market status

we have closed today near upper boundary of the 14600-15000 range. its highest closing since long time in our mkts.crossing of this range can give move of 200-500 points but this upmove shd be used for profit booking.
rsi values are dly 76 and weekly 77.-ve divergence still continues.
moves in defensive sectors like fmcg and pharma are seen which are normally seen at the end of a rally.euphoric buying is seen in mid n small cap stocks irrespective of fundamentals.
PE of indices have crossed 20+lvls which indicates stretched valuations.
we are in fibo time clusters as discussed in prev mails.do not get stuck with high priced shares.

STOCK TO WATCH DABUR CMP 114

fmcg stocks r moving. hul,itc,colgate has moved. look DABUR for for short term investment for 10% gains.cmp 114.

DEFENSIVE STOCKS MOVE AS PER EXPECTATION

as we had expected defensive stocks like hul, cogate, itc, tata tea etc are moving higher. may be smart money might be shifting from momentum stocks to defensive stocks.we are not able to cross 15k zone.if we are not able to cross 15k barrier we may move towards lower boundary of range 13.5k.decisive move above 15k only can give strength to mkt.

BOOK PROFITS

I HAVE RECOMMENDED FROM 4/5/09 ONWARDS FOLLOWING STOCKS FOR SHORT TERM BUYING.
TATA STEEL, SAIL,SESA GOA,CESC,TORNT POWER,IFCI,GT OFFSHORE,RNRL.APTECH,FIN TECH,GDL,BIO CON,LAKSHMI OVERSEA , HOTEL STOCKS, CEMENT STOCKS ETC. I RECOOMEND TO BOOK PROFITS.

market breaks sharp upmoving trend line.

as per expectation +ve global mkts helped to break recent top of 14931, but after that we are correcting now and we have broken sharp upmoving trend line which was giving support since last 5 days.refer link. trend line is shown in purple color.
http://pankaj564.blogspot.com/2009/06/global-mkts-will-help-to-break-14931.html
today is 55th day from recent bottom. chances of top formation are high. avoid buying.

stocks to watch

yesterday i discussed abt switching into defensive stocks like fmcg. yesterday we have seen good moves in fmcg stocks like colgate, hul, itc. these stocks can be bought now bcz we r reaching closer n closer to intermediate top.
thermax has given good upmove yesterday.closing was 397.can be bought for further upmove.keep stop loss as per yr convenience.

GLOBAL MKTS WILL HELP TO BREAK 14931

LOOK AT CHART
PROFIT BOOKING IS RECOMMENDED ON UPMOVE. TOMORROW WILL BE 55TH DAY FROM RECENT BOTTOM.

WATCH HOTEL STOCKS

watch hotel stocks like ind hotel, hotel leela for short term trading

7 MONTHS COMPLETED,12 WEEKS COMPLETED,UPMOVE IS ON,TIME TO BE CAUTIOUS

we have crossed 61.8% retracement lvl of fall from recent top of 14931 to 13500 and moved ahead and we are closer to recent top.as mentioned in last update now we will be in last part of upmove from 8k.we r in uptrend for 12 weeks ,next week 13th a fibo no.we r in uptrend for 7 months, june will be 8th month since bottom,again a fibo no.

daily rsi near 73.weekly rsi near 74.so we r getting OB. so risk reward ratio not in favour of buying for short - medium term.so better to book profits in all rises in coming days or to trade intraday only so we r not stuck with high priced shares.or move to low beta stocks in fmcg or pharma sectors like colgate,hul,itc,glaxo pharma,cipla.

as mentioned in last mail now 14931/15107/15580/16k. will be very very strong resistances.

CEMENT SECTOR SHOWING STRENGTH

cement sector is showing strength. short term buying can be done.