Weekend update on markets

Market good bounce of 250 points after breaking support ……why it happened …..click2read…..

image

Nifty made head and shoulder pattern and broke 200 dma at 5840 and also the neckline at 5804 but it failed as false breakdown and took support at 5700 at 50dma. It proved false breakdown because USA govt. Had to hutdown due to budget ceiling issues which made rupee strong and also news of tapering could be delayed to december or january.

But the upmove halted at 5950 the right shoulder which proved strong resistance. To resume upmove nifty not only needs to cros 5960 but also has to surpass 6150 the recent high it made.

Current trend suggest sell on rise on nifty till 6150 is not closed on weekly basis or needs consolidation between 5680 to 5960….for few days.

Banknifty has major resitance at 10500 on 60min chart and weakness to persit blow 9900. Since bond market loss and high npa’s in Q2 could dampen results. One can look to buy on dips in banks after their results. YESbank was major beaten stock as rupee weaken now rupee strengthening this stock could outperform the rest.

Personal disclaimer ÷
Sell on rise in nifty and banknifty
Longs in MRF praj ind. BEML BFUtility Polaris Gujaratgas Frl
Puts in some bank stocks and nifty.
Pharma looks overatretched
IT stocks have some more upside.
Next sector rotation if market has to move up will come from capital goods engineering texriles metals and power sector. Will update from time to time.

As per sebi rule we have not given any levels. Please read disclaimer on home page or read below

This are my personal views and my personal disclaimer not any solicitation to buy or sell.

I often give this from time to time.
Disclaimer :- chartideas.wordpress.com (previously 2bindasbol) , Twitter Id @Chart_Ideas & FB page chart.idea
The analysis and information in this report and on our website is for informational purposes only. No part of the material presented in this report or on our websites is intended as an investment recommendation or investment advice. Neither the information nor any opinion expressed herein constitutes a solicitation to purchase or sell securities or any investment program. The opinions and forecasts expressed are those of the authors as mentioned in each post and may not actually come to as mentioned as Investment in Stocks and commodities depends on many factors and we just analyze on the basis of charts in almost majority cases where ever otherwise specified. The opinions and viewpoints regarding the future of the markets should not be construed as recommendations of any specific security nor specific investment advice. Investors should always consult an investment professional before making any investment.Any investment decisions must in all cases be made by the reader or by his or her investment adviser. Do NOT ever purchase any security without doing sufficient research. There is no guarantee that the investment objectives outlined will actually come to as mentioned herein. All opinions expressed herein are subject to change without notice. Neither the editor/Authors,  nor any of their affiliates shall have any liability for any loss sustained by anyone who has relied on the information provided.The analysis provided is based on both technical and some what fundamental research and is provided “as is” without warranty of any kind, either expressed or implied. Although the information contained is derived from sources which are believed to be reliable, they cannot be guaranteed.Authors/Editors  and affiliates of chartideas.wordpress.com (previously 2bindasbol) , Twitter Id @Chart_Ideas & FB page chart.idea   may at times have positions in the securities referred to and may make purchases or sales of these securities while publications are in circulation. Editors/Authors  will indicate whether they have a position in stocks or other securities mentioned in any publication. The disclosures will be accurate as of the time of publication and may change thereafter without notice.By accepting emails, including various subscriptions and  email reports and newsletters, you agree to the terms of this Disclaimer as such may be amended from time to time.There are numerous other factors related to the markets in general or to the implementation of any specific trading system which cannot be fully accounted for in preparation of hypothetical performance results and all of which can adversely affect results.Actual results fluctuate in value on a daily basis and therefore inter-year results will be more or less volatile than calendar year returns.Investments in equities carry an inherent element of risk including the potential for significant loss of principal. Past performance is not an indication of future results.This text and pics and any files transmitted with it are intended solely for the use of the information only and that any use , dissemination , forwarding, printing is solely for users personal use only  but copying  and forwarding of this on mass basis without prior permission and posting it on any digital media or hard copies  without prior permission is strictly prohibited . Anyone found guilty of the above may have to face legal action as the case may be (subject to mumbai jurisdiction).Beware of market risk. Trading is always a high return high risk game and it needs nimble trading approach with tons of discipline. As always, please note this is not a trading recommendation. It is purely for educational purpose with technical analysis where in you can know what the chart tells. Nothing contained herein is a solicitation to trade or a recommendation of a specific trade. By reading this publication you agree to make no trade relying in whole or in part on the comments of the writer/s, authors or any affiliate involved with chartideas.wordpress.com (previously 2bindasbol) , Twitter Id @Chart_Ideas & FB page chart.ideaWriter/author may or may not have positions in stocks or index items as discussed in the posts. Kindly take proper professional advice before investing.