Wishing you all a very very profitable and fulfilling "2010".

Wishing all Blog Readers and there Families a Happy,Prosperous and profitable New Year 2010.

Buy United Phosphorous above 172.6

tgt 176 and 179

Nifty Weekly Technicals

On Daily Charts We took support at rising trend line around 4945 and gave a wild and breath taking move which propelled nifty above it 20 SMA and 5 EMA.On Weekly charts we are seeing a rising trend line and if we cross 5210 in coming week short covering will propel us to higher levels.

Weekly Pivot:5107
Weekly Resistance:5269 5351
Weekly Support:5015 4853



On Daily Charts we have seen we are seeing a Avg. crossover og 20 SMA and 5 EMA which happened previously and nifty was propelled to higher levels.

Support at lower levels is at 5139 and 5099

On upside 5235 and 5377 will be resistance for Tuesday trading sessions.

Stocks Trading Technical Ideas

Century Textile has formed a triple top at 510 levels.Stocks has bounced from its 50 SMA and trading above its 5 EMA.Buying is advised in the stock above 510 for a tgt of 513 518 and 526.SL 500



Escorts broke above its double top pattern with volume on friday.Stocks is a buy above 127 for a tgt of 129 131 137 support at 120



Reliace capital took support at 50 SMA and 61.8% Retracement lies at 861 considering the fall from 972 to 682.Target can be 868 876 891 920 SL 840 or below Support at 820.

RIL is facing resistace at its 50 SMA Buy above 1110 for a tgt of 1175 1195 sl 1060

Merry Christmas

Wishing all Blog Readers and there families a Merry and Happy Christmas

Trading Ideas and Nifty Views

GUYS am out for some personal work not able to remain connected with market blog will be updated after some time regularly.

Please make use of these links for your Trading

Nifty Daily Trading

Nifty Trading Stragries

World Market Charts

EOD Charts Nifty

Nifty Technical View and Trading Ideas

Nifty has formed a triple top a kind of reversal pattern at 5181 levels.Read More about Triple Top

Nifty is trading in a range of 5050-5181 from past 5 -7 trading sessions.There will be a fierce rally if it breaks on either side.


Trading Levels for Nifty

Support at 5076,5035 and 4982.

Resistance 5129 5170 to 5223.

Trading Ideas

RELIANCE : Above 1074 if sustain then go for 1084 to 1098 or even 1109. Support at 1060 if break this then slide for 1050 to 1036.

SBI : If Break 2242 then slide for 2218 to 2177. At upside it face strong resistance around 2283 if cross then go for 2307 to 2348.



Tata Communication forming a strong support at 350 levels Longs should be initiated around 347-350 levels with a sl of 341 for a tgt of 361 370 375

Sell Canara Bank if 396 is broken for a tgt of 388 378

What a Trader Really Needs to Be Successful

By Robert Prechter, Jr. President and Founder of Elliott Wave International

When I first began trading, I did what many others who start out in the markets do: I developed a list of trading rules. I created the list piecemeal, with each new rule added, usually, following the conclusion of an unsuccessful trade. I continually asked myself what I would do differently next time to make sure that this mistake would not recur. Approximately six months after I completed my carved-in-stone list of 16 trading rules, I balled up the paper and threw it into the trash.

What was the problem? My error was in taking aim at the last trade each time, as if the next trading situation would present a similar problem.

Here's an example. One of the most popular trading maxims is, "You can't go broke taking a profit." (The brokers invented that one, of course, which is one reason new traders always hear it!) When you have entered a trade at a good price, watched it go your way for a while, then watched it go against you and turn into a loss, the maxim sounds like a pronouncement of divine wisdom. But, what you are really saying is, "I should have sold when I had a small profit."

Now, let's see what happens next. You enter a trade, and after just a few days of watching it go your way, you sell out, only to stare in amazement as it continues to go in the direction you had expected, racking up paper gains of several hundred percent. You ask a more experienced trader what your error was, and he advises you sagely, "Cut losses short; let profits run." So, you reach for your list of trading rules and write this maxim, which means only, of course, "I should NOT have sold when I had a small profit."

Is this an isolated contradiction? What about this rule? "Stay cool; never let emotions rule your trading." And how does it jive with this one? "If a trade is obviously going against you, get out of the way before it turns into a disaster." Stripped of the fancy attire, one says, "Don't panic during trading," and the other says, "Go ahead and panic!"

What I finally wanted to create was a description, not of each of the trees, but of the forest. I developed the following list of what you need to be successful in the markets.

1. A Method
I mean an objectively definable method. One that is thought out in its entirety. This is not to say that a method cannot be altered or improved; it must, however, be developed as a totality before it is implemented. I chose to use, for my decision-making, an approach that was explained in the book I co-authored, Elliott Wave Principle -- Key To Market Behavior*. I think the Wave Principle is the best way to understand the framework of a market and where prices are within that framework. A hundred other methods will also work if successful trading is your goal.

*A.J. Frost and Robert Prechter

2. The Discipline to Follow Your Method
It struck me that among a handful of consistently successful professional options and futures traders of my acquaintance, three of them are former Marines. Now, this is a ratio way out of proportion to former Marines as a percentage of the general population! I was never a Marine, but years ago, while attending summer school in Georgia's "Governor's Honors Program," I was given a psychological test and told that one of my skewed traits was "tough-mindedness" (as opposed to "tender-mindedness"). After trading and forecasting the markets for 28 years, it is clear that, without that trait, I would have been forced long ago to elect another profession. The pressures are enormous, and they get to everyone, including me. If you are not disciplined, forget the markets. Because, without discipline, you'll have no method at all.

3. Experience
Some people advocate "paper trading" as a learning tool. Paper trading is useful for testing your method, but it is of no value in learning how to trade. Why? If you buy a computer baseball game and become a hitting expert with the joystick while sitting quietly alone on the floor of your living room, you may conclude that you are one talented baseball player.

Now, let the Mean Green Giant pick you up and place you in the batter's box at the bottom of the ninth inning in the final game of the World Series with your team behind by one run, the third base coach flashing signals, a fastball heading toward your face at 98 mph and 60 beer-soaked fans in the front row screaming, "Yer a bum! Yer a bum!" Guess what? You feel different! You will find it impossible to approach your task with the same cool detachment you displayed in your living room.

This is what your life is like when you are speculating. You must place orders; you must perform under the scrutiny of your broker or clients, your spouse and business acquaintances; and you must operate while thousands of conflicting messages are thrown at you from the financial media, the brokerage industry, analysts and the market itself. The School of Hard Knocks is the only school that will teach you fully, and the tuition is expensive.

4. The Mental Fortitude to Accept the Fact That Losses Are Part of the Game
The biggest obstacle to successful speculation is the failure to accept the fact that losses are part of the game and that they must be accommodated. Expecting or even hoping for perfection is a guarantee of failure.

Speculation is akin to batting in baseball. A player hitting .300 is good. A player hitting .400 is great. But even the great player fails to hit 60% of the time! But, he still earns seven figures a year (more recently, eight!) because, although not perfect, he has approached the best that can be achieved. You don't have to be perfect to win in the markets; you "merely" have to be better than almost everyone else.

Practically speaking, you must include an objective money management system when formulating your trading method in the first place. There are many ways to do it. Some methods use stops. If stops are impractical, you may decide to risk only small amounts of total capital at a time.

5. The Mental Fortitude to Accept Huge Gains
This rule usually gets a hearty laugh, but consider: For a full year, you trade futures contracts, making $1,000 here, losing $1,500 there, making $3,000 here and losing $2,000 there. Once again, you enter a trade because your method told you to do so. Within a week, you're up $4,000. Your friend / acquaintance / broker calls you and tells you to take your profit. But, you wait.

The following week, your position is up $8,000, the best gain you have ever experienced. "Get out!" says your friend. You hope for further gains.

The next Monday, your contract opens limit against you. Your friend calls and says, "I told you so. But, you're still up on the trade. Get out!" At the opening, you exit the trade, taking a $5,000 profit. It's your biggest profit of the year.

Then, day after day for the next six months, you watch the market continue to go in the direction of your original trade. You try to find another entry point and continue to miss. At the end of six months, your method finally, quietly, calmly says, "Get out." You check the figures and realize that your initial entry, if held, would have netted $450,000.

What was your problem? Simply that you had allowed yourself unconsciously to define "your" "normal" range of profit and loss. Who were you to shoot for huge gains? Why should you deserve more than your best trade of the year? You lacked self-esteem, so you abandoned both method and discipline.

To win the game, make sure that you understand why you're in it. The big moves in markets only come once or twice a year. Those are the ones that will pay you for all the work, fear, sweat and aggravation of the previous 11 months. Don't miss them for reasons other than those required by your objectively defined method.

The IRS categorizes capital gains as "unearned income." That's baloney. It's hard to make money in the market. Every dime you make, you richly deserve. Don't ever forget that. I wish you success.

Technical View on US Dollar

Looking at the shorter-term chart of the dollar, we can also see it has broken out of its downtrend.

Despite the falls we have seen in the dollar since the spring, the longer-term channel up has held – for now at least. This chart shows the US dollar index – the dollar vs a basket of other currencies – over the last four years.

Few Trading Ideas

Buy Nagar constructuion around 152-154 levels sl 150 tgt 169

SBI at it 50 DMA will it sustain or break this Support is at 2273 2253 2230

Trading Ideas

MindTree formed a double top at 697 good support at 660 if unable to hold at 650 and 630 If it breaks 697 can see 705 and 716

Buy Bhusan Steel if it crosse 1377 for a tgt of 1391 1420

Short Sell if 1300 breaks for a tgt of 1380 1350

Trading Ideas

Buy LITL above 598 for a tgt of 620,30

Buy Sesa Goa around 370-80 lvels for a tgt of 400 420 Dollar strength can see this stock opening week in mondy morning.

Sell HCL info around 145-150 tgt 135 130

Nifty Technical Analysis

Nifty has closed 3 week in green,this eek it was propelled by more than expected GDP number at 7.9% and positive auto sales number.Nifty has formed double doji and a spinning top on daily charts as shown in the daily chart above.

So we may see a bit of pause or a mild correction before showing an upmove.

Nifty Weekly Levels
Weekly Pivot:5087
Weekly Resistance:5180,5240,5295,5340
Weekly Support:5060,5005,4945,4895

Buy LITL if it Breaks 582

Tgt 586 596 610

Trading Ideas

Buy above 77 tgt 79 84 90

Buy if it breaks 364 tgt 367 373 382

Trading IDeas

Buy TATA Communication above 394 for a tgt of 407 429 Strong support at 350

Buy Canara bank if it breaks 394 Tgt 397 410 430

Nifty Technical View

Nifty has closed below 5 EMA after phenomenal after the European opening and saw a good recovery.

Now as per my TA you we have closed below 5 EMA which is at 5012 and 71.6% retracement also as show in charts attached above.

We can see rally tommorow as asian markets should open higher but if 5012 above are not sustained than we can again down to a levels of 4700
4920 which is 20 SMA hold the key below that we will again enter in a downtrend.


Weekly Levels to be watched.

Weekly Pivot:4962

Weekly Resistance:5028 5116 5227

Weekly Support:4830 4719 4632

UAE: Dubai Government calls for debt restructuring by state companies

Got this report on Dubai Crises from JM Read this for Clarity on Dubai Crises.


The Dubai Government announced yesterday that it has asked investors to extend the maturity of upcoming debt amortisations of two of its state-owned companies, Dubai World and its real estate development arm Nakheel, until 30 May 2010. Subsequently, the Dubai government has authorised Dubai Financial Support Fund to “restructure Dubai World with immediate effect”.

Dubai World is a 100% state-owned holding company that owns Nakheel (100%), a real estate developer; DP World (77%), one of the world’s largest port operators and a listed company; Drydocks World (100%), a shipbuilding and maintenance company; and Limitless LLC (100%), a real estate developer which owns various assets in Europe, Africa, Asia and the Middle East. The government of Dubai also owns a number of other entities directly or through other structures.

The upcoming bond amortisations of Dubai World are in the attached table. We calculate that in 2010, Dubai World and its subsidiaries will be redeeming about $7.8bn in the reminder of 2009 and 2010 and another $6.8bn in 2011. The most pressing redemption is the $3.52bn sukuk bond of Nakheel, which will be due on December 14, 2009 – a bond which is owned widely by overseas and GCC investors. Altogether, Dubai’s total outstanding debt stock is believed to be around $80bn and S&P estimates that the total debt amortisations of the Emirate will approach $50bn over the next three years, of which $21.9bn is owed by quasi-sovereigns between now and end-2011.

Dubai World (incl. subsidiaries) debt maturity schedule
Name	Date	Amount (USD mn)
Nakheel	14-Dec-09	3520
Limitless	31-Mar-10	1200
Nakheel	13-May-10	980
Dubai World	19-Jun-10	2100
Nakheel	11-Jan-11	1200
Dubail World	19-Jun-11	1950
Dubail World	19-Jun-11	450
Palm District Cooling	20-Jul-11	500
Port, Free Zone World	29-Sep-11	150
Port, Free Zone World	29-Sep-11	853
Dubai Drydocks	11-Oct-11	1700
Total		14603
Source: Reuters

COMMENT: Technically, this does not constitute a sovereign default, since there are no sovereign guarantees on Dubai World and its subsidiaries; in fact, the government issued a decree earlier this year stating that it will not underwrite liabilities of Dubai World. But it was the government rather than the company that announced the standstill yesterday, and investors can be forgiven for regarding the finances of the emirate and of its wholly-owned subsidiaries as not clearly distinguishable. Dubai CDS has widened sharply to 570bps and the nominal value of Nakheel bonds collapsed to 70 from previous 110.

We have been arguing that Dubai’s financing problems will have to be resolved within the broader federative structure of UAE, leaning heavily on Abu Dhabi's vast resources. Despite the distressing developments of the past 24 hours, this still remains to be the case. Dubai launched a UAE backed $20bn bond program back in February 2009 and so far tapped about $15bn from the Central Bank of UAE ($10bn) and various Abu Dhabi banks ($5bn). This implicit federative support has helped Dubai government successfully raise another $2bn from private investors in October. What the events of the past 24 hours shown is that a generic Dubai bailout will probably not be available. The UAE authorities seem more inclined to act prudently and restructure outstanding liabilities of quasi-sovereign entities that may be facing significant solvency issues, rather than paying out creditors of the quasi-sovereign entities in full and on time.

As for Dubai World and Nakheel, the details of a potential restructuring are not known; it is not even clear which subsidiaries of Dubai World will be restructured, if at all. The latest developments surrounding Dubai World and Nakheel have obviously raised serious questions over the credit quality of both the sovereign and various quasi sovereign entities in Dubai.

The way in which the UAE authorities handle the problem will clearly be important for investor confidence, as it will set a precedent for Dubai. The situation remains fluid, but taking into view the huge reputational risks involved and also the amount of leverage that currently exists in emirate we believe that the UAE authorities will be more likely to try and secure an orderly restructuring of outstanding liabilities of the two firms.

The problem is that it may be technically difficult to engineer a voluntary restructuring of short-term liabilities in the coming few days, before December 14, when Nakheel’s $3.5bn sukuk bond will mature. In that case, we may well be looking at a technical default, unless UAE authorities announce a credible alternative (re)financing plan in due course.

Buy Ranbaxy if it Breaks 434

Buy Ranbaxy if it Breaks 434 for a tgt of 437 445 457

Bharti Airtel Long term Charts

IF we see the long term charts of Bharti Airtel it now has 2 supports at 267 the low which made recently and one more at 238 levels.The Rectangle which i have mentioned should be used to accumulate the stocks of bharti and if 238 breaks buy around 200 levels and forgot about the stock in your portfolio for coming 3-4 years.You will see your at least double. With the emergence of 3G and 4G in India telecom space the volumes will increase and that will increase the profitability of the company.

Trading Ideas

Buy Berger paints above 63 for a tgt of 66 and 70

Buy Bharat Electric once it crosses 1660 for a tgt of 1683 1720

Nifty Technical View

Nifty continued with its winning streak third week in a row with 1% gain on weekly basis.It made a u turn in the afternoon session on friday and closed up with 62 point gain,But was unable to breach the resistance of 5080 as shown in charts attached above.

FII and DII were net sellers on friday after such a good up move.Coming week is an expiry week so accept lots of volatility.My guess is if 5080 does not break on upside than we can go down till 4850.


Nifty Weekly Pivot: 5,021

Nifty Weekly Resistance: 5080 5,109.7 5,167.3

Nifty Weekly Support:4,875.3 4,963.7

Buy CROMPTON GREAVES if it breaks 415.6

Tgt 419 422 429

Nifty Technical View

NIfty is unable to cross the 5070 levels.Now point to ponder over is SMA cross over of 20 and 50 which is giving a bearish indication to me.

Also the Trendline near 5010 if breaks can see a serious unwinding of longs.

PUTS OI has deresed indicating shorted puts are geeting covered .IS it a prelude of a fall

Levels to be watched out:

Pivot 5048.8

Resistance 5087.5 5112.7 5151.3

Support 5023.6 4985.0 4959.8

Nifty Weekly Technical View

Nifty Daily Charts shows the trendline got broke in the 12 day fall we have seen but it again got up the trendline within 3 weeks so it can not be considered as violation in trendline and on going correction in the bull market.

Now whats next we are facing resistance at 5030 levels continuously in past 3 trading sessions.So that comes out to be resistance and can be considered stop loss for the shorts.

Momentum is fading in past couple of trading sessions. Now longs should protect there profits with a stop loss around 4940 levels.As nifty has closed above all its averages so it would be advisable not to short nifty now.Wait for some sign of weakness than short.



Levels which needs to be watched out

Weekly Pivot:4936

Weekly Support:4939 4875 4853 4708

Weekly Resistance:5030 5081 5164

Buy HDFC above 1742

Buy HDFC above 1742 for a tgt of 1756 1770 Support 1701

Trading Ideas

Buy Renuka once it crosses 220 for a tgt of 229 235 245 sl 195


Buy Tata Power if it breaks 1350 for a tgt of 1364

M&M with a technical look

M&M Stock is making a new High and institutional are quiet bullish on it.Looking technically at this stock is taking support at its trend line (Shown as green color in the chart)Stock is an ideal candidate to be bought on dips.

But one point of concern is Negative divergence which is observed in RSI and MACD.But to bring to user note that indicator can remain in negative divergence for a long period of time.

On upside the stock can touch 1150 touching the upper band of trend line,

For tomorrows perspective stock is a buy above 1014 for a tgt of 1037 1067 1090 Support is at 983 961

Nifty corrected from 61.8% retracement level

Nifty made low of 4542 and made a high of 5184 if we take fibo levels 61.8% it come around 4940 which is at level where we fall from today and we took support at 50% retracement level 4866.Next support comes around 4789.

Levels to be watched out tomorrow Buy Nifty above 4896

Resistance at 4932.9 4984.1 5020.5

Support at 4845.3 4808.9 4757.7

Primal Health-care Range Breakout above 408

Primal Health-care Range Breakout above 408 for a tgt of 414 421 430.


ACC Stocks at its 200 MA keep an eye on it Support is at 200 DMA

Pivot:717 Resistance at 725 731 739

Trading Ideas

Maruti Suzuki Unable to cross 50 SMA which is at 1523,If that is crosses can see 1546 1560 and if not can see 1503 1480 1392

RIIL - Buy above 964 Resistance at 993 1042 Suupport at 871

Buy HDFC Bank above 1652 For a tgt of 1670 1686 Support at 1623 1607

Buy Andhra Bank above 116 for a tgt of 120 123 126

Nifty Weekly Technical View

Nifty Weekly 5 EMA is at 4860 Levels which will prove as Resistance as of now. Support at 20 Week SMA at 4700.As mentioned in previous Week 20 Weekly SMA will provide as a support and nifty.Previous Week Post


Now looking at the Daily Charts of Nifty, We have closed above 5 EMA but resitance is now at 4830 which is both Pivot Resistance and 13 D EMA.

So Right now 4834 and 4860 will be immediate resistances and once crossed we can head towards 4930 4970

Nifty 4 day below 50 SMA

Nifty has remained 4 days below 50 SMA now again today is 4 day closing below 50 SMA so i am accepting a bounce back tomorrow. Above 4610 we can accept 4683 4802. Support at 4491 4419.

We will see a sharp bounce in coming days.

Trading Ideas

Support seen at 1536-40.If that is broken 1504 and 1467

Resistance seen at 1604 1641

Nagar Construction Support seen at 143 Resistance at 154 159 165

Buy above 1056

Resistance:1102 1135 1181

Support:1023 977

Nifty Weekly Technical View

IF we take the Fibo retracement Level from the high 5181 and low of 3912 we now stand at 38.2% Retracement level.A Bounce can be accepted till 50 SMA of 4858.

Weekly Pivot 4,811

Weekly Resistance: 4,934.5 5,157.0

Weekly Support:4,465.5 4,588.8

20 Week SMA which was Resistance will now become a support lets see?

15 minute opening range breakout

HI All,

Following is a Trading Set up for 15 minute opening range breakout

Let the index/stock trade for the first fifteen minutes and then use the high and low of this "fifteen minute range" as support and resistance levels. A buy signal is given when price exceeds the high of the 15 minute range after an up gap. A sell signal is given when price moves below the low of the 15 minute range after a down gap. It's a simple technique that works like a charm in many cases.

Eg. The Fall of Friday Everything Look so ROsy Asian markets up and India Markets opened gap up after tthat what happened was a history.The Chart Elaborates all the Story.

If you use this technique, though, a few caveats are in order to avoid whipsaws and other market traps. The most common whipsaw is a trading range that lasts longer than 15 minutes. If an obvious range builds in 20, 25 or even 30 minutes , use those to define your support and resistance levels. Also consider the higher noise level in the morning. A breakout that extends only a tick or two can be easily reversed and trap you in a sudden loss. So let others take the bait at these levels, while you find pullbacks and narrow range bars for trade execution.


Buy Rules :
- Stock break 15 minute opening range (Trade-Ideas alert : 15 minute opening range breakout)

Sell Rules :
- Sell the stock at Pivot Resistances
- Short the Stock if it breaks 15 Min low

Here is some suggestions of what you can do :
- Use stop loss to protect you from loosing trades.

Stocks near its 50 SMA can see a bounce till 568 581 Levels

Reliance Capital Double Bottom around 730 can see 754 781 Levels

Tata Steel can see 475 483 490 Levels

Zee Limited buy if 229 gets broken for a tgt of 241

Nalco Buy if 370 gets broekn for a tgt of 377 384

Nifty View

Classic case of Resistance becoming Support Last 3 times 4730 Was proving to be a resistance and after that today it came rescuing the bull.

Resistance at 4820 4860 A bull Move only above 13 EMA around 4960

Trading and Investment ideas

Suzlon-- Stock again took support at 200 DMA.Now we need to see if it can again bounce back from here.If it bounces back IF it bounces can see 90 levels




Rcom- Stock Has a good support at 205 and if that gets broken than we can see levels of 185 and 171.Positive thing which i noted about this stock is slight positive divergence in RSI in which we can see a good short covering to come.



Sterlite - 737 which is 50 SMA will be a good support Trading positions can be taken around these levels.


Bharti Airtel - Stock has got a Good Support around 300 Levels and after that 272 Levels.