Importance of Now
"The most important information available in a market is how it's acting right here, right now. A lot can happen in 12 months, so rather than make predictions about how the market will look next spring or next fall, I take each day as it comes." - Jonathan Hoenig
Right now - Indian markets look very bad.
How serious was today's selling
Sell off in Bank Nifty was very steep
Bank Nifty saw a cut off 3.4%.
Post monetary policy - USDINR Resistance remain intact
USDINR on weekly chart has created a well defined barrier around 63.91. The resistance has become more powerful in last few days.
Nifty: The Big Picture
Nifty has a well defined support around 7960-7980. It seems any decline will see support coming around this level
Bharti: Started Outperforming
I covered Bharti Telecom yesterday as stock ready to outperform. Well the same happened. Despite big sell off in Nifty, Bharti Telecom stock closed the day flat. The breakout past 415 seems to be working for now
ICICI Bank: Loss of Momentum and Directionless
ICICI Bank now seriously lacks momentum and direction. One can see that in chart quiet clearly now
Adani Ports: Bull Market stock looking for support
Adani Ports stock did very well in 2014. Even in 2015 - stock has done well. It has created a resistance around 345 and pulled back. Will stock find support around 200 dma and rally to break the resistance? That's what stocks typically do in Bull market. The question: Will the stock do in current market environment?
Praj Industries: Preparing to Breakout
Praj Ind stock has created a well defined resistance around 77. Now in last two weeks, stock has shown some promise. The big question: Will it breakout?
Dewan Housing Finance at 200 dma: Dip Buyer?
Strong stocks in Bull market are buys at 200 dma. Will dip buyers help the stock sustain above 200 dma
What is Support and Resistance?
Resistance becomes a barrier from which higher prices are rejected. Support becomes a barrier from which lower prices are rejected.
Do not see the market as you want to see it. See it as it is.
- State of the Market on monetary policy day
- Talking to stock through charts
- Chart Check: Focus on USD
- Chart Talk Searching for Direction
- Chart Talk May 26 2015
- Chart to watch on May 25 2015
- Ten Charts to keep an eye on May 20 2015
Please share your comments on what you think of above stock observations
Disclaimer – The state of the market notes is Deepak’s perspective on the market. The column is purely for educational purpose. Nothing contained herein is a solicitation to trade or a recommendation of a specific trade. By reading this publication you agree to make no trade relying in whole or in part on the comments of the writers