PS : Traders are "sandwiched" between FIIs and DIIs. All are telling "FIIs are buying" who's selling this much?? if FIIs start selling then who will buy at this level?? :P
yes i am Jain.was busy at temple for parushana festival which was for 8 days and after that 2 days in other follow ups.
cld not update much on blog. clearing back log of work.
market has convincingly cleared channel and given clear break out on crossing 5600. so out of 2 options break dn or break up mkt has preferred up bcz majority was not convinced for up move inc myself. looking at valuations and other parameters.price action with volume is basic and most imp parameter to be followed.
so this sharp up move post channel break out is almost vertical that indicates heavy short covering as well as long positions from 5600 onwards .channel ht was apprx 2000/2500 pts in sensex adding to 18000 target comes at 20000/20500 and looking at momentum we may see it in sep series itself or latest by first week of oct.
other observation is that like we saw in top around 21k upmove was seen in few large cap stocks and broader market was correcting. since last 2 days broader market is not moving up.it will be interesting to see that when indices go for some pause or consolidation will broader market will show upmove or not? if broader market does not show upmove than that will be an early indication or alert for good correction to be followed by this upmove.
it is mysterious to analyse fii tranjections and i cant put certain comments here.
Thank you very much for your detailed reply Pankaj.
Really FIIs datas are mysterious to me. Sitting with cash in "sidelines" is best i believe as a small trader. And we are not far away from previous highs. :P
today up moves in broader market is seen in sideways market (indices are in range since yesterday). higher high - higher low structure is still maintained.sector rotation is on. be with uptrending stocks and enjoy it till we see reversal patterns without getting confused in working out tops.
indices are just far by 7/8% from prev top seen in jan 08 but no of stocks r far away from their tops and no of stocks r having new tops.
one more observation, look at ipos coming in market so definitely this is not time for long term investments.enjoy short term dely based trades and book profits quickly.
indices are over bought so cooling off may be seen.but correction can be expected when decisive reversal patterns r seen.
Hi,
ReplyDeleteMichhami Dukkadam !
So you are in "festive mood" and are you a Jain?
Have a great day.
Regards
PS : Traders are "sandwiched" between FIIs and DIIs. All are telling "FIIs are buying" who's selling this much?? if FIIs start selling then who will buy at this level?? :P
Dear Sujatha,
ReplyDeleteyes i am Jain.was busy at temple for parushana festival which was for 8 days and after that 2 days in other follow ups.
cld not update much on blog. clearing back log of work.
market has convincingly cleared channel and given clear break out on crossing 5600. so out of 2 options break dn or break up mkt has preferred up bcz majority was not convinced for up move inc myself. looking at valuations and other parameters.price action with volume is basic and most imp parameter to be followed.
so this sharp up move post channel break out is almost vertical that indicates heavy short covering as well as long positions from 5600 onwards .channel ht was apprx 2000/2500 pts in sensex adding to 18000 target comes at 20000/20500 and looking at momentum we may see it in sep series itself or latest by first week of oct.
other observation is that like we saw in top around 21k upmove was seen in few large cap stocks and broader market was correcting. since last 2 days broader market is not moving up.it will be interesting to see that when indices go for some pause or consolidation will broader market will show upmove or not?
if broader market does not show upmove than that will be an early indication or alert for good correction to be followed by this upmove.
it is mysterious to analyse fii tranjections and i cant put certain comments here.
regards!
Pankaj Shah
Thank you very much for your detailed reply Pankaj.
ReplyDeleteReally FIIs datas are mysterious to me. Sitting with cash in "sidelines" is best i believe as a small trader. And we are not far away from previous highs. :P
any alternative view on sensex from recent top??
ReplyDeleteif time permits..
Dear Sujatha,
ReplyDeletetoday up moves in broader market is seen in sideways market (indices are in range since yesterday). higher high - higher low structure is still maintained.sector rotation is on. be with uptrending stocks and enjoy it till we see reversal patterns without getting confused in working out tops.
indices are just far by 7/8% from prev top seen in jan 08 but no of stocks r far away from their tops and no of stocks r having new tops.
one more observation, look at ipos coming in market so definitely this is not time for long term investments.enjoy short term dely based trades and book profits quickly.
indices are over bought so cooling off may be seen.but correction can be expected when decisive reversal patterns r seen.
regards!