Some Good Steals...

nn0023 · #**1771** 7th October 2005, 10:57 AM

AMITDA
how do u like UCO BANK ? it seems to be very stable > 30/= (+) .

RAJASTHAN SPG. & WVG. MILLS LTD also stable at 130/= (+)

pl comment.

AMITBE · #**1772** 7th October 2005, 01:12 PM

Quote:

Originally Posted by brewin_vaz

hi amit
great work on this thread....
i'm currently into technical analysis. learning it from many different sites. its making my understanding of charts much better.
i have looked into Bajaj Hindustan Ltd. if i'm not mistaken its forming an ascending triangle. i expect it to increase by about 30-35 Rs if it breaks out with good volume. on the other hand, it slightly looks like a rising wedge which indicates bearish outlook. what is your comment regarding this?
btw, where do u check up charts on the net?
awaiting your expert comments....

Hi brewin_vaz...that's a pretty good look you've had. Yes, there is a classy ascending triangle formation from 180 to 220.
About the rising wedge it's not easy to say. The wedge formation, rising or falling, appears very similar to the triangle formation, whether ascending or descending.
In ascending triangles, the line drawn at the top is horizontal, and the line joining it climbs at an angle. Conversely, with descending triangles, the horizontal line is at the bottom with the slanting line slopes down along the peaks of the traiangles to meet it.
With rising wedges, the two lines both slope upwards. The angle of the bottom line is normally steeper compared to the angle of the line at the top. Logically then, the two would convelge at some point.
In the case of the upper line, or the resistance line, a series of highs are formed where the price drops from. Below, the support line is formed on a series of higher lows.
Here the volume is most critical to assess any trend reversal. As the price rises to declining volumes, over a period of time, the higher lows at the bottom line begin to get lower, indicating the first signs of weakness, even as the upper resistance line drops off. The two lines are on a convelging path now.
The trend reversal comes with the clear breaking of the support line.

It's early to say if Bajaj Hindustan is forming a rising wedge. It may well be just a continuation of the trend. Only at a break past 225 with increased volume will the rally come. To the down, a break at 182 may turn it bearish.
BSE has a good charting facility which I use.
Great going, brewin_vaz. Keep it up!

vizzie · #**1773** 7th October 2005, 01:25 PM

hey amitda

hope ur fine.
amitda ,ur views on VSNL and Corportation Bank.

cheers
vizzie

Saint · #**1774** 7th October 2005, 01:26 PM

Quote:

Originally Posted by AMITBE

Hi brewin_vaz...that's a pretty good look you've had. Yes, there is a classy ascending triangle formation from 180 to 220.
About the rising wedge it's not easy to say. The wedge formation, rising or falling, appears very similar to the triangle formation, whether ascending or descending.
In ascending triangles, the line drawn at the top is horizontal, and the line joining it climbs at an angle. Conversely, with descending triangles, the horizontal line is at the bottom with the slanting line slopes down along the peaks of the traiangles to meet it.
With rising wedges, the two lines both slope upwards. The angle of the bottom line is normally steeper compared to the angle of the line at the top. Logically then, the two would convelge at some point.
In the case of the upper line, or the resistance line, a series of highs are formed where the price drops from. Below, the support line is formed on a series of higher lows.
Here the volume is most critical to assess any trend reversal. As the price rises to declining volumes, over a period of time, the higher lows at the bottom line begin to get lower, indicating the first signs of weakness, even as the upper resistance line drops off. The two lines are on a convelging path now.
The trend reversal comes with the clear breaking of the support line.

It's early to say if Bajaj Hindustan is forming a rising wedge. It may well be just a continuation of the trend. Only at a break past 225 with increased volume will the rally come. To the down, a break at 182 may turn it bearish.
BSE has a good charting facility which I use.
Great going, brewin_vaz. Keep it up!

Great going,brewin_vaz.....and great stuff from Amit as always.Rising wedge or ascending triangle,a breakdown below 204 is either an ascending triangle failure or a successful rising wedge at the end of an uptrend.....and either way,a time to sell.Break below 195 is confirmation as previous monthly low is taken out.Break below 182,and expect a more severe correction.

Always great to see such discussions.Also gets the best out of Amit......Great stuff !

Saint

AMITBE · #**1775** 7th October 2005, 07:46 PM

Quote:

Originally Posted by saint

Great going,brewin_vaz.....and great stuff from Amit as always.Rising wedge or ascending triangle,a breakdown below 204 is either an ascending triangle failure or a successful rising wedge at the end of an uptrend.....and either way,a time to sell.Break below 195 is confirmation as previous monthly low is taken out.Break below 182,and expect a more severe correction.

Always great to see such discussions.Also gets the best out of Amit......Great stuff !

Saint

Hi saint...thanks there for the additional notes, and the kind words.
Been a bad day with the net connection. Have hardly been on all day except in quick patches. Will answer all the pending queries duly.
Have a great weekend all.

jaideep · #**1776** 7th October 2005, 07:50 PM

If you don't mind, in which part of the world are you Amit? Serious question & with an intent this.

Saint · #**1777** 7th October 2005, 09:17 PM

Quote:

Originally Posted by AMITBE

Hi saint...thanks there for the additional notes, and the kind words.
Been a bad day with the net connection. Have hardly been on all day except in quick patches. Will answer all the pending queries duly.
Have a great weekend all.

Figured........things were eerily silent most of the day without you,my friend.Hope you'll be back on full go on Monday.

Have a great weekend!

Saint

boppanavijay · #**1778** 8th October 2005, 10:28 AM

Quote:

Originally Posted by ssnkumar

Thanks for remembering me Amitbe

As you suggested, I am still watching Pricol. I haven't yet bought it!

Today it has already crossed 182. So, would you suggest to buy Ibulls at current price?

And I have a query regarding a penny stock:
I had bought Kanika Infotech sometime back. (I bought it at Rs.1.27 and it is at 1.01 today)

But, it is not coming back to the level I had bought!
Somebody told me that, it will soon cross Rs.2!!.

So, what is your view on that? (I can wait for 1-2 months, if it can come to that level)
It has been removed from ICICIDirect for sometime now!
So, I am little bit worried.

Please suggest.

Regards,
Narendra

sell it thro another broker if icici had delisted

sell it thro another broker if delisted by icici direct
bambino

tomse · #**1779** 8th October 2005, 01:38 PM

Hai saint...

Thank you for your kind reply...

Tom

Quote:

Originally Posted by saint

Hi Tom,

WIPRO is a nice breakout from an ascending triangle on the weekly.......if you caught the breakout,great.It's a HOLD.If planning to enter,just check out how tomorrow turns out to be for the markets and for WIPRO.If it closes the week above 385,the bullish breakout is intact,and buy a pullback for possible higher prices.If on the other hand,Wipro falls to 375,we have a nice negation of the breakout bar.......If so,stay away.So,for now,wait and watch.....and let's see what tomorrow brings for Wipro.

SATYAM :Still in a primary uptrend.......Wait for now till this pullback is done.But if this falls to 560 and thereabouts,keep away for now.

Happy Trading!!
Saint

koolprakash · #**1780** 8th October 2005, 09:48 PM

Hi Experts,

I had bought some OBC shares recently and have seen 7% appreciation in the past 2 weeks. Analysts advise not to trade in Banking and Steel stocks at the outcome of the Q results.Should I sell OBC or is it a good hold?

Please advise.

Thanks,
KP

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