You don’t have to be a rocket scientist to be a trader. In fact, some of the best traders whom I
knew down on the floor were surf bums. Formal education didn’t really seem to have much to do with a person’s skill as a trader. – Linda Bradford Raschke
Sunday, April 10, 2011
STOCK TO TRADE 11 04 2011
- APIL 607.85 Alstom Projects building a trading range. stop loss at 585, Target at 689.
- Bombay Dyeing 398.75 Bombay Dyeing building a triangle . stop loss at 370, Target at 452.
- Canara Bank 632.60 Canara Bank made a double bottom. Stop loss at 615, Target at 720.
- Core Projects 337.75 Core projects making a trading range. stop loss at 311, Target at 365.
- Bharat Forge 358.20 Bharat forge is trading in a narrow range and TA Insync (55,5) is overbought. Sell below 355 with stop loss above 360.
- Kotak Bank 442.55 NR7 bar pattern in Kotak Bank. Buy above 449, Sell below 439
Nifty consolidation continues
Earnings may influence Index for coming two weeks The Nifty has started a correction. Support should come in around 5820 / 5780. We had suggested that long positions should be held unless the Nifty closed below 6850. The Index closed at 5842, almost at the cutoff number. Therefore, we will take 5820 as our cutoff number for Monday. After the first 15 minutes, if the Nifty is trading below 5820, then we should close all trading position in the Nifty and wait for support to emerge.
Short Term Trades: There are a number of F&O stocks now breaking out of consolidation patterns. These trades usually work out. We have given the charts with stoploss and targets. It is important to follow the market and then take such trades. If the market is falling, we annot go and buy blindly. Look for a stable market, then consider these trades.
Short Term Trades: There are a number of F&O stocks now breaking out of consolidation patterns. These trades usually work out. We have given the charts with stoploss and targets. It is important to follow the market and then take such trades. If the market is falling, we annot go and buy blindly. Look for a stable market, then consider these trades.
Market Outlook 11 04 2011
Profit booking and winding up of positions saw the index slipping up in a slow and steady manner
throughout the day. The real damage came in the second half of the trading session when the key support level of 5870 of Nifty futures was broken. The weekend pressure and the truncated next trading week because of two trading holidays saw both investors and traders reducing the Exposure in the markets. Nifty now can slowly drop to its first strong support level of 5790-5800 and from there onwards the future course of action will be dictated by the first quarter results. Infosys comes out with its results on 15th and till then we are of the view that Nifty will be range bound between 5700 and 5900 with a slightly negative bias. Instead of buying and selling breakouts and breakdowns, one should make a strategy of buying supports and selling rallies. Lot of stock specific action will be seen as we now entering the quarterly results season. Since there will be a lot of volatility during this period we would very strongly advise to trade in lower volumes.
Nifty futures have strong support around 5808 and 5767 levels whereas it will face resistance at
5872 and 5899 levels.
throughout the day. The real damage came in the second half of the trading session when the key support level of 5870 of Nifty futures was broken. The weekend pressure and the truncated next trading week because of two trading holidays saw both investors and traders reducing the Exposure in the markets. Nifty now can slowly drop to its first strong support level of 5790-5800 and from there onwards the future course of action will be dictated by the first quarter results. Infosys comes out with its results on 15th and till then we are of the view that Nifty will be range bound between 5700 and 5900 with a slightly negative bias. Instead of buying and selling breakouts and breakdowns, one should make a strategy of buying supports and selling rallies. Lot of stock specific action will be seen as we now entering the quarterly results season. Since there will be a lot of volatility during this period we would very strongly advise to trade in lower volumes.
Nifty futures have strong support around 5808 and 5767 levels whereas it will face resistance at
5872 and 5899 levels.
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