- The trading action always leaves behind important footprints on charts and traders follow them pretty closely.
- Every trading day now - traders are watching this game. Can Nifty cross over above 7540-7600?
- This is what Nifty did on Monday, March 14 2016 - again closed below 7540-7600 resistance zone
- Why crossing over 7540-7600 is turning out to be struggle: it was an important support before Nifty broke down
- Even if it clears the resistance of 7540-7600, Nifty will have to encounter many resistance on the way up and ride is not going to be easy there
- FIIs are buying but it seems DIIs not that enthusiastic. It explains the market struggle with resistance
- One stock that has no resistance issues as of now. Hero Motors has formed an interesting chart - new 52 week high and consolidation. It's a very bullish formation
- ICICI Bank seems to be heading towards the resistance point of 100 dma i.e. 242.
- India's consumer price index (CPI) fell to 5.18 percent year-on-year, compared to economists' forecasts of a 5.53 percent. Rate cut is now given. Does this mean - good news for PSU Banks?
- Speaking of rate cut: this week the most important Central Bank meeting is happening in US...FOMC - decision on rates on Wednesday. It is expected to be status quoist meeting but everyone will keep an eye on USD index
- INR has appreciated pretty sharply post Budget. It's now standing at 100 dma. Can it appreciate some more? I doubt. Here's USDINR chart
- One sector where there is lots of enthusiasm: Mid cap IT. Keep an eye on all the leading names there from Hexaware to NIIT Tech to KPIT
- The other sector where lots of buying interest can be witnessed: Textiles
- Coal India was always Avoid and continues to be Avoid
- Nomura thinks NTPC can rally to 175 because of improvement in fundamentals. The Charts don't communicate any such turnaround yet
- Speaking of Charts: RTN Power is showing solid price momentum.
- Is REIT the game changer for real estate players? Many FIIs think so. It explains the dramatic rise of Pheonix Mills post Budget and it seems it's not done yet
- Why one should watch Reliance Infra? The recent price action looks interesting
- Two stocks have recently made NEW HIGH: 1. Finolex Ind; and 2. Welspun India
- Momentum Watch: Vadilal Ind
- Adding HCL Infosystems on Watch List
Major beneficiary of Aadhaar Bill passage
Co maintains the central database for Aadhaar of nearly 100-crore individuals
— Varinder Bansal (@varinder_bansal) March 14, 2016
- The market moves wherever it wants to go. It does not care about you or me. It does not play favorites. It does not discriminate. It does not intentionally harm any one individual
- It is more important to listen to the market... and not to opinions.
- The tweet of the day.
- Do you want to learn Technical Analysis? - Science of Stock price action
— ET NOW (@ETNOWlive) March 14, 2016
"I am fast becoming a Twitter addict and I suspect many of you will too." -- @zervoscorfu in email to clients.
— Joe Weisenthal (@TheStalwart) March 14, 2016
ChartSource: Chartalert.com [Indian Stocks]
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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