Archive for August, 2009

I am travelling and there will be no market update for 31 Aug 2009. Sorry for the inconvenience.

Sunday, August 30th, 2009

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Happy Trading
www.tripleint.com

A non-stop bull run to complete the august series. What next?

Friday, August 28th, 2009

It was a series marked by a non-stop bull run for the past six days and a new series is starting today.
The undertone that is set is obviously bullish, but then the market has to cool off a bit before continuing if this has to be healthy.
A retracement till 4605, 4561 levels is expected anytime soon for the next up leg to begin and the max that this can run up is till 4865, 4930 levels.
In any case, it is prudent to wait for a few days to see how this series spans out before taking any step further.

Resistance levels : 4718, 4735, 4765

Support levels : 4664, 4636, 4605

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Happy Trading
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Updating blog…Please visit in another 10 mts.. http://blog.tripleint.com

Friday, August 28th, 2009

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Happy Trading
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Monthly Chart – August 2009

Thursday, August 27th, 2009

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Will the bears gain some control for the expiry ?!

Thursday, August 27th, 2009

It was a non-stop rally for the past five sessions and it seems like bulls are positioned very much strong for the expiry.
But then for the expiry, will it be the turn of bears to fight back ?
A move above 4718 and 4730 is bullish and can see a close of 4763 levels, if the level of 4718 and above is sustained throughout the morning session.
Overall both parties may not be comfortable holding on to their positions at this stage as a move towards 4765 can be equally justified with a move towards 4636.
For me it looks like bears will take control towards the end today and can push it to a 4636 expiry.

Resistance levels : 4693, 4718, 4735, 4765

Support levels : 4664, 4636, 4605

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Happy Trading
www.tripleint.com

One day to expiry..Where are we heading?

Wednesday, August 26th, 2009

It is just one day more into the expiry of August series and still it remains very unclear as to where we are heading. The range seems to be so wide. A sub-4500 expiry to a 4800+ expiry also is being contemplated.
In any case, again we have seen a day in which right from the low there was a strong rally to close almost near the day’s high and there was a powerful bear trap seen at 4630 levels. Also this is the second day after breaking and closing higher than the ‘W’ top.
Looking at the above information, it does seem like this market has a strong potential to break 4700 and even touch 4800 levels, but then any break of 4630, is also going to push it to test further lows.
All in all, this could also be a highly volatile day and it now looks like tomorrow is going to be a bullish day into expiry. It is better to stay out and watch the game for today.

Resistance levels : 4675, 4693, 4718, 4735

Support levels : 4630, 4605, 4586, 4564

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Happy Trading
www.tripleint.com

Most likely to be a rest day in the expiry week ?!

Tuesday, August 25th, 2009

The congestion of the range breakout above 4507 levels on friday pushed Nifty to a very strong ‘gap up’ opening and in the end also closed significantly higher.
Now that it has broken the previous intermediate high of 4619 levels and has clearly formed a ‘W’ pattern on the daily charts, this signifies bullishness, but then for the bull trend to continue a healthy retracement to 4605 level is also required.
There might also be a move to throw away the weak bulls in the next two days and the expiry day might see a bullish move.

Resistance levels : 4657, 4693

Support levels : 4605, 4586

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Happy Trading
www.tripleint.com

Updating blog…Please visit in another 10 mts.. http://blog.tripleint.com

Tuesday, August 25th, 2009

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Happy Trading
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4444 battle won by bulls. Still confined between 20 and 50 DMA

Monday, August 24th, 2009

On friday, it was a decisive victory for the bulls, having lost significantly in the opening, bulls regained whatever was lost and also conquered the 4444 territory and finally managed to break the key levels of 4490 and 4507 and closed around the next crucial level of 4530.
Market as such is still confined between the 20 and 50 DMA at 4539 and 4396. A strong break and retest of the 20 DMA is required for bulls to power up from this level and in any case should not retest 4444 for the bullish breakout to sustain.
If there is a retracement to 4444 and below from this level, then bears are sure to take a strong upperhand.

Resistance levels : 4580, 4605, 4630

Support levels : 4507, 4485, 4444

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Happy Trading
www.tripleint.com

Updating blog…Please visit in another 10 mts.. http://blog.tripleint.com

Monday, August 24th, 2009

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Happy Trading
www.tripleint.com