iCharts Discussions

[rameshraja]

Market wobbled after the IIP figures and Nifty futures came as low as 4923 to take support at 50 SMA and closed at 5022.

Market kept every trader at the edge of his seat as everyone was looking at the level of 4920 and as usual it surprised everyone by a powerful upmove during the last one hour of session. After the IIP figures were out today which has made every cross section of camp be it BULLS and BEARS by surprise by dismal performance by corporates in the month of March, 2008. Even the hardcore pessimistic would not have factored this 3% performance compared to previous relevant period.

Now technically where is Nifty headed, that is the foremost question in every trader's mind. My sense is Nifty is headed for upmove to 5120 level as TGT I, as long as the low of 4923 is not takenout.

Nifty Futures in all probalities could try to retrace the last one hour upmove and in the event of doing this, if it breaks 5002 probably it could come down to 4965 level.

Nifty and several stocks have made key positive reversal and that too when it is in oversold region.

I have a few stocks in my Radar for going long from tomorrow for swing trades. HDIl has made positive reversal and the stock is hammered down from 875 level to 691 and the stock is in oversold region. DLF is an another stock which is in highly oversold and RSI is in zero for the last couple of days. As this stock is a high momentum one, it can pullback sharply. Educomp is a stock that one should have a close watch as it is prone for a sharp upswing due to the stock flirting around oversold region.

Kotak Bank needs to be watched closely as it also has made positive reversal bar in oversold territory. But the Bank performance in the last quarter is not exemplory when compared to other private sector bank like Axis, as provisioning for Forex MTM is done only around 65 Crores to the exposure of 650 Crores. This is the one issue which may weigh down the stock upmove going forward. PNB is a good stock to go for long but the stock is a laggard in its move.

My favourite stock for trading REL and Reliance Capital is due for a strong upswing and stock could perform well going forward. REL particularly done well during the last one hour of session and capital needs to clear today's high to gain momentum.

Last but not least, I would like to watch Tata Steel and SAIL for trading. Tisco has enormous strength in its upmove and MA sequence is in perfect buy order. I would not dare to short this counter but would like to trade long. SAIL is in oversold region and it has moved to 172 today from the low of 158.

In technology space, I would like to trade long in Wipro as the stock has potential to moveup.

DISCLAIMER: My usual statement - Technical Analysis is all about probablities and not with certainty. It is purely subjective and I may be wrong in my analysis. I would advice you not to go by my analysis on the above stocks in your real time trade, and ,you do your own research and then trade.

I am attaching herewith Camarilla Trading Levels for 13.05.2008 to help you to take decision on support and resistance levels.

Best wishes

C T RAMESH RAJA

[nvksrinivas]

Sir

Good analysis
other scrips that can be looked are tatatea.ranbaxy etc can also be watched

nvksrinivas

[rameshraja]

Dear Mr N V Srinivas


I am getting excited for getting appreciation from a legend in technical Analysis.

Regards


C T RAMESH RAJA

[mayurnsk]

Hello

Rameshraja sir


WOW!!!!!

One more terrific posting from you ....superb.

Mayuresh Jahgirdar
Nasik
Maharashtra

[rameshraja]

Hi Mr Mayur

Thanks for your appreciation.

Regards

C T R

[stockscasino]

great observation rr sir