Ossam week for markets and as expected in previous week the optimism prevailed in our markets and it prevailed with high spirits. Past week was 7th consecutive week of gains in our markets. Number 7 in Gann Theory holds lot of Importance for TIME ANALYSIS. This week would be important as well. It’s a short week due to the CHRISTMAS Holiday on Friday. But Price Time and Trend continues to stay very strong along with the Volumes. Has highlighted the factor of Volume Element in my earlier blogposts. So as far as all these 4 pillars of this rally continues to stand strong the joy would continue on DALAL STREET.
Although past week was 7th consecutive week of gains MARKETS are booming since last 6 months let’s look at the performances of few major markets. World stock market performance in last 6 month
Japan up 18%
Singapore 7.1%
Hong kong 9.59%
Taiwan 23.8%
South Korea 29.8%
Indonesia 21%
Nasdaq 28%
UK 5.21%
Germany 11%
France 12.29%
China 16.14%
India. 39.0%. Yes you read that correct Indian Markets are up 39% in last 6 months. And are 1 of the best performing markets in the whole world.
After a rally of such extend its obvious to have certain questions regarding the setup. Still using the rule of Extension targets could be projected on higher side 1 after another. But we all know that markets or any other universal object doesn’t really work this way. Yes as Traders we have to follow the primary trend but at the same time we also have to be prepared to take our profits as soon as markets gives us the first indication. So it is not wise to chase this upside blindly which has been my stand to trade this rally.
The conscious stand is appropriate only for short term. For long term current levels are also good levels to enter because long term target of NIFTY is at 17000 followed by 21000 in coming years. But coming back to the short term setup as I posted in previous week more then targets focus on supports or trailing stoplosses. Which in past week was at 13200 to 13300 and this week it has moved up to 13500 on spot. So as far as 13500 is held the rally would continue. On upside minor challenging zone is 13825 to 13875 which once crosses opens the road till 14020 to 14250 in coming days. For NIFTY BANK supports are same as last week here the target of 31500 is still pending.
On individual stocks front since last month I posted trading suggestions on multiple scripts. Majority of which has achieved their Targets. Whether its SUN TV BERGER PAINTS who completed their first target. BHARTI AIRTEL is also on it’s way to 600 it also gave long entry above 497 on 4th DEC. EXIDE IND made high of 197.4 in which the target was 198. VOLTAS also made high 844.9 where our first target was 848 highs were made last week. PETRONET also made high of 271 in 2nd week of DEC here our first target is 273. Targets were almost achieved but I post only when targets hit on absolute terms. APOLLO TYRE made high 200 where our second Target was 201 CHOLA FIN has achieved first target way back in NOVEMBER 2nd target of 417 is pending here. DABUR and TATACONSUM has not given an entry so far. ASHOKLEY has given entry past week target would take time to achieve here. I prefer to earn slowly and steadily. I had traded these stocks multiple times on both sides using angles and carried my positions for the pattern targets. BEL is yet to give the entry as well.
Disclaimer views expressed above are personal. And are Subject to change with time. Any Trades taken with reference to above Analysis has to be at your own risk. Trading in Financial markets is always subject to risk. So dont forget to consult your Financial advisor before taking any trades.
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