH RAJA

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

Sir

Normally all lows and highs are tested /so tommorrow we will this test for nifty. If this low is broken what are the probable targets? for this one can see the attachement

nvksrinivas

rameshraja · Expert Joined: 24 Nov 2006 Posts: 1121

mayurnsk · Posted: Tue May 13, 2008 10:48 pm Post subject:

Hello Rameshsir

I agree fully with your view. No doubts

Mayuresh Jahagirdar
Nasik
Maharashtra

mayurnsk · Posted: Tue May 13, 2008 10:50 pm Post subject:

hello Nvksaar

nice chart sir

Mayuresh jahagirdar
Nasik
Maharashtra

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

rrsir,
4932 nice one sir. assumed that trend will be up for the day as 4932 was not taken out. went long in nifty around 4950 and booked at 4970 again at 5008 and booked at 5030. waited for fib sl to be taken out in sterlite and took long. thank you for ur write up sir.

Pradeep

INDIA
INDIA

rameshraja · Expert Joined: 24 Nov 2006 Posts: 1121

I am glad to note that you read my analysis.

C T R