NIFTY STILL BULLISH, STOP 3370, TARGET 3450

It seems Nifty could test 3450 region in one or two trading sessions. The stop for the view is 3370. Buy Infosys around 3030 for a target of 3150 with a stop at 3000. Buy Reliance around 790 with a stop at 780. The short term target is around 825.

Here after the momentum in the upside would pick up in coming trading sessions and it would continue for few months. The corrections in this market will also be sharp and steep.

CONTINUE TO HOLD LONG POSITIONS

Hold your long positions with a stop at 3320 for Nifty. Next short term target for Nity is 3400 as mentioned earlier. Buy SBI around 985 with a stop at 970, for a target of 1030. Buy Bharti at 394 for a target of 415 with a stop at 388. VSNL is heading towards 550 in the short term.

A fast rally, which will have a magnitute that we haven't seen so far in this bull market, is on the cards above 3400 region in coming weeks.

BUYING MANIA IS ABOUT TO START

Hold your Nifty longs for the next target of 3400. Buy Satyam around 820 with a stop at 813, for a target of 840. Buy TCS around 1885 with a stop at 1875, for a target of 1930.

Though I am forecasting a level of 3400 region for the Nifty, it doesn't mean that Nifty would turn weak from this region. In fact, Nifty is about to explode in the upside when it crosses 3400 region. Anybody interested in knowing the technical strength of the market, can refer the medium term chart posted by me in the February and it is accessible through the archives section.

NIFTY HEADING TOWARDS 3350

Nifty had not gone below 3210, and thus, turned bullish and it is about to test 3350 levels this week. Except TCS, all other scrips which were recommended for buying in this column, did not hit the stoploss. Those who are holding those Stocks can continue to hold the long positions with the same stoploss. TCS can be bought at current levels with a stop at 1860, for a target above 1950 region.

ADHERE TO THE STOP LOSS STRICTLY

Hold your long positions with stop at 3210. Readers are advised to adhere to the stop loss levels strictly. TCS is trading below the stoploss level. It is better to close the long positions in TCS, if it still continues to trade below the stoploss. If Nifty trades below 3210, then it has potential of testing 3120 in the downside. In that case, all the individual stocks also will turn weak for the time being, though there is no threat to the higher targets in coming weeks.
If nifty doesn’t break 3210 levels, then it has potential of testing 3400 region before this month end. Readers are advised to be cautious below 3210.

RELIANCE ENERGY, SHORT TERM TARGET 720

Click the Image to enlarge it.

NIFTY STILL BULLISH, STOP 3210

Though Nifty reacted sharply after testing 3292 region, the trend continues to be bullish. Hold your long positions with stop at 3210. The next short term target for Nifty is around 3400. My previous view on Satyam still holds good. Those who are having long positions in this scrip can continue to hold it with the same stoploss. Fresh buying can be done in ITC with stop at 175.

TCS could also rally strongly towards 2050 region. Stop for the view is 1880. Tata Motors is also looking bullish and it could move towards 970. Stoploss can be kept at 870.

HOLD YOUR LONG POSITIONS

Nifty continues to be bullish and now the stop for all long positions is 3210. Satyam is looking bullish at current levels and it has potential of testing 845 in few trading sessions. Buy with a stop at 795. ITC can be bought at current levels with a stop at 171. TCS is heading towards 1950 region. Buy with a stop at 1845.

Feed back on BOMBAY DYEING

The scrip has closed below 450, the region that I have given as stoploss. Though my view and the target for the scrip has not changed, it is better to close the positions below 450. If it moves above 450 region, one can re-enter. If it continues to trade below 450 for few more trading sessions, then we have to wait for the right time to re-enter the scrip and the right time will be informed in my Blog.

D Sathia Moorthy

NIFTY STILL BULLISH, MAXIMUM DOWNSIDE POTENTIAL 3130

As I have mentioned earlier, the trend continues to be bullish. But if the level 3170 is violated in the downside in coming trading sessions, then it could bottom out around 3130 region. Once it bottoms out, the next move would push the Index towards 3300 region in the upside in few trading sessions. Hold on to your long positions with 3120 as stop-loss.


Note: -
If the level that I have given as stop-loss is hit, it doesn’t mean that the trend has changed. We are closing the position below the stop-loss only because to take some time to watch the market and to redraw our technical outlook and strategy.

D Sathia Moorthy

BOMBAY DYEING HEADING TOWARDS 1000

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ORCHID CHEMICALS ABOUT TO BREAKOUT UPSIDE

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LONG TERM VIEW OF CESC

One of our readers has sought opinion on ACC, ABB, CESC, and SIEMENS. I am going to publish the long term view of all these scrips one by one. First, I have presented the chart and view of CESC.

In the above CESC chart, the triangle I have marked, in my terms, is a running triangle. Normally, the tip of the running triangle forms the center point of the entire bull market. Here, by calculating in logarithmic scale, we get a projection of 1200. Usually, the thrust out of a running triangle is always massive. Hence, we are going to see a good rally from current levels to 600 region in 3 to 6 months. And also, the possible target of the scrip would be around 1200 in another 5 years. Until then the trend in the scrip is going to be bullish.

D Sathia Moorthy

CORRECTION SEEMS TO BE OVER, READY FOR A STRONG RALLY

Nifty tested a low of 3069 in Thursday's trading, but within few seconds it recovered and moved above 3080, the stop that I have advocated. The price pattern suggests that the correction could be over. As expected earlier, the uptrend continues to be intact. A rally towards 3180 is possible in one or two trading sessions. The short term target of 3400 holds good now. The stop for the longs in nifty is 3085.

Revisiting my earlier recommendations, of the three scrips which I have recommended, only TATA STEEL has come down below the stoploss but it also recovered. Those who have still having long postions can continue to hold, as the price target of 500 is still valid. Those who have closed the long positions can re-enter at current levels with a stop at 430.

The other two scrips namely Infosys and Reliance did not hit the stop and My view on these two scrips continues to be same and the price targets are still valid. Hold on to the long positions in this scrip with the same stoploss.

D Sathia Moorthy

HOLD RELIANCE, STILL BULLISH, STOP 702

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NIFTY STILL BULLISH, STOP 3080

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IPCL IS LOOKING BULLISH AT CURRENT LEVELS

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INFOSYS IS HEADING TOWARDS 3100

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TATA STEEL COULD TEST 500 LEVEL

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About Us

I am a Mathematics Graduate, having 17 years of stock market experience and I am working as a Freelance Technical Analyst and I have been contributing to India's leading finance portals like valuenotes.com for the past 7 years and regulary appearing and giving opinions on Stock Market in the business program "Sandhai Nearam" in Tamil News TV Channel-Rajnews 24*7.

Initially, I followed Robert prechter’s way of Elliott wave theory and then Glenn Neely’s Neowave and then, finally, settled with my own system, with which I am comfortable now.

My analysis is mostly based on the structure rather than any derived indicators, as I believe that only price will really reveal the real picture of the Market.


In this Blog I would like to cover Indian Stock Markets( BSE, NSE ), with wide coverage on Sensex, Nifty, Nifty Futures, Nifty Options, and Stock Futures.


And also, I am frequently updating on International Indices like Dow, Nasdaq, and Commodities like Gold and Crude oil.