iCharts Discussions

[rameshraja]

As expected Nifty took support today at 5036 and moved to 5146.20 and closed at 5127.05. Today Reliance upmove of 110 rupees from day's low made bears to run for covering their short position in market.

Where is Nifty headed from current close of 5127?. My sense is Reliance will again outperform the market tomorrow as long as it doesn't break 2624 decisively, and likely to hit the high of 2735 tomorrow.

As long as RIL doesn't break 2624, Nifty will takeout its earlier high of 5168.10 and move to 5225 level. Tomorrow We need to trade in Nifty futures taking concurrance from Reliance stock movement. If RIL breaks 2624, then the upmove of Nifty will be aborted.

Tomorrow likely range for Nifty futures is 5075 - 5225.

In Individual stocks, tomorrow Bombay Dyeing / M & M / Punj Lloyd / Tata power should do well on upside. A lone underperformer could be HDIL which could bounce to 825 and then fall to 780 levels. However SL for HDIl should be 841.

One important thing to be noted - Both Nifty and Reliance are trading below 100 level of momentum indicator, and therefore an element of threat of every upmove getting corrected sharply on downside.

CAUTION: I expect market to correct very sharply from Friday 23.05.2008 to Tuesday 27.05.2008 and which can spill over to Wednesday morning session. The fall will be lead by Metal sector and it can have cascading effect over other stocks also. Therefore, one need to be very cautious in taking overnight LONG position.


Disclaimer: Technical Analysis is subjective and I may be wrong in my analysis. I request you to do your own analysis and not to take my view in full faith for your real trades.

Best Wishes


C T RAMESH RAJA[/u]

[marne.vivek]

thanks sir,

cam levels are too good and very helpful for trading..

thanks,

Vivek A. Marne

[pradyehv]

Thank you sir for your views.

[rameshraja]

Thanks Mr Vivek and Mr Pradeep.


Regards

C T RAMESH RAJA

[mansukh]

Hello sir, do u expect nifty to come down further? do u think RIL broke the level specified (2624) convincingly?? awaiting your reply sir. thanx.

[drbalarst]

thank u sir