Posts
Thursday, May 13, 2010
Everest Kanto Cylinder (Rs. 138.50)
Everest Kanto Cylinder’s movement to Rs. 150 seems imminent. It has moved to consolidated around Rs. 130-135 with strong volumes and should reach to its 200 day moving average shortly.
Sunday, February 14, 2010
Sunday, February 7, 2010
Friday, February 5, 2010
FII actions
Today FII’s sold Rs. 1929 crores of index futures. I think it is a pre-cursor to further downward movement as almost all trading would have happened at index level of between 4700-4750. They bought Rs. 622 crores of index options. 4800 and 4900 nifty put options lost significant open interest. 4400 puts and 4700 calls gained significant open interest. What can this mean ? This can mean that the Nifty is heading towards 4400. Though it is just near its 200 day moving average, any support from the same may be temporary till there is some short covering. The current index options put call ratio of 1.13 does not seem to be low enough to trigger a such a rally. If there is a rally, you may be better lightening up your portfolio.
Thursday, February 4, 2010
Jaiprakash Associates (Rs. 131.20) … weak technicals
I think one of the many stocks which are showing weakness includes Jaiprakash Associates. It tried to keep itself around 200 day moving average and it has failed. The stock has moved down to show a 2 month low closing.
Nifty too looks very weak as of now. I think investors should better stay away from markets for next few days. If you can still get out of any stock at somewhere near cost, it may still help you to invest at lower levels.
Nifty
FII purchases drove up Nifty by 2.11% today. Looks like a lot of short covering as of now. However, today’s high was lower than yesterdays and today’s low higher than yesterday. Today’s high was below 10 day moving average. Today’s move was purely FII buying led in cash and derivatives market. As of now, I would resist from taking medium to long term long positions yet and wait to see market movement over next couple of days. Since the weakness still persists in the weekly chart, I do not see any reason to change my previous opinion yet.
As far as our blog portfolio is concerned, considering the intervening gap of over 3 months in blog entries, I propose to liquidate the existing open positions at current market value. Our updated blog portfolio is as follows -
Tuesday, February 2, 2010
Nifty … looks weak
Resuming entries my blog after more than 3 months. Hopefully, I would not take such big breaks any more though I may not update on daily basis.
Nifty has continued its downward movement today after facing resistance at around 10day moving average. Though it is in oversold zone, Nifty’s move to 4600-4650 (around 200 day moving average) looks quite certain.
In the weekly charts, Nifty looks much more vulnerable. Since we do not have reasons to be positive on the markets now, we did better stay out.
We shall continue the portfolio from where we left off in my next entry in this blog.
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