Nifty Future:
Resistance around 5495 and crossover of 5499, it will move to 5535
Support around 5434 and breaking 5422 it will fall to 5390
Stock Future:
Always trade stocks to the Direction of Nifty !!!
Buy BHEL around 2495 with SL at 2479. TGT 2550 – 2575
Buy HCLTech around 396 with SL at 391. TGT 414 – 420
Happy Trading
C T Ramesh Raja
Hi Ramesh Sir
I am fan of yours and do track you vista views.
I am a trader in BNF and stcuk with one confusion and seek your views and help in understand that.
Bnak nifty moved to 10550 and met with resistance at 10550 on weekly charts as per channel shown and there is also resistance at 10660 so band of 10550-10700 is stiff resistance for bank nifty. So my reading of charts says it should retrace from here to 9660 area before advancing further.
http://tinypic.com/r/22jard/4
If you look at 60m chart also then clear double top is being formed.
However your analysis says nifty shold move to 6000-6200 but how can market move without banking in action.
Seek yours valuable insight on this.
Regards
jagjit
Hello Mr Jagjit
I trust you are referring to my writeup in Greatcalls website in the year 2009. I reproduce below what I have written:
“The level of 5075 is very crucial and if Nifty Futures is able to close above that for a few sessions, then it can pullback to around 4735, which is the breakout level of the Triangle in EOD chart and that could be tested once again and then move forward to higher trajectory of around 5700 and can even power to challenge the 6200 level. If the above condition is fulfilled, one can take the risk of entering long around 4735 with SL at 4510 on Closing basis ”
Several times NF came down below 4735 in the last one year but not even once it tested 4510 after I wrote about this leg of Bull market. Coming to your crucial question..
We are almost in matured trend of this bull leg and Nifty will hit the first Target of 5700 and its most likely to Topout around that level. Its highly doubtful if it could reach the final Target of 6200 as recent results of most of the corporates doesn’t not justify 6200 TGT in this leg of bull run. Moreover with the tightening of credit policy and high inflation numbers, further uptrend in market beyond 5700 would be difficult.
One sector namely Banking, cannot independently move the market for long time and the sector, to my mind is on the verge of creating climax move.
Look for Nifty to Topout around 5700 and from thereon it could fall very sharply.
My usual Disclaimer.. I may be wrong in my Analysis as market is superior than anyone’s comprehension.
C T R
Thanks Ramesh Sir.
Really appreciate your effort in taking out the time in putting your thoughts and helping me to understand the market better.
Regards
jagjit
u rock sir