Skip the crap on TV: I Will post daily technicals here

This LT target 4470, I suppose for the current down move

How short is this short term referred here? How long is the long term referred here? I mean what is the period in days/weeks/months? Or does LT mean lower trendline? Or is it something else, which I have not heard yet? Pardon these novice questions. But clarifications will help a lot. Any chart?
Thanks and regards
R. S. Iyer

those lvls are for LT and not nifty...

hey dheer,
good for you.we need this and not the agenda driven creeps on tv.
what's your take on reliance industries and rcom?
i'm holding futures and equity in both these and i'm going crazy with the way idea cellular
is just not moving.i hold both equity as well as forward lots of idea cellular
any help with these three will be appreciated.
ghoomnewala

They are all resistance levels... I have made an assumption that "niftytrder" was interested in the long side...

Among all the number that i threw there is just one that is a support i.e. 3728. This is a strong support level and will exponentially move with the market prices.. It will eventually always make its way above and will stay above, which will result in a bull trend.

I personally prefer the short side in any market. Much safer to make money there, but in the current conditions the only reason I would give expectations to anyone about shorts would be if I wanted to send the market on a short squeeze rally (trust me it will happen anyways).

The general perspective being spread in the markets is to sell at retracements, but there is no such retracements to be seen in the near future, if you are expecting me to specify days, weeks etc... trust me no one can predict this.... unless of course they have a buying power of XXX billion dollar and can make a market rise or fall on completely their own accord.

There is a reason I posted in the day trading section. The purpose is to impart first hand to the moment information. It is up to you to carry over your trades... it is up to you to hold them through the weekend... I will attempt to never recommend any such thing...

So going back to where I started... this is a time to buy... you may never see these prices again... unless of course we again get hounded by retail firms for margins.... our economy is strong so for the fundamental guys you have nothing to worry about... as for me.... technically....

Nifty Spot:

If the market can gap up anywhere over 50 points and maintain that level for five minutes into the turn of the hour (10 am) we will officially enter a technical bull market and yes its a time to go long and not panic. Will throw out a few significant numbers as we start the day tomorrow, need to get back to trading north american exchanges now so may not be back till 2.30 am...

Cheers!!!

Sensex

18568 as of today is the first strongest resistance that will be required to be broken. I will be refraining from quoting sensex numbers as I find nifty to be a better judge of things to come, though obviously they move in tandum and will just check the details if at all required.

For anyone expecting a retracement and willing to take the risk SHORT sensex after it reaches 18500-570 levels and only if it attempts to break it on the downside again... whenever that happens... actually that may happen tomorrow.

If you do short dont try to go for big money and close the trade before the end of the day or with a 50 point trailing stop loss. whichever happens sooner.

Cheers!!!

hi,
wat immediate target u r seeing on nifty?
tomorrow r u expecting gap down opening?

Hi

I am interested and doing only intraday and swing trading (max 10/15 day's holding).

want to know about short term target of jp associates and apollo tyre,
can i take fresh long position with the above mentioned two scrip at cmp for 8to10% return?

waiting for ur valueable input/suggestion

thanks in advance.

Hey,

I haven't really gotten down to checking rcom but I can surely comment on Reliance, infact technically it is an exact replica of the Nifty Spot on the charts.

So things are currently like this...

Reliance Industries:
If the market can gap up anywhere over 30 points and maintain that level for five minutes into the turn of the hour (10 am) we will officially enter a technical bull phase in reliance and yes its a time to go long and not panic.

Things look quite good at the moment... My apologies about the fact that I cannot give any hard numbers at the time being as the US markets are still on and I cant afford to switch charts. though I will try and post some numbers before I retire for the night...

And keep your fingers crossed cause if the US markets actually continue the rally they are on right now we may be lucky enough to see an upper circut on our indices tomorrow.

Cheers!!!!

As mentioned in my earlier post at the moment things look like a gap up open... Lets see how things turn out in the next 1.30 hours I will post before I go to sleep.

& i m seeing gap down opening