NIFTY

DISCLAIMER: These notes/comments have been prepared solely to educate those who are interested in the useful application of Technical Analysis. While due care has been taken in preparing these notes/comments, no responsibility can be or is assumed for any consequences resulting out of acting on them.Trading in Stocks/Commodities/Futures Carry Risk.

S&P CNX NIFTY 5,905.10 (-3.25 )  -0.06 %

Nifty is moving in a Narrow range and has formed a triangle.Also today it has made a NR7 i.e narrowest range in the last 7 days. Expect an explosive breakout in either direction.On the upside look for 5931to be broken for bullishness.On the downside look for 5862 which is also the 20 dma for bearishness.Once the position is filled keep the other side breakout point as stoploss e.g if short is triggered below 5862, keep 5931 as stoploss and if long is triggered above 5931, then keep 5861 as stoploss.

WISHING MY BLOG READERS A HAPPY AND PROSPEROUS NEW YEAR AND TRADING

MY NEXT POST WILL BE ON DECEMBER 31, 2012

GOLD

DISCLAIMER: These notes/comments have been prepared solely to educate those who are interested in the useful application of Technical Analysis. While due care has been taken in preparing these notes/comments, no responsibility can be or is assumed for any consequences resulting out of acting on them.Trading in Stocks/Commodities/Futures Carry Risk.

GOLD WEEKLY ( 2952.32)

I am analysing UTI GOLD ETF on a Weekly basis.On Weekly charts UTI Gold ETF is taking support at 20 week Moving average of 2954.A high of 3125 is made and a lower high of 3090 follows it.On Lower side support exists at 2916.A close below 2916 on Weekly basis will be bearish. A failure to break 2916 will lead to consolidation and then watch for a break above either 3090 / 3125 or below 2916 for further trend.

A close above 2979 on Weekly basis, which is the 10 week moving average or equivalent to 50 dma is the first step of respite for the bulls.But better watch from the sidelines since it is moving in between the Triangle and wait for a breakout from the triangle to be sure of the direction.

NIFTY

DISCLAIMER: These notes/comments have been prepared solely to educate those who are interested in the useful application of Technical Analysis. While due care has been taken in preparing these notes/comments, no responsibility can be or is assumed for any consequences resulting out of acting on them.Trading in Stocks/Commodities/Futures Carry Risk.

NIFTY  (5,879.60) + 28.10  +0.48 %

Last week I said that Nifty is bullish but the only concern is it is overstretched .So Nifty went in for a mild correction.Support levels are 20 dma of 5815 and 50 dma of 5715.

SKS MICRO FINANCE HITS CIRCUIT BREAKER

DISCLAIMER: These notes/comments have been prepared solely to educate those who are interested in the useful application of Technical Analysis. While due care has been taken in preparing these notes/comments, no responsibility can be or is assumed for any consequences resulting out of acting on them.Trading in Stocks/Commodities/Futures Carry Risk.

SKS MIcro (177.60) + 5 % Upper circuit

Recommended Yesterday.

SOMANY CERAMICS (102.40)

Buy Somany Ceramics with a stoploss of 78 if your risk apetite is good or 87 if you don’t have a big risk apetite. But chances of getting stopped out are higher at 87.

DENA BANK ( 121 )

Buy with a stoploss on a close below 102.

NIFTY

DISCLAIMER: These notes/comments have been prepared solely to educate those who are interested in the useful application of Technical Analysis. While due care has been taken in preparing these notes/comments, no responsibility can be or is assumed for any consequences resulting out of acting on them.Trading in Stocks/Commodities/Futures Carry Risk.

S&P CNX NIFTY (5,907.40) -23.50  -0.40 %

I mentioned last week that a target of 5970+ looks probable and Nifty nearly touched it making a high of 5949 .Overall market is bullish except that market is overextended a bit.Small time corrections may be there but look to buy on dips looking at the longterm picture.

SKS MICRO FINANCE ( 169 )  WEEKLY CHART

The WEEKLY chart of SKS Microfinance looks good .Buy on corrections near 137 with a stoploss of 106 . It has broken out of a Weekly SHoulder Head Shoulder Pattern.

NIFTY BULLISH

DISCLAIMER: These notes/comments have been prepared solely to educate those who are interested in the useful application of Technical Analysis. While due care has been taken in preparing these notes/comments, no responsibility can be or is assumed for any consequences resulting out of acting on them.Trading in Stocks/Commodities/Futures Carry Risk

S&P CNX NIFTY (5,879.85) + 54.85  + 0.94 %

Nifty as I said, above 5778 would be bullish, happened so. Nifty broke out of the falling channel.Look for minimum upper target of 5970 +.