Monday, March 3, 2008

Hi all,

Markets look very weak for 4th March, basically the markets should fall tomorrow in morning and test 4850, which i expect it to not break, but if that is broken, then i am dead...
Anyways, on a serious note, the Nifty is terribly oversold on CCI (20 days) and RSI (14 days) and already come out of Bollinger band, indicating chances of consolidation. However, problem with Bollinger bands is that maybe Nifty will adjust back in it, but not move up, so considering it singly is not advisable, but tomorrow, if we manage to close above at or above 4850, move up from there like making a hammer on daily charts and maybe double bottom then, we must expect nifty to move up again, as there has been negative signals from Indian economy and the budget was good, so well if Dow manages to close well today, then we will see recovery tomorrow...

REL: Morning star in making??
All depends on how nifty behaves tomorrow, cause there are chances of REL making morning star, on intra day 60 minute charts are present i.e. a black candle, a doji and we need is tomorrow's first candle to be a white candle that means that REL should 1500 and at the end of first hour should close at around 1540 or so levels. So hope for the best.

IDFC: Buy, intra day 60 minutes charts shows double bottom at Rs. 178, on daily charts, it has stood at 180, thus there is huge chance of the stock turning around, target of around 195 in next 2 or 3 days.. However, there is resistance at Rs. 190, once that is broken comfortably on intra day charts, then we can expect up moves..

RIL: Getting neat the double bottom zone on Intra day charts, today closed at 2320, and go tomorrow or in a day up to lowest level of 2240, if that level is held and it turn back up, then we must expect fireworks from RIL, plus it has already become oversold on CCI (20 days) and RSI 14 days, the moving averages are shattered, but we expect some support.

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