Tuesday, May 26, 2009

Nifty 26-05-2009: Point and Figure: The reversal lengthens


The P&F chart appended shows the reversal lengthening. The last call was stopped out at the standard loss of 50 points. Let us wait for the reversal to play out.

Friday, May 22, 2009

Nifty Point and Figure and Candlestick Charts



22-05-2009: Here's the latest Point and Figure chart for the Nifty. It shows a small reversal on the long column of 'X's - but it is still on a buy mode. Also enclosed is the 5-minute, intraday chart with the inverted head and shoulder pattern. Its not the classic pattern, but looks good enough to take a chance for a small long lot.

Nifty Call # 23

We have an inverted head and shoulder pattern [slightly messy but a h&s it looks like] on the intraday 5-min nifty chart. Perhaps this is a good entry point.
Call # 23: Buy 1 lot. CMP=4240

Tuesday, May 19, 2009

Nifty 19-05-2009: Point and Figure: 4500 Hit!


The Nifty hit 4500 today and has reacted. As of now we have a candlestick formation for the day known as a 'doji' - a tussle, more or less equal, between bulls and bears. The Point and figure chart shown alongside shows a very long column of 'X's. It is still in buy mode, but looks stretched. It is better to stay out for the time being, and look for re-entry opportunities at saner levels.

Nifty 19-05-2009: Call #22

Call # 22: Sold long position @ 4310 @ 10:16 am today.

Monday, May 18, 2009

Market locked for the day

The market hit the second circuit-breaker for the day. We do not have the opportunity to book profits. Wait and see tomorrow.

Nifty 18-05-2009: Point and Figure: Whew!


Folks, hope you were even moderately bullish in your market positions, as this blog recommended on Friday. We have a first-ever up-circuit on Indian stock markets, and as per latest information, trading is locked until 11-55 a.m.

Meanwhile take a look at the lovely P&F chart appended alongside - what a massive buy signal. However, an overnight gain of 15% plus cries out for booking. So I will recommend that liquidate long positions when the markets open. Maybe we can buy lower after the hysteria.

Friday, May 15, 2009

Nifty 15-05-2009: Point and Figure: Bullish

The P&F chart remains on a bullish tenor. It's the same as yesterday, so I am not uploading a fresh one. The consensus is that one should lighten up completely in case there is a Black Monday after the poll results over the weekend. But we have a long position at 3550, fairly low down, and I would prefer to hold on and take my chances. Looking forward to an exciting weekend!

Thursday, May 14, 2009

Nifty 14-05-2009: Point and Figure: Market treading water


The chart alongside shows the last green X as the latest signal - a buy. But the movement over the past few sessions is indecisive. We would maintain a small long position, with the stop loss @ 3500 as advised.

Great article on Day Trading

The header of this post is a link to a great article I found on Yahoo Finance, courtesy TradingMarkets.com. Do have a read if you would like to successfully day trade.