Archive for April, 2009

Monthly Chart – April 2009

Wednesday, April 29th, 2009

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Picks to watch for 29 Apr

Wednesday, April 29th, 2009

Scrip: ABAN
View: Short
Entry: 394.90
Exit : 376.80
SL : 417.50

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Happy Trading
www.tripleint.com

Bullish undercurrent finally turned out as a move to trap the bulls ?!

Wednesday, April 29th, 2009

The bullish undercurrent that we could sense for the past three days finally turned out to be a move to trap the bulls themselves and NIFTY corrected significantly (exactly by the same amount of an expected upmove).

All this time, the concern that this rise has been with low volumes indicated that the move is not genuine and this was expected to happen anytime soon, but the expectation that this will not happen for this expiry proved to be wrong.

What now?

Given this situation, it might again be premature to say for sure that market is going to crack from this level too soon. It has to again penetrate through all the well known support levels, initially a test of 3334 followed by 3300 levels.

Any break below 3256 will clearly confirm the downtrend and a break below 3120 going forward would mean disaster. The question now is that can this all happen again so fast as it happened on the upside.

This is not clear at the moment and NIFTY could also be range bound from 3200 and 3447 levels before the next big move is triggered.

So it is wait and watch for the time being.

Resistance levels : 3403, 3423, 3447
Support levels : 3334, 3303, 3256

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Happy Trading
http://www.tripleint.com/

Picks to watch for 28 Apr 2009

Tuesday, April 28th, 2009

Scrip : ALBK
View : Long
Entry: 53.95
Exit : 54.90
SL : 52.60

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Happy Trading
www.tripleint.com

Bullish view intact ! Markets to see higher levels before expiry

Tuesday, April 28th, 2009


Markets made a new high for this month series yesterday and bulls could do it despite all the global weakness yesterday. Considering the move from sub 3300 levels to reach the peak of 3517 levels reiterates the fact that this expiry is again under the control of bulls.

A gap up to 3500 levels is also not ruled out and a run up till 3580 can take place today itself.

All the key levels remain exactly the same.
http://tripleint.blogspot.com/2009/04/bulls-strongly-positioned-for-this.html

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Happy Trading
http://www.tripleint.com/

Picks to watch for 27 Apr 2009

Sunday, April 26th, 2009
Scrip ABIRLANUVO View Long Entry 563.1 Exit 589.5 SL 539.5 Scrip ADLABSFILM View Long Entry 236.3 Exit 248.1 SL 223.2 Scrip LITL View Long Entry  243.7 Exit    260.7 SL      223.4

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Happy Trading
www.tripleint.com

Bulls strongly positioned for this expiry also ?!!

Sunday, April 26th, 2009

The move in the last two session came as a complete surprise and also as a severe blow to the late entrant bears. The move was so clear and the trend was very much up without much of retracement and so gave very little chance for even the intraday bears to escape unhurt.

The fact still remains that those bears who enjoyed last week’s intraday profits by shorting whenever nifty reached its 200 DMA are yet to believe that NIFTY is now so strongly placed above its 200 DMA and has made a strong 4.4% upmove in the last two days. Most of those to whom I talked with are still unable to take their stops and are simply sitting with a hope that NIFTY will tank before expiry and bail them out.

Given the current scenario and the way we have seen the moves of the strong bullish undercurrent, NIFTY has to see much higher levels before this expiry. A move above 3510 will be the first shock for the bears which can immediately push NIFTY to test 3580 levels and there is also a strong possibility of testing 3630 levels tomorrow itself or atleast a day after.

Tomorrow is again a big deciding day. If NIFTY gaps up and moves past 3510 immediately, then the rest will automatically fall in place.

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Happy Trading
http://www.tripleint.com/

Bullish undercurrent finally proved its power! Bears completely trapped !!

Thursday, April 23rd, 2009

The much expected move happened today atlast and proved the fact that the bullish undercurrent was very much alive !
This was the view that was being maintained for the last three sessions and it looks like bears have totally lost out for this expiry also. The last chance for them was to cover at the momentary sub 3300 level yesterday and it is highly unlikely that bears will benefit going further for this expiry.
The way the market zoomed past 3400 levels after trapping the bears, at 3373 levels indicate that 3400 or 3373 is going to act as a very strong support going forward and there is a high possibility that the 3400 puts also expire worthless for this expiry.
The only concern for bulls is that the volumes have not yet picked up and today the up move was also with very low volumes. Having seen this, this could very well end up being a false move for this expiry and NIFTY can collapse in the early weeks of May itself.
Whatever it is, right now, bulls in this process have regained the 200 DMA territory.
How far this rally can extend? This now becomes the key question for this expiry. There is a very strong possibility that the previous high made at 3511 will be conquered with ease and bulls can also ferociously move NIFTY to 3562 and 3604 levels.
This might also end up as another expiry where even the late entrant bears would not gain anything. 
Given this force, tomorrow could well be a gap up day after around 3440 or higher and can also push NIFTY immediately to further highs.

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Happy Trading
www.tripleint.com

Picks for 23 Apr 2009

Thursday, April 23rd, 2009

Scrip: SUZLON
View: Long
Entry: 61.90
Exit: 64.20
SL : 58.65

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Happy Trading
www.tripleint.com

Consolidation phase…Still bullish undercurrent seen ?!

Thursday, April 23rd, 2009

Again the trend is continuing, lower highs and lower lows everyday and a retracement from the low levels to close almost near the previous session’s close. This has been continuing for nearly four sessions, NIFTY honouring the 200 DMA as the resistance level and testing support levels one by one each day.
Will this trend continue?
This is where my view differs and each day it tests a new support and gains strength, the bullish view gets further strength. The fact remains that the key level of 3256 is not yet broken and majority of the bears are trapped below that level.
Also this consolidation has been with very low volume and most of the heavyweights are taking support at key level (either 20 DMA or 200 DMA) and are ready to move higher.
The fact that the undercurrent is still very much bullish, how long this consolidation phase will continue. This is the important question and the expiry of April series has another 6 trading sessions left including today and the question remains as to whether there will be a breakout either side before this expiry.
My view is still that we might not see a breakout on the downside and NIFTY should not even test 3256 levels for this expiry.

Resistance levels : 3357, 3392, 3415
Support levels : 3304, 3256

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Happy Trading
http://www.tripleint.com/