NIFTY FIFTY

AMIT,

Thanks for your sincere and franks comments. To an extent you have convinced me.
Yes... A Fool is better than a Half Knowledged Fellow.
Well, I am on a learning path, I will try to live upto what I want to be.
I have learnt a lot from you guys and keep learning.

To achieve anything we need knowledge ane before that we need to dare to dream.
But, without any preparation and jumping in the ring, will only kill me. Yes surely fast or slow, i will learn.

I will keep an positive attitude and play as per my strengths.

Coming to your Excel: with so many softwares available, why are you sticking to Excel? any specific reason?

regards
Satya

Hello Madhura...well guru aside, I am very impressed at your resolve with excelling in tech analysis.
Wishing you the very best along the way.
Bye for now.

Well....Iam not surprised...as usual...Another GEM from our friend, philosopher and guide...

Hi Satya, I am a very relieved man tonight. You have really shown what a big hearted man you are. I had spent the evening feeling rather low, as what I had written could easily have been construed as harsh and uncalled for and offence easily taken. I'm grateful for the understanding you've shown.
Yes, it has been quite disconcerting the way calls have been made here on F&Os, without even the rudimentary know how of support/resistance, hinge levels etc. Not that derivatives are justified with access to this information alone. They are a play on short term trends, where a high degree of pressure and intensity is amassed upon the underlying security who's open interest is shooting up. Here a swift and dexterous technical mobility, together with sharp tactics, need to be deployed.
In the background of all this, the loud and bravado ridden shrill calls based on very little, are terrible to see. Perhaps I ought to have spoken up earlier, but hey, the maturity levels of people already exhibiting churlish attributes is a big put off. I'm sure you'll understand what I am saying here.
We are looking to build up a forum of sober yet fun loving people, who also relate to the art of trading with the veneration it deserves.

Yes, go ahead and stand tall...dare to dream and realise them too. Nothing will stand in our way to high success when we are honest with ourselves, self realised and willing to put in an honest day of work.

About my Excel file...I have grown with this along the way right from the early days of learning to trade. I feel a great degree of ease using it. While it is laborious to use, a lot of data passes before one's eyes, as one is compelled to scan it manually from top to bottom. It will never generate ready and programmed buy or sell signals, the exact reason I like using it. There are times though, when I wish I had some software too, and perhaps I will get something in due course.
Well then, friend...all my best wishes to you in your journey in this magical world, not that life is itself any less magical.
Regards

Hey there Karthik...you sound like a cool balanced guy, and I have not a doubt that there could even be a hint of a jibe in that remark!
On a satirical note though, you may have added 'wannabe tech analyst' to the string of laudation above!!

Ohhh.....Amit...Jibe..never...It was heartfelt..

Ofcourse i forgot to add 'wannabe tech analyst'...I will correct it now


Well....Iam not surprised...as usual...Another GEM from our friend, philosopher and guide...

regards

'wannabe tech analyst'

The volatility expected yesterday as posted at the start of the session came later in the day. There is every reason to believe there is more left yet, before the players give their nod of concent to the fact that we are indeed now located into a higher orbit of play.
The liquidity continues to flow strongly, and as suggested yesterday, there are ever so willing hands ready to buy at lower levels the leading counters, considering that we are on the eve of the next quarterly results season. This is all about the Indian growth story, and the current rally is an affirmation of this.
There will be sudden lurches rocking things around, but at some point the tendency to short the NIFTY recklessly will die down. It has moved on from strength to strength, and enough shorts (!) have been pulld down out there already.
2473 was the lower support on Tuesday and remained inviolate. The drop rested and bounced off 2477.
2475 was the hinge support yesterday, and the drop was arrested at 2476 with a bounce to 2492.
This 2473-2476 zone may be a trigger for some panic selling at some point. We need to be alert here. The fall below this area could be sharp. This is valid for today also.
A sustainable climb above 2513 is important, or else some rough weather is likely. Above 2525 we are rocking.

Hello,
I am planning to buy MRPL when market is some what down/
it is increasing day by day...what u think on this take?
Also Creamee recommended this stock for short term target of 77!
Thanks
Madhura

Hi Madhura, MRPL has certainly broken out of a range after almost 10 months.
70 is possible after some density along the way, perhaps not too soon. I'm saying this looking at it's past pace, where being a close relative of ONGC, it lags way behind it, comparatively. Many oil, gas, refinery counters have woken up recently and so has MRPL. It's a defensive scrip, but not a sprinter, looking at the data.
There may be faster, more volatile scrips around, and will be looking around next few days. Your call for now.
Do post queries on the other thread...we'll keep this for discussion on the NIFTY.
Regards.

A neat double bottom at 2509-2510, and up and testing 2513, as suggested above. A clear cross over here is what we'll like to see. Else, some chopiness again likely.