Nifty Technical forecast for July Month

Last week we gave Trend Deciding level as 5720 Nifty achieved 3 weekly targets on upside made exact high at 3 weekly target of 5852 :) and 2 target achieved on downside.Hope traders are able to mint money on both sides.  This is what i have said last week analysis Its has been observed for historical data Nifty rallies swiftly after 5 week of correction and this being an expiry week. So traders carrying short are advised to book out shorts and go long above Weekly trend deciding level. I have been an advocate of booking shorts from past 2-3 sessions and hope no traders reading analysis were stuck up with shorts.

 Nifty Hourly Chart

Nifty Hourly charts is now trading in a trendline crossover zone..


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Quit Your Job for Full time trading

I have had many readers through the years and students of my trading course --most of whom were less-experienced traders--tell me that at some point in the future they planned to quit their 9-5 jobs and become a  full-time trader. Traders who have recently entered market and made good money also plan to become a full time trader. While their optimism was certainly positive from the standpoint of eagerness to learn about a truly fascinating business, it is also probably unrealistic that they will ever make a good living as a full-time  trader.

Readers who are reading this article should answer the below  few questions honestly and diligently that may help determine if you are ready to attempt to join the elusive rank of "full-time" trader.
Questions to ask yourself if you think you might be ready to trade futures full-time:
Are you a successful...


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How STT is applied in Options

Today is Nifty expiry and many traders will indulge in Option trading to make some quick buck if they are on right side of trade. I have seen trader taking position in Options that trades less them their theoretical value, thinking price will correct End of day and they will make profits but in reality end up making losses Many traders every expiry do not  sell their ITM options and letting it expire(especially which are very close to strike price) or else take trades/strategies assuming that discounted price of option will correct before the end of the expiry day.
Let me explain them with few elaborative examples:
1. Nifty is trading at 5650 and today is the day of expiry. At around 2:00 PM, Nifty 5600 calls and 5700 puts are trading at around Rs 45. Ideally it should be at least 50, so why?
The 5 rs difference in price in above scenario is because of  Security Transaction Tax or STT. Exchange applies STT as discussed below.

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5 Ways fall in Rupee affect Middle class Indian

As discussed  INR hit all time low against USD so lets analyze how will falling rupee affect the budget and personal finances  of common man.
Here's how a weak rupee will affect "Aam Adami"

1. Increase in Petrol and Diesel Price:

Indian is largest importer of crude oil. With Rupee trading at all time low due to bad economy (Read: Reason for Rupee Depreciation against dollar) Oil companies have to pay more fr getting crude oil and as Petrol and Diesel are de-regulated by India government, Oil Companies will pass on the increase in prices to common man. So get ready for Hike in your Petrol/Diesel monthly bill.

2. Increase in Gold prices and Electronic Prices

Again We all Indians love Gold, off late due to fall in gold prices..

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Nifty Futures Technical ahead for June F&O Expiry

Its been hell of series for investor and bullish traders as Nifty kept on falling down and down, First day of June series had an inkling of fall as Nifty closed down 138 points and the correction continued. Mid caps have been butchered out of shape and large caps becoming Mid Caps like JSPL.  Nifty closed below 200 DMA and is now consolidating in the range of 5570-5580.  Nifty is down 8% for June Series and Bank Nifty down 12% for the series. I hope traders who were reading my analysis would have made money on short side and did not go long as discussed here many times.
Nifty remained in..


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Daily Stock Analysis: Airtel,Tata Motors and Rcom

Bharti Airtel

Bharti Airtel is trading in a downtrending channel and yesterday closed at higher end of channel,able to trade and close above 298 will open gates till 308.Unable to cross 298 stock can pullback to lower end of channel till 264 odd levels in medium term.

Buy above 298 Tgt..

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Nifty bounced from support area, FII FnO Analysis

• FIIs sold  20613 Index Future worth 576 cores with net Open Interest increasing by 49973 contracts.As discussed yesterday FII have started booking profit we saw a rally and today, and higher levels were used to short again and we saw the dip in dying end of session as FII started shorting again.

Nifty opened with Gap up got sold off in morning consolidated in range 5566-5580 range and as discussed yesterday gave a rally. As trend of market is still Sell the rise till Nifty..


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Tips for Successful Trading

Trading Methodology:

1. Winning system-Only trade tested systems with a positive expectancy in the long term.
2. Faith- Your system has to allow you to trade your beliefs about the market.
3. Risk/Reward-Never trade unless your profit expectations are greater than your capital at risk.

Trader Psychology:
Discipline-You ..

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Bank Nifty Positional Trading Levels

RBI Governor decided to maintain status quo on policy rates,and met the market expectation.Bank NIfty was higher on MOnday Tuesday reached our Weekly Trend Deciding level of 11990 High made was 11992 and than collapsed to achieved all weekly target. Cool 550 Points pocked by positional traders. :)

Bank Nifty Hourly

Bank Nifty is trading below resistance of 50 and 21 HSMA trading in a perfect downtrending channel , Any pullback can come from Important channel support of..



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Nifty Weekly Technical Analysis for June F&O Expiry

Fears About Fed Tapering Have Sent Markets Into A Tail Spin and there are a financial rout around the globe. Equities,Bonds, Commodities and Currencies all went into tail spin. Bonds saw the biggest correction in 50 Years, Thats the kind of power is Held by US Fed Ben Bernanke. Indian market was not an exception to the widespread bloodbath and nifty fall down almost 2.9% and made a low around 5616 and finally settled at 5667.
Last week we gave Trend Deciding level as 5830 Nifty achieved 3 weekly targets on downside.

 Nifty Hourly Chart

Nifty Hourly charts is taking resistance at 21 HSMA, and trading in perfect down trending channel.Range of 5550-5605 is...


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Offer for Sale (OFS): All you wanted to know

•   What is all the fuss about OFS ?

OFS stands for Offer for Sale, similar to FPO's (Follow on Public Offer). OFS is done by already listed companies on stock exchanges, enables promoter to  dilute their holdings in listed companies in a transparent manner with a wider participation through exchange based bidding platform. Recently MMTS completed its OFS for Rs 60 where its Market price was Rs 204.

• Why do companies go for OFS ?

In June 2010, the Union ministry of finance had issued guidelines pertaining to minimum public shareholding for all listed corporates.To adhere Promoters have to sell at least 25% of their equity capital to meet the minimum public shareholding norm laid out by capital market regulator Securities and Exchange Board of India.

• What do you mean by floor price under OFS?

Floor price can be defined as minimum price to at which you can apply under OFS. Any order placed below the floor price will not be accepted. It is mandatory for the seller to disclose floor price.Eg Jet Airways came with a Floor Price of Rs 510/-

•  Can  Retail Investor participate in OFS?

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Are you Victim of Greed and Fear in trading?

Greed is one of the main contributors to trading loss. Greed mangles the mind by distracting the trader from what matters most in the trade, which is quite frankly to protect your capital by prudent planning and following rules. Once a trader starts doing profitable trades, overconfidence creeps in and trader wants more and more profits. Go back in past and try to remember how many times have you lost a big chunk of your profits because you got greedy and did not slicked to your trading plan.
Greed can arguably be thought of as a fear of not having “enough.”
Fear is again a major contributor of reducing your profits. Again try to remember trades where you have exited early thinking its cannot go up more and stock just kept on going up.
Now, the question is what do you do about those bouts with fear/greed emotions that takes your trading effectiveness and lead to major losses?  The important thing of course,

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Intraday Calls:ICICI Bank,Bajaj Auto and LT

LT

LT is trading in small trading range of 1440-1375. Break of range will take the stock lower, Positional traders can short LT below 1364 for target of 1320.Intra/Swing traders use the below levels

Buy above 1400 Tgt ..

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Nifty forms Bearish Island Reversal pattern

• FIIs sold  37489 Index Future worth 1071 cores with net Open Interest increasing by 58195 contracts.FII continued shorting in index futures. So as  discussed yesterday read again for investor who are thinking of fearful scenarios as advertised by Blue channel Will Stock Market crash if Fed ends the QE

Today Nifty opened with gap of 80 points and kept on sliding down, many traders were taken aback with ferocity of such fall but this is how market is all about, that's where i want to highlight


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How to trade Nifty after FOMC decision

• FIIs sold  12410 Index Future worth 360 cores with net Open Interest increasing by 14688 contracts.FII continued shorting in index futures. 2 Important Post before todays crucial event of Fed Meeting Financial Market reaction to various FOMC scenarios and Will Stock Market crash if Fed ends the QE
  

Nifty has closed above 200 DMA is past 4 trading sessions. Today again took resistance at the falling trendline and was unable to cross the same. Fed declension tonight should give the power to..


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Skills every trader should develop

Financial Markets are under rout all round the globe. Whether you are day trader, positional trader or swing trader ,there are fundamental skills that each trader should master. Skill-building activities will help you sharpen your ability to make money and cash in on critical market movements like what we are seeing now.
1. Never ever go for perfect trade but focus on consistency

Consistent profits are achieved from winning more than you lose – not winning every single trade.There are plenty of professional traders who generate profits by winning just 10% of their trades by maximizing gains and minimizing their losses.
2. Stick to a ..

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Will Stock Market crash if Fed ends the QE

 Traders around the world are anxiously waiting for the  Ben Bernanke  decision of Fed tapering the QE and give  updates us on the direction of monetary policy in coming future.
Markets and commodities over the  last few weeks have corrected sharply, mainly due to the fear created around the Tapering of Asset Purchases by the US Federal Reserve as liquidity will be withdrawn from the world markets. Indian Rupee is trading at life lows because of the same reason as market participants have started fearing FII outflows.
So will the worst fear of market participants come true in Stock market crash if Fed tapers the QE?
Lets dig into History and try to analyses  Japan's experience with QE tapering in 2006.

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Swing Trading Stocks:Idea, RIL and Rel Capital

Idea

Idea is falling a rising wedge pattern which is bearish in nature and also formed a topping tail candlestick pattern which again is bearish pattern, both pattern needs follow up price action to get confirmation. Close above 144 will invalidate both the pattern and target of 152 can be seen in short term.Pullback till 132 is on cards if we do not see a closing above 143 is next 2 days. These levels are for positional traders, Intraday can use the below mentioned levels.

Buy above 144 Tgt ..

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Nifty corrects from trendline resistance, FII Data analysis

• FIIs sold  10992 Index Future worth 321 cores with net Open Interest increasing by 23064 contracts.FII continued shorting in index futures.

Nifty has closed above 200 DMA is past 3 trading sessions. Today it took resistance at the falling trendline and gave a sharp pullback. After the formation of bullish island reversal pattern..

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Are you a Loss making trader ?

Trading is a profession where even if you are having 10 years of experience but still you might be losing money. So what are the qualities of loss making traders, If you are having any of them, Beware !! Get your act together and get rid of these bad habits.

• Loss Making Trader do not understand what all the fuss is about risk management and trader psychology they do not need all that they are special.

• Loss Making Trader believe there is some magic trading method that always wins, they search for the Holy Grail of trading.

• Loss Making Trader do not understand that the very best traders have strings of losses , losing months, and sometimes even losing years. They think rich traders always win.

Loss Making Trader ..

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FII FnO Data Analysis

• FIIs sold  10995 Index Future worth 321 cores with net Open Interest increasing by 43739 contracts.

RBI policy turned out to be non event and nifty after making an intrday double bottom at 5770 gave a rally. Nifty has closed above 200 DMA is past 2 trading sessions. Now its approaching the crucial supply zone of 5880-5889..

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Qualities of Great Trader

Great traders have really mastered a core set of skills:

1. They recognize when they are wrong.
2. They incorporate new information into their existing plans.
3. They execute at a high level. They perform.
4. They recognize when they are right, and they push their winners.
Below, I review each core competency in greater detail:
1. They recognize when they are wrong.
The ability to recognize when one is wrong is very powerful skill because it allows the trader to take small losses when appropriate. The ability to manage risk well allows the trader to experiment at a low cost, gain experience, and adapt to changing market conditions.
2. They incorporate new information into their existing plans.
Great traders incorporate new ..

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Bank Nifty Weekly Analysis before RBI Policy

RBI Monetary Policy 17th June 2013 Expectaton
CRR (Exp 4.0%, Prior 4.0%)
Repo (Exp 7.25%, Prior 7.25%)
Reverse Repo Rate (Exp 6.25%, Prior 6.25%)
RBI governor has given hint Inflation is still high, cutting hope of rate cut putting pressure on Bank Nifty further.  So lets discuss how to trade Bank Nifty in coming week as its an expiry week.
Equity market will react positive to the 25bps . In absence of any positive announcement sell off can be seen and Nifty can drift down to 5700 levels...

Bank Nifty Hourly

Bank Nifty is trading below resistance of..

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Nifty Weekly Trading Strategy before crucial RBI Policy

Next week will be crucial for both Indian and Wold market as the two central bankers – Duvvuri Subbarao and Ben Bernanke will be solving the puzzle markets have been contemplating from past 1 month . The RBI Governor on Monday will let us know if we are getting the  rate cut and US Fed will be giving more clarity on withdrawing the QE from the market as more signs of improving US economy emerges. Volatility will be name of the game so trader with a trading plan and stick to your stop losses.
Last week we gave Trend Deciding level as 5921 Nifty achieved 3weekly targets on downside.

 Nifty Hourly Chart

Nifty Hourly charts is taking resistance at 50..


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Learn Price Action Trading to get rid of emotions in trading

Most of  traders during my interaction with them says the following " Looking at most of indicators which were oversold we took long in market but the market keep on falling down and we need to bear huge loss" .

Once the position you are holding is down by 5-6%, traders will not be interested in booking loss as their emotions will overpower them stopping them from booking loss and giving assurance market will bounce back. Sometimes they get Lucky market do bounce back giving them space for exiting positions in minimum loss for those unlucky their trading account goes bust and they are forced to quit the market.
So how to tackle the emotional side of trader and reduce his dependance on indicators?
Price action trading strategies provide  high probability entry signals and also keep the emotional side of trader under control.Most of traders know that to find success in trading they need to be disciplined .

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Do you think Trading is an easy profession?

Amateur traders find trading is shortcut way of getting rich quickly, But traders needs to be aware of the  stressful  aspects of trading and what to do deal with them.Its inevitable a trader has to experience this stressful time in his trading career. Below we have discussed stressful situation experienced by traders and how to deal with them.

• The pain of losing money. (Trade smaller so it is not painful, it is just an outcome)

The pain of being wrong about a ..

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Titan and Apollo Tyre Technical Analysis

Titan

Titan stock has fallen like 9 Pins after RBI declaration on Gold came, Stock has fallen and touched its medium term trendline on weekly charts. Holding 201 the pullback will continue further.

Buy above 224 Tgt ...

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CNX NIFTY- FII FnO Data Analysis

• FIIs sold  16961 Index Future worth 484 cores with net Open Interest increasing by 37397 contracts,FII have initiated  fresh shorts in index futures with nifty trading below  200 DMA, 3 day in row and rupee hovering near all time low.

Nifty is approaching near an important upward rising trendline at 5640. Holding the same the decline of past 5 days can halt and we can see a reversal also. Nifty has closed below its 200 DMA ..

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Fitch upgrades India Outlook,How to trade Nifty ?

• FIIs sold  16847 Index Future worth 484 cores with net Open Interest increasing by 42773 contracts,FII have initiated  fresh shorts in index futures with nifty trading below  200 DMA, 2 day in row and rupee recovering from its all time low.

Nifty has closed below its 200 DMA and was unable to cross also during Intraday,putting long term trend under threat. 5921 is Weekly Trend Deciding level and 3 weekly targets got achieved today. IIP Data and CPI inflation ..


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How do I become a professional trader?

Being a trader is easy. All you have to do is to open an account, deposit some money and then you can start buying and selling currencies, indexes, commodities, stocks and more.
However, when are you ready to become a professional trader and do nothing but to trade all day long?

1. Capital

With less than INR 10,00,000 in your account  you are not able to become a professional trader no matter how good your strategy is. It is simply impossible to make money when you don't have the money to begin with. The money which is required for trading is money which you are not dependent on, ie it should not be borrowed money, If

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Momentum Trading:DLF,ONGC and JP Associate

DLF

DLF as per Fibo Fans has been taking support at lower end bounced and touched the upper end and is back with its downhill price move.Next Important support comes at 176 odd levels, unable to hold target as low as 157 can be seen as per Fibo Spiral. On Upside Holding 176 it can see an up move back till 212 odd levels can be see.

Buy above 189 Tgt..

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Nifty closes below 200 DMA,FII FnO Analysis

• FIIs sold  Index Future of 1858 cores with net Open Interest increasing by 43644 contracts,FII have initiated  fresh shorts in index futures with nifty trading near 200 DMA and rupee at all time low.

Nifty has closed below its both short and medium term moving average and have been consolidating in tight range before making an explosive move. This is what we discussed yesterday and we have nifty down 100

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USD INR Outlook after Rupee makes all time low

As discussed last week post USD-INR will it hit all time low, Weekly forecast   USD INR achieved all target above trend deciding level.Lets analyze USD INR technical for coming 4 days after rupee opened at a record low on Tuesday

USD INR 4 Hour Chart

USD INR 4 hour chart  is trading at 58.61 which is very important Fibo channe..


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SBI,IDFC and Rel Infra Technical Analysis

SBIN

SBI has been falling like pins after making high of 2472 and is now approaching its medium term trendline support. SBI can give a whipsaw by trading below the trendline traders do remember range of 1974-1980 is very important support as per  Gann and Fibo Spiral number and positional shorts can be booked in this range. Positive divergence is also seen in daily charts.

Buy above 2020 Tgt..

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Nifty Hourly Charts form descending triangle FII FnO Data Analsysis

• FIIs sold  Index Future of 2 cores with net Open Interest decreasing by 2995 contracts,with the Rupee going in downward spiral FII have just stop the fund flow to India and the reason we are seeing nominal selling in Index Futures and consistent selling of 100+ cores in cash market. Fall In Rupee is a loss for FII's. Reason for Rupee slide against dollar

Nifty has closed below its both short and medium term moving average and have been consolidating in tight range before making an explosive move. 5921 is Weekly Trend Deciding level as Nifty..


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Reason for Rupee slide against dollar

Dollar trading at 3 year High

As discussed US Dollar at 3-Year High   USD has touched its 3 year High at 84.3, US stock market are at life highs,Strength in USD indicated recovery in US economy, We have seen a slew of data indicating the same. Housing Market is recovering, Job situation is improving which make market participants believe the US Fed will be tapering of QE Infinity. Gold which was safe heaven for investor has been quiet volatile off late, So investor looking for stable and non volatile instruments has again turned their attention to USD. So strength in Dollar Index is one of the reason Rupee is depreciating at rapid pace.

Indian Economy Remains Weak

Indian Economy is still not out of woods, Consumer and Food Inflation is still at Highs, Fiscal Deficit is large, IIP is almost flat and Growth concerns still lingers. Rating agencies has told

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Nifty Weekly Trading levels

Last week we gave Trend Deciding level as 6032 Nifty achieved 2 weekly targets on downside.
Key Events next week : Wednesday: April industrial output, May CPI inflation and Friday: May WPI inflation

 Nifty Hourly Chart

Nifty Hourly charts are trading in triangle formation with range contraction going on .Break of ..

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Rupee fall and effect on Indian Public

As discussed  INR hit all time low against USD so lets analyze how will falling rupee affect the budget and personal finances  of common man.
Here's how a weak rupee will affect "Aam Adami"

1. Increase in Petrol and Diesel Price:

Indian is largest importer of crude oil. With Rupee trading at all time low due to bad economy (Read: Reason for Rupee Depreciation against dollar) Oil companies have to pay more fr getting crude oil and as Petrol and Diesel are de-regulated by India government, Oil Companies will pass on the increase in prices to common man. So get ready for Hike in your Petrol/Diesel monthly bill.

2. Increase in

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USD-INR trading at all time low

Indian Rupee breached its all time low of 57.32 and made a new all time low at 57.87. Disappointing data from China and slightly better-than-expected US jobs data have put more pressure on Rupee.
The rupee has been falling sharply since the

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How to trade Confidently like Super Traders

Confidence is trait which a trade needs to develop to make money on consistent basis.Trading success is achieved when trader is able to execute trades confidently and overcoming trading emotions.
Traders can develop confidence in long run when they have a back-tested strategy on whom they trust without any doubt, a trading plan to work on as trader defines all aspects of his trade that he can control; the rest is left to the market. Confidence based on winning trades is fleeting, but confidence based on the ability to objectively execute ideas leads to long-term, unbreakable confidence.
Trading Confidence can further be divided into 2 categories:

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Traders Emotion Control

One of the most successful trait of Professional traders have is ability to control their emotions. So Lets discuss today how an amateur traders can also acquire skills to control their emotion in the heat of moment when quick decision needs to be taken during trading .

Use Your Brain

I definitely think every trader struggles with controlling our emotions from time to time, And it is a choice – either you control your emotions, or your emotions control you.I have seen traders getting angry and breaking thing with loss of 10000/- and have seen trader who made 1 lakh in single day completely relaxed and showing no sign of excitement having total control over himself. The difference between them wasn’t their account size either – it was in their minds.

Mapping a Path to Profits

I suppose the simplest approach for getting


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Stocks for Intraday Traders:Ranbaxy,Rel Infra and Canara Bank

Rel Infra

Rel Infra High Beta Stock is stuck is trendline crossover range, which is very unique pattern and gives good trading moves for quick gains.

Buy above 385 Tgt..

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Nifty Bounces from 50 DMA, FII FnO Analysis

• FIIs sold 38239 Contracts of Index Future ,worth 1135 cores with net Open Interest decreasing by 26231 contracts, FII are still booking profit in positional longs, no shorts taken on positional basis. INR hits 57, Reason for Rupee Weakness

As we have been talking from past 2 trading sessions Nifty is near moving average support of 50 DMA and 100 DMA, so today it showed effect. Nifty opened gap down on bad global cues, Made a low of 5870 near

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INR hits 57, Reason for Rupee Deprication

Rupee breached the sacrosanct 57 mark in today's trade which was last seen on 28 June 2012 plunged almost 5% for the month of May. Rupee is very near to its all time low of 57.32

Reason for Rupee Hitting 52 Week Low

1.Dollar trading at 3 year High

As discussed US Dollar at 3-Year High   USD has touched its 3 year High at 84.3, US stock market are at life highs,Strength in USD indicated recovery in US economy, We have seen a slew of data indicating the same. Housing Market is recovering, Job situation is improving which make market participants believe the US Fed will be tapering of QE Infinity. Gold which was safe heaven for investor has been quiet volatile off late, So investor looking for stable and non volatile instruments has again turned their attention to USD. So strength in Dollar Index is one of the reason Rupee is depreciating at rapid pace.

2. FII Selling Heavily in Index Futures

FII has sold 3900 cores in Index Futures from

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Stock Technical Analysis:FT,Sun Pharma and United Spirits

United Spirits

United Spirits is trading near lower end of  uptrending channel, with formation of DOJI candlestick in yesterday trading session.Bounceback is expected to higher end channel once it crosses 2553 odd levels.

Buy above 2513 Tgt..

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Nifty consolidates near 5900, FII FnO Data Analysis

• FIIs sold 20096 Contracts of Index Future ,worth 597 cores with net Open Interest decreasing by 2288 contracts, FII are still booking profit in positional longs, no shorts taken on positional basis. Professional Trader Trading Rules

As discussed in Weekly Analysis, Nifty is approaching near the crucial support of Trend line crossover and moving averages support. Updated chart is shown below.


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Technical Calls:DLF,ONGC and Reliance

DLF

DLF after breaking the crucial support of 228 has been falling like 9 Pins, DLF is trading near the Fibo Fan support of 188, Holding the same pullback can be seen, else downfall will continue to next fibo support of 174.

Buy above 195 Tgt ..

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Nifty corrects for 3 Day, FII FnO Analysis

• FIIs sold 14186 Contracts of Index Future ,worth 420 cores with net Open Interest decreasing by 8188 contracts, FII kept booking profit in Longs they rollovered. Professional Trader Trading Rules

As discussed in Weekly Analysis, Nifty is approaching near the crucial support of Trend line crossover and moving averages support. Updated chart is shown below. Nifty has closed below 38.2% Fibo support signalling further downside is on cards.Shorts can do partial profit booking in this range.

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Trader Trading Rules

Day trader vs professional trader.
Rules are what separate a day trader from a professional trader. The only good time to break a rule is never. Barriers are made to be broken not rules, you can have one or the other not both.
The most important rule.
A trader must create their own rules. They know themselves the best. The rule that cannot ever be broken is losing more than limit down ie. Once you have lost X amount on a particular day no further trade to be taken.

Breaking Rule, What it tells about trader?


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Technical Calls:Tata Motors,IDFC and Bajaj Auto

Tata Motors

Tata Motors is approaching its downward falling trendline and Fibo channel signalling upside is limited.

Buy above 313.5 Tgt..

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Nifty Technical Analysis as per FII Data

• FIIs sold 36087 Contracts of Index Future ,worth 1076 cores with net Open Interest decreasing by 26089 contracts, FII kept booking profit in Longs they rollovered. Trading Success Mantra from John Murphy

As discussed in Weekly Analysis, Nifty is approaching near

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John Murphy advise to traders

"My work has gotten better due to simplifying my approach," John J. Murphy

Murphy said he relies heavily on five or six "useful" technical indicators, including relative strength indicators, trendlines, moving averages, Bollinger bands, classic chart patterns such as triangles and double tops, and Fibonacci retracement levels.
"You must trade a combination of technical signals, not just one" indicator, said Murphy. He said that many times he'll set up a "good" column and a "bad" column regarding technical studies. If the "good" column has the overwhelming evidence supporting a selected trade, Murphy will enter the trade.

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USD-INR will it hit life highs, Weekly forecast

As discussed last week USD INR achieved all target above trend deciding level 56.USD is very near to ots life time high of 57.28 and any close above 56.75 will lead towards the life highs. Lets analyze USD INR technical for coming week.

USD INR 4 Hour Chart

USD INR 4 hour chart  has closed above  the resistance of 56.4. Symmetrical triangle formed in H4 charts achieved its target. USD has formed a Breakaway gap last week and it signify more higher levels

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Bank Nifty Weekly Forecast

Last Week we gave Bank Nifty Trend Deciding level as 12922 ,stopped out on upside  and achieved 2 downside targets. RBI governor has given hint Inflation is still high, cutting hope of rate cut putting pressure on Bank Nifty further.  So lets discuss how to trade Bank Nifty in coming week as its an expiry week.

Bank Nifty Hourly

Bank Nifty is trading near an important support of 12450, took resistance at the falling trendline closed below its 200 HSMA@ 12777.Break of 12450 can lead to fast fall till 12261.

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Nifty Weekly forecast For June 2013

Last week was roller coaster ride, Nifty closed at Life time Settlement high at 6131, But bad GDP data and Slide in Rupee spooked sentiment on street and Nifty closed with deep cut of 138 points, wiping of gains of 4 day in single session. OFS worth 15000 cores will be coming in Month of JUne, hence liquidity will be scare in stock market. Lets analyses technically whats surprise Market has for us in coming week.
Last week we gave Trend Deciding level as 6001 Nifty achieved 2 weekly targets on upside.

 Nifty Hourly Chart

Nifty Hourly charts is forming a

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How to become a professional day trader?

Day trading is not an easiest job to do,There have been studies to prove that only 10% day traders actually make money. 7% of those day traders are breaking even and 3% are the traders that are actually making money.  Let me share my experience what qualities a trader require to be a professional day trader

1. Beware of People selling  Software

Most of traders are interested in Buying AFL for Amibroker , Program from Metastock or any xyz software which gives automatic Buy and Sell signal. What looks so easy is the most difficult thing to follow.  Think logically if it was so simple buying a software program and to trade why 90% of trader lose money doing day trading ?
The biggest problem with such software is they cannot adapt for..

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