GOOD MORNING.
DEAR FRIENDS,
BEGINNING
MARKETS HAVE BROKEN THE INTER-MEDIATE SUPPORT AT 16150 - 16100. THE FALL TOO WAS OF A SEVERE INTENSITY WITH ADVANCE DECLINES RATIO FAVOURING DECLINES 4 TIMES HIGHER. TECHNICALLY, WE WOULD TERM ANY MOVE OF HIGHER INTENSITY WITH SUCH A STRONG IMPACT TO BE A TRENDSETTER.
QUICKGAINERS HAVE BEEN AMPLY WARNED AND CAUTIONED ABOUT THE POSSIBILITIES THAT WOULD OPEN UP ON HAPPENING OF SUCH A MOVE. BELOW IS THE EXCERPT FROM MAY 28, 2008 NEWSLETTER,
"WE MAY WITNESS A DIFFICULT & PAINFUL CORRECTION IF SENSEX STAYS BELOW 16500 FOR LONGER THAN 4 WEEKS. POSSIBILITIES ARE TESTING OF PREVIOUS MAJOR LOWS OF 14677 & EVEN DEEPER UPTO 12500."
TODAY, SENSEX FACES RESISTANCES AT 16220 & 16450. IF, FOR ANY REASONS WHATSOVER, YOU SEE EITHER OF THESE 2 LEVELS AND HAVE NOT YET EXITED LONG POSITIONS, DO IT. LOWER LEVELS THAT MAY START FLASHING ACROSS YOUR SCREENS ARE 15810, 15580 & 14950.
JP HYDRO - GO SHORT ON ANY RISE UPTO 61.50 WITH STRICT STOPLOSS PLACED AT 64.25. FALL BELOW 56 WILL ADD FUEL TO ALREADY RAGING FIRE AND BRING THE STOCK DOWN TO 47 IN EXTREME SHORT TERM.
WE REPEAT OUR CALL ON DLF LTD OF 28/05/08 AS IT HAS ALREADY BROKEN THE REQUIRED LEVELS FOR GOING SHORT. "DLF LTD IS JUST WAITING FOR A PUSH AND WILL FALL INTO A DEEP RAVINE. WE ADVISE INVESTORS TO EXIT FULLY IF BREAKS BELOW 572. EVEN TRADERS MAY INITIATE SHORT CALLS ON FALL BELOW 570. STOCK MAY SLIDE BELOW 500 MARK IN SHORT TO MEDIUM TERM."
TAKE CARE!!
NS FIDAI
DISCLAIMER:
[The above recommendations are based on the theory of Technical Analysis and do not reflect the fundamental validity of the Scrip. Author will not be held responsible for any losses, financial or otherwise, incurred.]
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