Some Good Steals...

[shrinivas]

Amitda,

Comments on Archies ????

any chances to make profits out of this now.....do you suggest a buy at current levels..or at a dip in the range of 152-155 (if there comes a dip).

ganeshhity

 

[AMITBE]

Hello Amit,

Was not at the desk today...but Greaves Cotton had a blast today with the intraday high of 399.(We had entered at 274)

Thanks and Regards

Roneeth

Hi Roneeth...yes a great trade.
I'm holding too with stop at 346 at cmp 389.
398-406 is an important area to hold above when it gets there, where the step-up targets would be 414-422-430-438.
Do follow up when you like...will update my calls.
And great going on Elecon Engineering too!
All the best.

 

[AMITBE]

Amitda,

Comments on Archies ????

any chances to make profits out of this now.....do you suggest a buy at current levels..or at a dip in the range of 152-155 (if there comes a dip).

ganeshhity

Ganesh my friend...I'm trying to keep away from this thread for queries etc for some time. However you've drawn me back here this time...I'm aware you've queried Archies earlier too.

I have attached a few charts here and as there are several things going on in there, please take care to see them clearly.

Look at Archies Daily chart:
Note the Ascending Triangle formed by Trendlines 1 and 2.
Trendline 1 begins around mid April last year. The price line touches base with Trendline 1 in mid October last. About mid December last there's a breakout above Trendline 2, which is also the Line At 157. The price goes on to peak at 207 following the breakout.
Next note the Descending Triangle formed by Trendlines 3 and 4.
The priceline breaks below Trendline 3, which is also the Line At 180, in February this year. In this fall, notice how it breaks below Trendline 2 as well, meaning at 157. Interestingly, falling further the priceline touches base with Trendline 1 and takes support there end March. Bouncing off Trendline 1, the price has just broken above Trendline 4.
In fact you can make out two Descending Triangles formed by, one, Trendlines 2 and 4, and another by Trendlines 3 and 4. They are inter-related.
Now, the price in this pullback has broken above the sloping Trendline 4. But there is still the horizontal Trendline 3 at 180 to deal with. Trendline 3 also represents much congestion.
All this is visible in the weekly chart also.

If this attempted reversal is with strong momentum it may wade past the congestion. The doubt arises from the most recent daily bar which is quite non-committal, and also volume is pretty flat.
The proper way to play it would be to wait and look for strength in the move.
If the price can break above Trendline 3 at 180 and sustain it, entry could be considered with stop at 150.
On the other hand, if this turns out to be a feeble pullback, it may even break below Trendline 1.
This is how I would do it.

There is one more matter on interest: To zoom out the daily chart to start from April 2002, you can see a clear long range Cup&Handle formation.
The breakout in mid December is a perfect example of price action at such a bullish formation.
Now in the recent downtrend, the price had just tested support at the right rim of the 'cup' where it has bounced off the last three bars. If this turns out to be just a reflex pullback followed by a retesting of the right rim and even breaching it, this counter may turn quite bearish.

These are all possibilities at this time.
This is as best as I can comment on your query.
All the best.

 

[roneeth]

Hi Roneeth...yes a great trade.
I'm holding too with stop at 346 at cmp 389.
398-406 is an important area to hold above when it gets there, where the step-up targets would be 414-422-430-438.
Do follow up when you like...will update my calls.
And great going on Elecon Engineering too!
All the best.

Hello Amit,

Noted the levels and thanks for the same.

Regards

Roneeth

 

[mail2joshi]

Hi Amit,
Could you please help me with these scrips with immediate targets (1month) and with strict stop loses

IDBI @ 83
BOI @ 131
SIRPAPER @ 101

Regards
sjoshi


Hi Amit,
I took off my positions from BOI@132 and IDBI@85 on monday. Still holding Sirpaper.
Can you please advice on this.

Regards
sjoshi

 

[shrinivas]

Ganesh my friend...I'm trying to keep away from this thread for queries etc for some time. However you've drawn me back here this time...I'm aware you've queried Archies earlier too.

I have attached a few charts here and as there are several things going on in there, please take care to see them clearly.

Look at Archies Daily chart:
Note the Ascending Triangle formed by Trendlines 1 and 2.
Trendline 1 begins around mid April last year. The price line touches base with Trendline 1 in mid October last. About mid December last there's a breakout above Trendline 2, which is also the Line At 157. The price goes on to peak at 207 following the breakout.
Next note the Descending Triangle formed by Trendlines 3 and 4.
The priceline breaks below Trendline 3, which is also the Line At 180, in February this year. In this fall, notice how it breaks below Trendline 2 as well, meaning at 157. Interestingly, falling further the priceline touches base with Trendline 1 and takes support there end March. Bouncing off Trendline 1, the price has just broken above Trendline 4.
In fact you can make out two Descending Triangles formed by, one, Trendlines 2 and 4, and another by Trendlines 3 and 4. They are inter-related.
Now, the price in this pullback has broken above the sloping Trendline 4. But there is still the horizontal Trendline 3 at 180 to deal with. Trendline 3 also represents much congestion.
All this is visible in the weekly chart also.

If this attempted reversal is with strong momentum it may wade past the congestion. The doubt arises from the most recent daily bar which is quite non-committal, and also volume is pretty flat.
The proper way to play it would be to wait and look for strength in the move.
If the price can break above Trendline 3 at 180 and sustain it, entry could be considered with stop at 150.
On the other hand, if this turns out to be a feeble pullback, it may even break below Trendline 1.
This is how I would do it.

There is one more matter on interest: To zoom out the daily chart to start from April 2002, you can see a clear long range Cup&Handle formation.
The breakout in mid December is a perfect example of price action at such a bullish formation.
Now in the recent downtrend, the price had just tested support at the right rim of the 'cup' where it has bounced off the last three bars. If this turns out to be just a reflex pullback followed by a retesting of the right rim and even breaching it, this counter may turn quite bearish.

These are all possibilities at this time.
This is as best as I can comment on your query.
All the best.

Queried Archies earlier too,....and yes made losses too..had taken it at breakout and sold it at 153 (my s/l)....never mind, invested that money somewhere else and recovered the losses....

thanks amitda for quick response...I have done homework on this stock....still not able to conclude at it's movements......better stay away..

thanks once more..

ganeshhity

 

[roneeth]

Ganesh my friend...I'm trying to keep away from this thread for queries etc for some time. However you've drawn me back here this time...I'm aware you've queried Archies earlier too.

I have attached a few charts here and as there are several things going on in there, please take care to see them clearly.

Hello Amit,

Thanks for the in Analysis of archies, Had also entered but had got stopped out a month ago.
Appreciate your efforts for taking time and posting the charts too.
Greaves had a high of 414 today...and closed at 378.

Thanks and Regards

Roneeth

 

[AMITBE]

Hello Amit,

Thanks for the in Analysis of archies, Had also entered but had got stopped out a month ago.
Appreciate your efforts for taking time and posting the charts too.
Greaves had a high of 414 today...and closed at 378.

Thanks and Regards

Roneeth

Hi Roneeth...Greaves closed at 384 and is a strong hold as there's more left here over a period of consolidation.
The previously mentioned stop at 346, or even 340 are good. 299-305 is strong too but too far down from here. Stop out if the markets turn down and be ready to get on again later. The step up levels are on too, and it did touch 414 on Friday,
All the best.

 

[roneeth]

Hi Roneeth...Greaves closed at 384 and is a strong hold as there's more left here over a period of consolidation.
The previously mentioned stop at 346, or even 340 are good. 299-305 is strong too but too far down from here. Stop out if the markets turn down and be ready to get on again later. The step up levels are on too, and it did touch 414 on Friday,
All the best.

Hello Amit,

Have Noted down the levels.

Thanks and Regards

Roneeth

 

[mail2joshi]

Hi Amit,
Could you please help me with these scrips with immediate targets (1month) and with strict stop loses

IDBI @ 83
BOI @ 131
SIRPAPER @ 101

Regards
sjoshi

Hi Amit,
I took off my positions from BOI@132 and IDBI@85 on monday. Still holding Sirpaper.
Can you please advice on this.

Regards
sjoshi