Jan 24 2006

RAILWAY TRACKS

Still Well inside the tracks ;)

Jan 18 2006

Jan 17 2006

Jan 16 2006

Jan 15 2006

Jan 11 2006 Eod

Jan 11 2006

Is this a head and shoulders?

Head and shoulders?

Jan 08 2006

ONGC

One of the few frontliners to be showing strength, ONGC broke above its resistance at 895 and after hitting an intraday high of 908 on friday, it closed the week above 895. It achieved the targets given earlier on 25th Dec in the process. This has opened the upsides for the scrip and we should see it target 940 once it clears the 915 levels, with an eventual target of 980, with stops placed at 860.

Week ahead

With most of the index scrips exhibiting weakness, the chances of the same continuing in the first couple of days of the coming week are more than likely. With Infosys Q3 results coming up on thursday, the bets will be placed on which side the markets will move ahead of the same. Personally, I feel the Infy results would be inline and wont beat the expectations by the margin it has been able to do in Q1 and Q2. Having said that, there is nothing wrong with inline performance as the benchmark has beenr aised higher by its Q1 and Q2 results. The markets need to consolidate before going forward and this is a good time as any for it. Expect 3905 to hold, below which 3815 is a possibility, with some downside resistance provided at 3885. Trade accordingly.

Nifty

As suggested earlier, the weakness in Nifty was evident, even with the bulls trying to cross the resistance zone, with selling coming in at higher levels. 3960 remains the level to watch, below which gap area at 3940 should provide support. Break of 3940 would bring in selling pressure with support at 3932-3918-3905. Trade accordingly.

Reliance

With the 1305-1315 zone again spoiling the party, Reliance reacted downward after hitting a high of 1312 on friday. It remains as one of the four scrips, alongwith ONGC, HDFC and SBI, that can enable Nifty to break past the 4050 barrier and scale new highs. Unless the quartet performs, the chances of a new high on the index are bleak. The levels given earlier hold still.

Polaris

Failing to clear the resistance zone at 202-210, Polaris reacted downwards. Another possible flag/pennant formation ... will need to wait and watch to see if it manages to give a breakout.

ACC

The scrip declined throughout last week and closed at 1055, with a low of 1045. The weakness still persists in the scrip and it can reach the levels suggested earlier.

Titan

As suggested, the scrip achieved the first two targets in the last week. Titan too seems to be making a flag/pennant, and a breakout would signal targets of 950-970 for this scrip.

Aban

Within a day of posting the targets, the scrip blasted through and achieved it ! Hitting a high of 1725 last week, Aban now seems to be forming a flag on the charts. A breakout would give us a target of 2000+ on this scrip. Enjoy !

Jan 05 2006

Nifty

Though we have been rising for the past two days, the selling witnessed initially in the first half of wednesday was a cause for concern. 4046.85 is the previous high of Nifty which wasnt tested on wednesday but interestingly, Sensex high of 14035.30 was touched today with Sensex hitting 14035.67 intraday. This is too close for comfort and could be a potential double top if sensex is unable to break above that level on thursday. A close above 14037 would be the best case scenario for the bulls. As before, 3960 is the crucial support which Nifty has been holding on to all this while. Intraday, Nifty would be weak below 3995. Trade accordingly.

SRF

Having been on a downward spiral for last two months from its high of 264 on 30th Oct, SRF finally broke above the falling channel today. Close above 201 would see it target 210 for now. 223 seems to be on the cards, provided the support at 194 holds.

Reliance

1305-1315 remains the crucial level for this scrip to overcome. Break above these levels would see it target 1350-1370 in quicktime I would say. 1240 remains the stoploss. Enjoy !

Ranbaxy

As suggested on 2nd Dec, Ranbaxy never broke support except once on 12th Dec when it closed below the stops of 365, only to bounce back the very next day and close above the stops given. Today's move is a breakout I would say, with a target of 450 once it crosses 419. Enjoy !

Pole-vault !

What a rally in Polaris ! 202-210 final resistance ... break above that, it will shine even more ! Enjoy !

Mphasis

Mphasis achieved its target today, crossing 315 level given exactly a month back :-) Above 330, clear, blue sky for Mphasis ! Enjoy !

Maruti

As suggested three days back, Maruti moved perfectly and achieved targets. In doing so, it has also broken above the channel it was stuck in for last three months. Maruti should be headed towards 1010 I would say and it would be a buy on declines to 955, with stops at 936. Enjoy !

ICICI

ICICI has closed today below the rising channel it had been moving in since 12th Dec. Support at 879-874, below which, it would be weak. However, the trendline drawn from the July 2006 lows has held so far except once on 12th Dec, when it was violated with the scrip closing below it. The scrip bounce back the very next day and respected the trendline by closing above it. Break of this trendline again and two closes below it would be bearish for ICICI, I would say. Trade accordingly.

Hindalco Triangle ?

It seems like Hindalco has moved out of the large triangle that it has formed since May 2006. The move today wasnt very convincing though as it wasnt supported by volumes. Still, I would keep a watch on it and a close above 185 should signal an upmove to 193 levels. Close above 195 should target 205-215.

ACC

ACC closed below the rising channel it had been moving in since 13th Dec. 1060 would be the level to watch ... weak below that with support at 1036-1018. Trade acordingly.

Dawn of 2007 !

As we say farewell to 2006 and await the dawn of 2007, I pray that it brings for all of us ....

Divine blessings
Unconditional love,
New oppurtunities,
Peace of mind,
Well-deserved success,
Unfettered happiness,
and ...
Boundless joy !

God bless us all !