Stock Market Today - RECAP

A great trader is someone who waits and waits like a tiger and makes a killing

at the right time --- Someone Wise.

Last 3 days we waited and waited and today we went for the kill just lke the

hungry tiger in question.

Readers of the blog would have printed out the almighty dollar in nifty short

as it fell to second target of short.

Those who traded the short recommendation of STERLITE would have been richer

by twenty thousand rupees minimum even with one lot of STER.

Those who followed me on twitter and those who remembered my 901 level on LIC Housing

would have printed out the almighty dollar as it fell to 848. If you remember, my one and only target

was 846. (Link: http://jerrytechnicals.blogspot.com/2009/11/stock-market-today-nifty-bank-nift-and.html )

Over the oceans, Dow Jones is struggling to cross the Ultimate Fibonacci zone of 10420 - 10500.

Link to DowJones Technicals :http://jerrytechnicals.blogspot.com/2009/11/technical-analysis-dow-jones-djia.html

Stock Market Today - RECAP

As i had writen, nifty went zig zaggin all through out the day.

It took support exactly near 5030 and moved up before succumbing to resistance at 5090.

ABAN rocketed to 1376 from 1352 a whopping 10k gain in a matter of minute even with

one lot. LIC housing did not perform at all.

Commodity levels given for this week (http://jerrytechnicals.blogspot.com/2009/11/commodities-this-week-gold-silver-crude.html)

are turning out be golden levels in crude oil , gold and silver. In strong bullish moves which coincidentally (:-)) started

from S1 level, crude has hit R2, Silver is above R4 and Gold is just 80 rupees shy of R4. Quite amazing.

Nifty Technical Analysis

I had writen last week that crossing 4865 nifty will cross the previous high. It looks all set to do so.

This week 5051 will be the key level to watch out.

Crossing and trading above this level with volumes, nifty looks all set to reach 5170, the first and

obvious target of the up move from 4531. Above 5170 the next targets are 5230 and 5290.

4900 remains the level to watch out for on the down side. Breaking and trading below this level

with volumes, bears can push the index down to 4800, 4740, 4650 levels.

Axis bank looks the most interesting stock on weekly chart.

Look out for axis bank in stock market today write up.

Disclaimer : This is not a recommendation/ solicitation of any order to buy or sell, but Jerry's view on indian stock market. I assume no responsibility for any opinion or statement made in this blog. Readers are urged to exercise their own judgment in trading. Readers shall solely be responsible for profit/loss.