SENSEX AS ON 21.5.2010/ stop loss at 4961

LOOK AT CHART ATTACHED.

IN LAST UPDATE ON MARKET .....

http://pankaj564.blogspot.com/2010/05/sensex-wave-counts-as-on-14510.html

WE HAD EXPECTED THAT WE HAVE  TOPPED AT 18048 AND WAVE COUNT WAS SHOWN.

MOSTLY WE HAVE COMPLETED DNMOVE AND WE MAY SEE UPMOVE FROM HERE. EVEN IF SMALL DNMOVE IS LEFT OUT 

THAT SHD BE USED TO COVER SHORT POSITIONS.

LARGE CAP STOCKS CAN BE BOUGHT  ON DELY BASIS FOR SHORT TERM BCZ MOSTLY UPMOVE COMING FROM HERE 

MAY BE A SECOND UPMOVING WAVE TO BE FOLLOWED BY THIRD DNMOVING WAVE.ON START OF THIRD WAVE 

SELLING CAN BE DONE AGAIN.

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UPDATE AS ON 29.5.10
MARKET MADE NEW LOW BELOW 16187 AND WAVE COUNT IS INVALID.ALTHOUGH AS PER EXPECTATION BOUNCE IS SEEN AFTER LOW OF 15960 AND WE HAVE CROSSED 200 DMA AND CLOSED ABOVE IT FOR A DAY.NEXT BIG HURDLE IS AT 100 DMA AROUND 17000 AREA. IT CAN GIVE VERY VERY TOUGH RESISTANCE.

WE WILL OBSERVE THAT AREA AND WILL DO PART PROFIT BOOKING IN BUYING DONE AT LOWER LEVELS TO REDUCE COST.

AS PER 1-2-3 PATTERN YET WE HAVE TO SEE HIGHER BOTTOM HIGHER TOP PATTERN. TILL THAN CAUTIOUS AND DEFENSIVE APPROACH IS MUST.
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DEFENSIVE STOCKS LIKE HUL, NIRMA,COLGATE, ITC AND SUGAR STOCKS MAY PERFORM BETTER IN COMING DAYS.
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UPDATE AS ON 1.6.10
AS EXPECTED 17K PROVED TO BE A TOUGH RESISTANCE. CLD NOT CROSS YESTERDAY'S TOP AT 16971. PART PROFIT BOOKING HELPED TO REDUCE COST.

WATCH 16200/16350 ZONE , IF THESE LEVELS R NOT BROKEN AND WE MOVE UP WE MAY SEE HIGHER LEVELS AFTER CROSSING 17K.VIOLATION OF THIS ZONE MAY TAKE US TO A NEW LOW.
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update as on 3.6.10 10.23 am
we have seen higher low higher high on crossing 16971.so as per 1-2-3 pattern stop loss for long positions at low of monday. for nifty lvl is 4961. for sensex due to freak trade of ril level is confusing.it may be around 16500-550.