BULLS CONTINUE TO RULE
As we discussed in our last post, we were long in JINDALSTEL, SUNTV and TVS MOTORS.
All 3 stocks outperformed to give superior returns.
We tried short selling also with mixed results. We made huge money in Oriental Bank of Commerce while lost money in JSWSTEEL short.
SO where is market headed?
All technical indicators are in positive zone and some of them even in the overbought zone.
On the daily chart some divergences have started to show up.
Does this mean we are ready to short the market?
At JerryTechnicals we will follow market wherever it goes. Our readers will watch two levels for next week.
1) 5870 - This is the near term target from which market can go into correction mode.
2) 5640 on NF and 5600 on Nifty spot. Close below these levels will take the index down to 5355-5250 levels.
What are the stocks to keep watch on:
1) TATASTEEL - This stock looks like it will come out of trading range and give a huge move in next 2 weeks.
2) AXIS BANK - High Beta stock- Keep trading the direction of Nifty.
One should avoid preempting the market at this stage. Go with the flow is our take.
For more details and questions how you can profit from clear cut trading ideas contact us at jerrytechnicals@gmail.com
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