- 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
- This is what Nifty did on Friday - closed above the resistance zone of 7540-7600
- When a wall is broken - it gives an opportunity to Bulls to run some more.
- The next target or resistance zone for Nifty is 200 day moving average - 7900-7970
- Nifty is pulling up most of the large caps in Banking Sector with SBI leading from the front
- The unexciting IT sector helped the market break the wall of resistance in big way on Friday
- Technically - Tech Mahindra has rallied a lot from support zone. The stock is at 492 now. I did cover it in a blog titled- Can Tech Mahindra make a grand comeback
- The Momentum exists in mid cap IT names. The stock to follow: Persistent Ind. I have covered it in previous observations.
- INR has seen very sharp appreciation in last three weeks. Technically - it means INR can appreciate to 66 (200 dma)
- THE Good News: FIIs have turned in very bullish and already pumped in over Rs 11,000 crore into the domestic equities so far this month
- One disturbing trend that needs to change: DIIs selling. DIIs have sold almost every single day in the month of March.
- Cement stocks saw follow through buying on news of surge in Cement prices in last one month. They key: Is this the fundamental turnaround for the sector?
- One sector that seems to be on Avoid List - PHARMA
- Lupin broke down below important support line
- The most bizarre thing in the rally: Surge in beaten down metal stocks
- Momentum Star of the week: Vadilal Ind. I did mention about it in Monday's notes. Point 20. The stock was at 533 on Monday. On Friday it closed at 644 - that's up 20%
- One space to keep an eye on: NBFC. The stocks: 1. Shriram Transport Finance; 2. SKS Microfinance; and 3. Manappuram Finance
- Stock watch: Wabag and support at 480 (200 week ma)
- "The tape tells the truth, but often there is a lie buried in the human interpretation." - Jesse Livermore
- Astra Microwave is building base at 102-104 levels. It is right at the support
- Berger Paints is now at 200 dma. Any hope Bulls will take notice
- The worst decisions, in life and markets, come from extremes: overconfidence and a lack of confidence.
- The tweet of the day.
- 25 years back in 1991, there were three crore investors, today there are less. What has been done wrong, probably we need to introspect ~ BSE CEO
- Do you want to learn Technical Analysis? - Science of Stock price action
— ET NOW (@ETNOWlive) March 19, 2016
ChartSource: Chartalert.com [Indian Stocks]
Read Old Market Observations::
March 17: Bhaiya ye deewar toottee kyu nahin
March 16: The Resistance intact, DIIs continue to Sell but action is Bullish
March 15: Bulls retreat after failing to take out 7540-7600 resistance
March 14: The Struggle with Resistance continues
March 10: Market encounters its first significant roadblock
March 09: Reading of Indian Market
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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