Friends got some comment My column looks more like an essay, from here on let me make as short with more added technicals.Need your valuable suggestions so that I can take the blog further.so as said in last weekly column 4083 acted as a reversal point where I booked my PE and added long above 4155 for the 100% retracement. Markets ended last week with more than 8% gain with an weak start on last Monday. Govt Disinvesment plans,stimulus packages considaration and monsoon triggered the investors to enter.This weeks main trigger will be RIL - RNRL case being heard today in the Supreme Court followed by FII, Q1 results and global cues. Some main results coming this week Wipro, BHEL, ONGC, Maruti, HDFC and even market will eye RIL results eagerly.so what's for this week,lets see.
Weekly charts turned positive closing above previous week's high of 4305.MACD had finally crossed @ EOD which we missed last week charts. RSI2 @ 96.57 which is highly overbought.Rising On balance volume shows buyers in control and resisted around 50 levels. Fresh bull run will start once the line breaks.so lets see the support for this week. Support pegged @ 4227 until 4227 try long. shorts only below that for this week.As RSI 2 oversold People can wait for RSI2 to come atleast 50 to take their position, which will be a safer side positional players.4450 looks strong hurdle on past data's.Mention about falling wedge pattern on friday's column it came true as the price moved the falling wedge target is 4600.Markets skipping RIL is not good sign, need to move along with the leader. Once RIL got favour then catch me if you can. People asking me about the eclipse though I am not much interested on those things still we can't skip it. I will use that trigger to add my long position. 4227 is the key level for this week.
Heat map for friday :::
Levels ::
Bearish > 4297 < Bullish
Nifty Supp @ 4238.2 Res @ 4525
4303 - 4342 - 4420 - 4460
Calls ::
Intraday ::
BUY CANBK @ 275.75 SL 269 TGT 279 - 282
BUY BRFL @ 181.5 SL 178.5 TGT 183 - 185 - 187
Positional ::
BUY AUSTRAL @ 293 SL 276 TGT 308 - 314 - 321 - 328
17/7/9 Call updates ::
Colpal not triggered, Tatacomm done all targets Giving 13 Rs profit, Positional call visa steel not triggered.
1 comment:
Now I can see the expected live calls cbox in your Blog, Thanks. Levels looks sound and follow up of your previous calls is good.
All the best.
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