Thursday, February 12, 2009

Down moves ?

The Nifty as well as the Bank Nifty has narrow range days today, suggesting a breakout in either direction (up or down).
Art of Trade is comments which you can read here suggests that NTPC may be ready for bearish hed and shoulder breakdown.
My analysis seems to confirm these views. In NTPC a possible breakdown below 175 will have a target of 155 (CMP:180). But, the stock has lot of support at 165, has been showing strong relative strength, therefore, we may see lot of support before touching the target.

Infosys seems to be in a trading range between 1320 and 1260. A breakdown below 1260 gives 1200 as a target. There is chart support at 1200 anyway, so this may be a good level for support to come in.
I have a new post in the blog Practical Technical Analysis. The topic is: Bob Farrell's ten rules of investing. I think you will enjoy reading it. Read it here

5 comments:

chandu said...

Sudarshan ji thank you for your research and analysis about markets,god bless you.

chandu said...

It seems to be our markets may tank 100 points tomorrow?

Jatin Soni said...

hello sir,
how much elliot waves work in our markets??

anshul said...

i have small question for u ....maruti is likely to breakout on weekly charts from inverse h&s pattern around 630-32 zone..but in daily charts stochastic{3,51,3} is 90+....my question is it still buy or one should wait for faliure of breakout to short the stock?? imean how to trade the stock now

daly chart link---http://img11.imageshack.us/img11/7955/marutidailychartta1.jpg

weekly chart link--http://img22.imageshack.us/img22/1917/marutiweeklychartbj8.jpg

Rajneesh said...

sudharshanji-- which software would you use for technical analysis?

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