buy icicibank between 820-800.

nifty

nifty (cup n handle)

larsen

buy larsen

WEEKLY UPDATE

There is a high chance that markets are forming a rounding top pattern on weekly charts... we are still halfway within the pattern as a lower high/ lower low is not yet formed. This means a move of another 6 months is still pending.

The substantial overlap in last few months does point to a topping out pattern and the fact remains that markets are still at the place they were in Oct last year.

If the view of a rounding top is correct, it will mean that markets will start forming lower highs and lower lows over the next 5-6 months without breaking 4500. This can be tremendously frustrating from a trading perspective.

Above remains a theorotical view... for a practical view, traders as usual should follow the hourly charts.

14.6.2010 nifty

The short term trend remains up with further/ additional confirmation coming today. Consider trend to be up as long as 5150 holds in futures.On hourly charts, a channel is visible. While this does not have any bullish or bearish implications, it shows the trading limits before some reversal can happen.On EOD charts, the kplswing has given a BUY (N=20).The last trade (SELL) has given a minor loss. Incidentally, this indicator has whipsawed 5 times in last 6 months due to the rangebound nature of the markets. On a different note, a whipsaw itself alerts one to likely of a rangebound market. Because of this rule, a buy signal shd be ignored on nifty unless one is having tight/ trailing SLs.

nifty

the levels to watch on Monday are 5090 and 5140 fut. The expected movement is min 50 points if either of these levels break decisively.Either way, the targets are 5040 or 5180 fut

nifty view

nifty weekly support @5130-5180 and resistance @5330-5390.

power grid

short term buy power grid around 104.50-105.60 keep strong stoploss around 101.50 target 110/118/126.

nifty

nifty can face resistance around 5500.

nifty weekly support seen around 5177.weekly target around 5380/5440.

short term support around 5000