ONGC UPDATE

ONGC has been one of the strongest STOCK in whole of PSU sector baaring DEFENSE,

technicaly setup is strong and during next few days we would continue to expect further higher highs here above MAY high of 292,
Looking at its pattern placement we would prefer to buy this STOCK at CMP and on dipps till 260 for potential target objectives of 300 and 324 on cash in coming days and weeks.

UPTREND continues to stay fermly intact for MARKETS

Trend continues to stay fermly strong for NIFTY  as we have been discussing since 6th,june.

So all trades still has to be on long side.
Anticipating a trend change in a LOW VIX environment is not going to work out.
Hens as professional traders look to chase INDICES on long side atleast till market register a change of some kind either on PRICE front or on TIME front.

so lets quickly discuss critical points on PRICE and TIME front.

PRICE

NIFTY

for NIFTY  all price patterns are bullish so the easy thing is to respect patterns and stay with long trades with trailing stops.

until friday our trailing stops were placed at 23020 which from today would be revised higher to 23,250,
so keep it short look to buy all dipps which ends above 23250 on spot,
initial signs for REVERSAL would only come when the given level is broken.
On upside 24000 is a gennuan resistance so if trailing stops are held most probably INDEX should print 24000 before making a turn.

S&P

S&P after clearing its major resistance of 5350 have extended its rally further.
Higher highs should still continue as long as PRICE sustains above 5350  but turn cautious if INDEX starts to give a daily close below 5400.
On upside 5530 is a point of pattern resistance,
watch out closely what INDEX  does when it reaches there.

TIME

On TIME front as far as INDICES holds last fridays low on closing basis setup would continue to project further higher highs.
specificly for INDIAN MARKETS 21st and 24th,june are very critical turn dates.
So watch out for a potential trend change closer to these dates.

similarly for U-S-INDICES potential trend change dates would be on 24th and 25th,june.
So from early next week expect voletility to return back which would put pressure on markets.

thats it for now.

NIFTY UPDATE

NIFTY the momentum have slowed a bit  but trend still continues to be fermly on upside.


atleast as long as support of 23020 is held on spot there is no scope for any kind of a meaningful REVERSAL for near term.
Higher-highs should continue.
Tonight we have a MARKET moving EVENT in form of FOMC meat,
Looking at the technical setup even on S&P,
this EVENT should resolve on upside for all INDICES.
lets see,
expecting markets to stay mostly higher till FRIDAY.

NIFTY approaching fresh highss

NIFTY had fermly held its supports which we discussed yesterday.
with the break of 23050 today INDEX is on its way towards fresh all time highs.

supports have shifted higher to 22800 on spot now.

TIME wise market should stay positive till 12th to 15,june,
because there are no major CYCLE DATE until then,
15th,june specificly would be more critical.

So buying dipps ideally should work out till 15th,
Anything till 22800 would be safe  below that better to avoid!

NIFTY UPDATE

NIFTY intraday ranges should keep getting narrower from here.
Expecting markets to get normal post todays weekly expiry.
Last 2,days have wiped out trading capital of many retail traders so be very responsible with your position size and the overall approach which  you desire to take directionaly.
As far as trades are cunserned that obviously has to be on long side.
On upside 23050 is a resistance once that breaks new highs shall come.
Under 23050 INDEX would stay within uncertain shades of its technical setup.

On downside support is at 22450-22550  as long as this zone is held buy on dipps trade could work out.

If this support breaks a test of 22100 would be on cards.

Trade with thin volumes the upmove from yesterdays low seems artificial to me.

still it should be fine holding supports.

In my weekend posts since past 2 weeks I had constantly advocated to add SEPTEMBER puts to capitalize on any kind of Market decline  and during tuesdays decline those puts went up by almost 4 to 5 times.

We would again get simillar apportunity to reenitiate simillar trades.
Ideally post 15th june i would update on this.
Until then look to follow the short term levels.

NIFTY setup post yesterdays dramatic selloff

NIFTY  should move on from this ELECTION outcome till tomorrow,


and focus should shift back to technical setup once again.
MARKETS are still highly voletile and thats understandable after what happenned yesterday.
Yesterdays carnage had flagged few authentical questions on the credibility of the long term BULL-MARKET in INDIAN INDICES whether Yesterdays fall was a one off or is this something which would convert into a trend?
thats something we would come to know in next few days.

with the break of 21700 yesterday  setup is shaping up for a medium term decline but to conclude that i would still prefer to wait for some more evidence
Atleast i would wait for a daily close below  21700.

for immidiate term until this dust settles i am looking for a wide range of 22500 on upside and 21600 on downside.

If you have made decent profits yesterday then avoid Taking trades on INDICES.