#PSUBANKS - Seeking new levels

Looks like the PSU banks would do good in the coming days. On last Friday many PSU banks did very well. We could see some smart moves on increased volume. PSU BANK NIFTY is seeking new highs. The Volume-Price wave chart is clearly indicating a change in sentiment.

#NIFTY Weekend review on the 30th.

Last week we saw a quick “Mark Up” of the index on low volume. Then in the later part of the week supply which was absent earlier came back to take the index down by 50 points. Maybe it is more apt to say the demand stayed away as the volume continued to be low.  The whole move of the last week was without much conviction as the volume remained low. Hence we can expect more downside in the coming week. 9220 level could provide the support. The market is likely to go through some consolidation before further new heights are attempted.

#NIFTY View on the 27th of April.

Today we saw some supply coming in to stop the quick low volume markup we saw this week.  We saw the volume also increase today, though not to a great extend, but still it was above average. Today’s move is clear sign of weakness.  However the intraday chart and the close do indicate that the buyers did provide a good amount of resistance to the sellers.  As usual we do need confirmation to the weakness exhibited today. Hence tomorrows move will validate the weakness. The markup itself was on low volume.  Hence a decent retracement will only add strength and ensure a sustained up trend.

#NIFTY View on the 25th of April.

We again saw the Index moving up to new heights on low volume. We saw a gap up opening and a below average spread Bar closing at the top scaling new height. The volume was less than average. Clearly the sellers stayed away and it was easy to markup the market. At the same time it is also clear that Demand too was lukewarm as indicated by the low volume.  Obviously the index reaching new heights on poor quality demand does not augur a continued up move.  So it a time to tread carefully as sustaining the current up thrust to new heights is going to be very difficult.  Levels 9220 and 9175 would come into play as active support levels. Next couple of session would be interesting to watch. One thing is certain that the NIFTY is poised to explore new historical levels.

#CIPLA Update on the post of of 11th Apri

Today broke hrough another support on increased volume and fast approaching the first target

#NIFTY Review on the 24th of April.

Today we saw a wide spread Up Bar closing at the Top. It seemed that strength has returned for the Market. However the volume remained less than average raising a question on the validity of the sign of strength. The quality of the demand remains poor. Also we have a skewed Effort to Result ratio.  9220 level is likely to provide more resistance.  Unless we see some good quality demand, demand with good increased volume, we are likely to see more sideways move.

#DLF interestingly poised

Moving higher... 233 is now in site now...

#NIFTY Weekend view on the 23rd of April.

When we reviewed the index last week we said that the smart money was not fully participating in the market and we are likely to see sideways movement in the near future.  The lack of interest continued and the movement was indeed sideways. The overall change in the week was insignificant. The volume also remained low.  The earlier price support level 9108 can into picture. We saw support coming in below this level. This level is likely to provide support and we expect further sideways movements in the coming weeks. Some the important company results are likely to provide some influence. Overall being the expiry week it is likely to be a lackluster one. 

Some stocks moving into the next orbit...

#NIFTY Weekend on the 16th of April.

The week started with the index failing to cross the crucial 9220 level. Another attempt was made after a day which again failed. On Friday we saw the poor INFY result pulling the index further down below another important level of 9175. The volume remained low which is good sign. It was a week were neither Demand nor Supply fully dominated the proceedings, a week when the smart money generally stayed away.  Interestingly the move of last Friday technically marked the end of the major uptrend and the immediate trend turning negative. This does not mean the Major uptrend has finally ended and a down trend would start. Right now it indicates that we could be in for more sideways consolidations for the near future. This holds good till the index breaks 9016 level. 

#NIFTY View on the 12th of April.

Looking at yesterday’s move we were expecting some more upward move today as well. However supply dominated early in the session to take the index to 9160 level. However demand stepped in soon to take the index higher and eventually close in the middle of the bar. The volume was below average and lower than yesterday’s. Clearly the positive bias still remains. 9220 remains a tough nut to crack. If another attempt at 9220 is not made tomorrow we can expect some more sideways move before the index seeks higher levels.

Some Interesting Stocks

#CIPLA Some classical TA for a change :).

#CIPLA Some classical TA for a change :). The stock breaking down from a rising wedge.The rising wedge pattern here is not really a perfect one. But then nothing is perfect in life. But this one will be a interesting one to watch...

#NIFTY View on the 11th April.

Today’s move was not an unexpected one. We did anticipate the attempt at 9220 soon. Quoting from yesterday’s post [we can expect Demand to step in the next couple of days and the next attempt to make new high will start]. The index opened near yesterday’s close and quickly moved past the important level of 9220 and stayed above that level for the remaining session absorbing all the supply. The Volume also increased considerably from yesterday’s level. This and the fact that the index held on to the high for most of the session makes the move more authentic.  The volume was not very high either indicating that supply was indeed lukewarm. All this only adds validity to today’s move and augur further upward moves.

#BHUSANSTL

Poised interestingly

#NIFTY View on the 10th April.

Today we saw the index open above the crucial level of 9220.  But the index did not see demand coming in and drift lower to next important level 9175. The spread was less than average and the volume was very low, in fact the lowest in the recent times.  In fact there was no interest from the smart money.  The supply too was absent as clearly indicated by very low volume. W can expect Demand to step in the next couple of days and the next attempt to make new high will start.

#NIFTY Weekend View on the 9th of April.

Last week we saw that the Index was moving up without much effort and without conviction with supply staying out.  Finally on Friday who saw demand vanishing and supply step in.  However the volume remained low which shows the supply was not really dominating. 9220 still remains intact. We may see further dip before another attempt at 9220 is made.  Significant levels are 9175, the last acceptable price level, and 9108, the last supported price level.  9175 also happens to be the 38.2% retracement level. We can expect support coming around this level.

#NIFTY View on the 5th of April.

Today again we saw the index move up on low volume.  The overall increase was just 30 points.  Clearly the demand is not overpowering and at the same time supply seems to be absent.  When the supply is absent it should have been easy for the demand to take the index to much higher levels.  This is not happening and that puts us in a strange situation. But when we look at the individual stocks we see that many non index stocks including many bank stocks making smart moves today. Clearly there is some index management in progress. Looks like we have to wait for a few sessions till the markets finds it’s own direction. Till then look at individual stories.

#NIFTY View on the 3rd April.

 During the weekend review we saw the recent up move was lacking conviction and the probability of taking out 9220 is less. However contrary to our expectation the index did cross the crucial level of 9220.  Has this level been successfully taken out?  The volume seems to tell a different story. We had lowest volume in recent times ( I hope the NSE data is right). Obviously the volume does not warrant the move we saw today. This makes the move a suspect. It is uncommon to see such low volumes when the index is seeing historically new high. Does it mean that sellers just stayed away?  So, tomorrow is very crucial. We need to wait and see whether today’s move will be validated or the move will fail and we will see index going back into the trading range.  Technically or rather VSA wise the later seems more probable. But then the market will have its own say as always. Keeping my fingers crossed.

#NIFTY Weekend view on the 2nd April.

  As expected the Index has been having a overall sideways move.  Last we did the index moving up. On Wednesday and Thursday we saw the index moving up on increased volume. On Thursday the volume was quite high. However the spread remained narrow indicating supply was coming preventing the index moving much higher. On Friday however there was lack of demand. If the index does not take out 9220 in the next couple of sessions then we will see some more sideways.  Given the last week’s move the probability of the sideways is more. Any dip will only provide opportunity. 

Some stocks moving out of consolidation...

#GNFC seeking higher levels

The stock is entering into new price levels. It has gone beyond the earlier Price Rejection level of 270. The increased volume adds conviction to the move.270 is a safe SL.