watch lvls of 13479/13300

recently we are following a typical pattern in mkt.we see a consolidation period in a range and we break from range with a gap opening and after moving up again we are going for consolidation in a range.we have seen good support around 10700 and 11600.after testing top of 14931 we are correcting.now where we can get support?

 

we had huge gap opening on monday post election results and low on monday was 13479 creating a gap betn 12300-13479.so now we can get first support near 13479.

 

if we look at retrcement lvls of move from 11621-14931, 38.2/50/61.8and 80% lvls are 13673/13276/12885 and 12283.we had seen 13700 today, next support at 13276.  which is near 13479.

 

if we look at retrcement lvls of total move from 8047 to 14931 23.6/38.2 and 50% lvls are 13306/12315 and 11489.

so first lvl of 13306 is near 13479.

 

we can see good support betn 13500 and 13300.after that gap of 12300-13500 is to be seen . 12300 becomes next strong support.

stock to watch

BIOCON LOOKS GOOD FOR SHORT TERM BUYING. CMP RS. 163.00

gdl breaks out with good volume

GDL has given break out with huge volume.

STOCKS TO WATCH

hind uni lever cmp 233 and tata tea cmp 698

GDL ON VERGE OF BREAK OUT

look at chart of GDL. it is on verge a of break out from a long term trendline.

 

Pankaj Shah

market tested 14931 before selling off

it seems that market have completed its first leg of upmove started from 8047 at 14931 today. following days will confirm it.

it has been a hughe run up of 6884 and out of it 2600 point rise was done in last two trading days.now we can see cooling off in large caps who have run up very fast, so i expect profit booking in large cap stocks and upmove can be seen in selected mid cap stocks.

 

www.pankaj564.blogspot.com

 

 

 

 

SPANDAN WAVES

LOOK AT SPANDAN'S WAVES UPDATE AS ON 18.05.09

Dear all, My comments on latest Elliot Waves.
1. It is very clear that we are now on the alternate wave count. The broader cycle is A-B-C wave. The fall from 21200 to 7697 was the A wave. We are now in the B up move which is a ferocious up move which will cause people to forget the bear market is over.
2. B up move can take us to 13100, 14600 and max 16200. This should peak out sometime in August. B wil consist of 3 waves A-B-C. We are now at B-A-5 (or 3). The last upmove is the most violent.
3. We will have a small dip in B-b which can take us anywhere between 9900 - 10700 range. This will be followed by B-C which takes us to 16200.
4.Post this we will have the last C wave with min targets of 10700-9250. The bottom could be in place by November.
This fits in with the fundamental analysis also. The B wave of the bear mkt rally makes people forget all is well. It brings in fresh people to buy at tops.
Thanks, Spandan Joshi

pankaj564.blogspot.com

UPPER CIRCUIT ! A HISTORY IN INDIAN MARKETS

 cooments on chart.

BLOG OF VIPUL SHAH

i have added a link of blog of Vipul Shah, my technical analysis guru.he is very good analyst. he was concentrating on technicals in past and now he is focusing on fundamental analysis.
take the benefit of his analysis.

EUPHORIA IN MKT : DONT BUY WITH LEFT OUT FEELING

 mkt is already 10.7 % up and trading is halted. actually it has hit 2 circuits, bcz of base of march qtr closing.

now everbody is feeling LEFT OUT  as  'LEFTS"  are LEFT OUT from govt.we shd not be crazy to buy in this euphoria. wait for some cooling off. world mkts r correcting now. after this euphoria we will be back to normal business in line with global mkts.

 

Pankaj Shah