Nifty technical analysis ( 26 June 2013 ) - Bears have won

As a trader we look at opportunities. When there is a change there is a opportunity. Yesterday we saw bulls and bear having tough and  equal fight , look at the Doji created after a downfall ( Almost like a kicker). So this doji was a sign that probably selling has stopped, but we still needed confirmation about it today.

Sad part was that the bears won. So we are now looking for a blood bath in the market and the next support is 5500. With the rupee crossing the physiological 60 rs mark, tomorrow’s session will be again a bad one.

Keep your money in your wallet, stay away from longs , watch for opportunities time will come to earn money.

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Beware Strong hands exiting from Muthoot Finance - technical analysis Nifty.

We Indian people love gold. Its not just investment but also sentiments. In other words in auspicious situations like marriage etc its a important component. Muthoot finance is one of those companies who used this Indian gold loving mentality as their business model. But we all know what's happening with gold now and lets not get in to why gold is moving down etc. But definitely this is a very bad sign for muthoot finance. We saw two bad, extremely very bad signs for muthoot finance as below.

First negative sign it has broken its all time low which approx 120. Look at the below figure.

Point 1 :- All time high broken

Second sign when it broke the support level , it broke it confidently. Look at the volumes near the all time time low ( See the below figure).
Point 2:- Strong hands have exited

This analysis holds true for only 2 weeks from trading perspective. So for long term we need to look in to any bullish pattern formed in muthoot finance as reversal sign.....Till then no long bets on muthoot finance.

Also read our DLF warning charts which is also facing severe issues as muthoot finance Stay away from DLF - Last warning signals?

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Infosys , Decreasing volume/ Price & Inverted hammer

Recently we saw how infosys respected reducing volumes and reducing price pattern. When the price is reducing and at the same time the volume is also reducing it means that many people are reluctant to sell the stock at less cost. If you see the infosys chart it clearly followed the same.

At the upper side the down trend was seen  with a inverted hammer.So for now this stock is likely to move down in short term.



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Point Trading Basics

What are points on technical graph ?

point are places from where change happens. Change can be uptrend or downtrend.

What are significant points ?

Signiificant points are those points which are visited atleast two times with a period of more than 1 month.

What are super significant points ?

When the visits become more than 3 times or equal 3 times.

What is margin ?

Margin is a area of +2 to -2%.

What is a trading oppurunity area?

When the charts moves from one significant point to other significant point.

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BHEL ....

Book full profit in BHEL @ 2035, call given y'day at 1982

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