I can help you with stock chart reading

rhk · #**691** 14th July 2006, 09:16 PM

VV,

Whats your call on the market... do you think we will see some sell off. Global markets are moving into Red, willNSE follow. What do you think about my favorite stocks. RIL, Dabur and reliance communication (RCVL). Do you think RIL will fall to the 990 range.

Appreciate if you can share your thoughts.

Thanks

vvonteru · #**692** 14th July 2006, 11:38 PM

Quote:

Originally Posted by rhk

VV,

Whats your call on the market... do you think we will see some sell off. Global markets are moving into Red, willNSE follow. What do you think about my favorite stocks. RIL, Dabur and reliance communication (RCVL). Do you think RIL will fall to the 990 range.

Appreciate if you can share your thoughts.

Thanks

My bias is downwards. Nothing in the indexes is telling me that. I am looking at U.S. markets to come to the judgement. They are really doing worse. Couple of observations.

1. Nasdaq is at worst levels. 200 EMA long gone. 50 day EMA crossed down 200 EMA long ago. Recent support level of 2100 (1 month support) broken.
2. Health and Utility stocks are rising. These sectors only rise in recession time.
3. Geopolitical suddenly changing to worse. Iran, Korea and now Gulf war.

Now, this may not happen to Indian markets. But, since there is not follow through to Wednesday rally, chart is not rosy either. Hopefully, Indian markets show resilience. That time will only tell. So, I am adopting wait and see attitude on Indian markets scenario.

I have to get back to you on Reliance Communication. But, Reliance and Dabur are still doing good. You are in the best stocks in the market. I would tighten the stops below the latest bases. As in my previuos reply, set points based on Indexes where you will come out. Again, my judgement is biased with no data support from Indian stock indexes.

judemit · #**693** 15th July 2006, 12:31 AM

Hi VV,

The Dow is 110 points down (in red) and Gold is up by 2%. The major factor was the Israel issue and the crude price. I feel that monday markets are headed south if the middle east issue gets esacalated.

priya80 · #**694** 15th July 2006, 06:47 AM

Hello VVonteru thank you for your time and insight.

I feel you are right. Maybe the market is not conducive for beginners.

maybe for now I should just adopt the hold and watch philosophy
till I have enough experience and also enough capital to dabble in
swing trading.

Nonetheless, thank you for being patient with a novice.

good-luck.

regards,
Priyanka

mahmeds2000 · #**695** 15th July 2006, 12:51 PM

Hi vv,
can you please suggest abt. the following stocks
1) essar oil
2) RPL
3) Escort

thanks
Ahmed

vvonteru · #**696** 15th July 2006, 05:30 PM

Quote:

Originally Posted by mahmeds2000

Hi vv,
can you please suggest abt. the following stocks
1) essar oil
2) RPL
3) Escort

thanks
Ahmed

Can you specify what U want to do with the stocks. Whether you looking to buy/short or have a position in them. If yes, at what price did you buy.

rhk · #**697** 15th July 2006, 08:18 PM

VV,

Given the negative bias, do you think its a good idea to short sell. If yes do you have any prefferred list for the same. It sure looks in the short term we will see downward movement.

Thanks,
Rohit

kumar7 · #**698** 15th July 2006, 09:33 PM

Is it time to enter Styam: I bought few shares on friday @ 719-720;
I want to buy more! Can you give me entry and exit point. what you think of Zee?

Kumar

vvonteru · #**699** 15th July 2006, 11:33 PM

Quote:

Originally Posted by kumar7

Is it time to enter Styam: I bought few shares on friday @ 719-720;
I want to buy more! Can you give me entry and exit point. what you think of Zee?

Kumar

Zee is doing great. Lost an entry on Friday. If you want to enter, enter at 263 with a stop 220.

I know satyam pulled back again. Since you already have a position, avoid new position now. If the market continues to go up, U will find plethora of setups.

vvonteru · #**700** 15th July 2006, 11:45 PM

Quote:

Originally Posted by rhk

VV,

Given the negative bias, do you think its a good idea to short sell. If yes do you have any prefferred list for the same. It sure looks in the short term we will see downward movement.

Thanks,
Rohit

Until the market makes the move, lets not take short position. However, we can identify at what point the downward move will be confirmed. Notice the low volume the recent uptrend of Sensex and Nifty. Please confirm the validity of data.

We will use the following to identify the start of downtrend. Since, we are determining the turning point, our stop will be close to exit otherwise.

1. If Sensex goes below July 7th. This is the low of the recent base and also the high of previous pull back on June 26th.
2. If MACD crosses down. After June 19th crossing up, it never crossed down.
3. If 8 day EMA crosses down 50 day EMA.
4. Depending what signal we use, we will use the opposite to exit. In case of signal 1, we will use 11000 to exit.

Same can be pointed in case of Nifty.

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