readings from tape

Disclosure: The trading calls given below carry inherent risk of "loss" which is your responsibility.

Tuesday, October 27, 2009

Book profits in IOB @ 123.5

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Sell IOB here @ 126.5

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SUZLON now @ 79.5; 77.5 is important support

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Nifty has crucial supports @ 4920-30 levels

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Monday, October 26, 2009

Exit TATASTEEL @ 545

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Exit SCI @ 142

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Book profits in NELCO

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Sunday, October 25, 2009

Next Nifty support @ 4920-4930 levels

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Friday, October 23, 2009

Gold is forming symmetrical triangle on intra day charts. If it cuts $1067, then it will form a new high

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Sell TATASTEEL below 533, first target 500

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Book profits in TATASTEEL @ 536

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Buy Shipping Corporation here @ 145 with SL below 142

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Sell TATASTEEL here @ 541 SL above 560

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Book profits in TATASTEEL @ 545

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Nelco UC today

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Thursday, October 22, 2009

Book profits in NIFTY here @ 4989

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Dollar touched a new low yesterday but gold did not make new highs

Buy Gold only above $1070. Gold ha strong support @ 1047.
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Sell NIFTY here @ 5017 levels SL above 5030

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Exit INFOSYSTCH here @ 2232

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Sell TATASTEEL here @ 550 with SL above 560

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Wednesday, October 21, 2009

Book profits in Gold here @ 1064

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As already mentioned, watch for USD rebound around 73.7-74 levels

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Buy gold here @ $1049 with SL below $1047

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Nifty now @ 5076

Book profits
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Sell NIFTY here @ 5090

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Exit Reliance here @ cost

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RELIANCE trading sideways because of ongoing RIL-RNRL hearing in SC from yesterday

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Book profits in AMBUJACEM @ 91

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Exit CIPLA here @ 289

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Sell INFOSYSTCH here @ 2223 with SL above 2250

Weekly chart indicators triggering sell signals
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Book profits in INFOSYSTCH @ 2217 levels

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Nelco 5% UC @ 80.5

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Tuesday, October 20, 2009

Apple results blows away estimates

http://www.marketwatch.com/story/strong-iphone-mac-help-apples-earnings-rise-46-2009-10-19
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Exit POWERGRID @ 111.3 levels

Sideways movement and not able to trade above 114.
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OPEN POSITIONS

Long POWERGRID, long CIPLA, long RELIANCE, long INFOSYSTCH, long NELCO, long IBSEC, short AMBUJACEM.
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Book profits in ZEEL here @ 245

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Book profits in HCLTECH now @ 310

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Book profits in RCOM @ 242

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NELCO 5% up UC today

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USDIX

USDIX (which tracks dollar against other major currencies) has crucial support @ 73.8 levels.
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Monday, October 19, 2009

Reliance MIP

http://new.valueresearchonline.com/funds/newsnapshot.asp?schemecode=1990

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Dow might rally to 10300-10400 levels maximum (fill downward gap05.10.08) as per EWT

The long term trendline connecting October 2007 and May 2008 highs is placed at this level which will act as huge resistance. And start wave III downwards.
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Advance-decline ratio in DJIA decreasing steadily but markets continue rise

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Galleon Insider-Trading Case Opens Window on Secret Hedge Funds

http://www.bloomberg.com/apps/news?pid=20601087&sid=a01GJ_ryEtms
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Those who bought crude around $76 can book profits @ 78.5 levels here

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Sunday, October 18, 2009

Buy HCLTECH around 300 with strict SL below 299

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Buy INFOSYSTCH around 2170-2180 levels with SL below 2160

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Buy IBSEC @ 55 with SL below 54

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INFOSYS support @ 2160-2170 levels

Short covering rally in offing
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NELCO breakout on high volumes. Buy

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Saturday, October 17, 2009

MLL @ 65 now, book profits

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USD has closed below important support @ 75.8

Watch USD carefully for reversal.
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Crude oil onboard to first tgt. of $79-80

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Long Rice

http://www.thehindubusinessline.com/2009/10/17/stories/2009101750481800.htm

Rice may shoot up in Q4.
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Friday, October 16, 2009

Crude oil breakout yesterday from symmetrical triangle pattern

$75.6 was breakout pattern initiation and already @ 78 today. Whether this will be a blowout top, needs examination.
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POWERGRID

If POWERGRID trades consistently above 114, expect short covering for tgt. of 120.
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RELIANCE tgt. 2300

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Hold AMBUJACEM shorts if you had initiated any yesterday @ 94 levels

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Book profits in IOC @ 630

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Buy CIPLA here @ 294 with SL below 289

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Buy RELIANCE if it trades consistently above 2200 for 10 mins.

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Sell ZEEL here @ 257 with SL above 262 - tgt. 243

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Buy RCOM here @ 233 levels with SL below 225

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Thursday, October 15, 2009

Mercator Lines

Buy MLL with SL below 63 for tgt. of 69. Very good support @ 63.
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AMBUJACEM

has closed below crucial support of 95 consecutively for 2 days. Watch this stock.
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Hold IOC short as positional

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NIFTY @ 5100 - Book profits here

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Buy NIFTY here @ 5085 levels

with SL below 5080 spot.
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RCOM bounced from our mentioned levels of 325

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Buy POWERGRID Intraday around 113 levels with SL below 111

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POWERGRID

If it closes above 113 on high volumes, then rally upto 120. Watch for symmetrical triangle breakout.
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Sell IOC here @ 638 with SL above 650

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SUZLON @ 89 now

Those who bought @ 86 levels can exit here.
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Will wait for RCOM to stabilize around these levels

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Wednesday, October 14, 2009

SUZLON

important support around 84 levels. Go long with SL below 83.
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RCOM

has closed exactly at crucual support around 230. Fibonacci retracement supports @ 220 levels. Watch for short-covering rally.
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BAJAJHIND

BAJAJHIND after triggering our SL of 282 (buy call given @ 290 on 09.10.09) on 12.10.09, has surged 12% today to 217 after Maharashtra elections got over.
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TATASTEEL

Wrote previously max. tgt. is 550 which is a crucial resistance on upside. Now TATASTEEL has cut 550 and trading @ 563.
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Nifty SL triggered

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Monday, October 12, 2009

Nifty takes U-turn from 4950 levels

Holding shorts @ 4970. This rally is more of short squeeze. Volumes were relatively lower. Hold with SL 5111. if NIFTY closes above 5080 for 2 days, will reverse the position and go long.
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Nifty keep SL above 5080

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TATAMOTORS SL triggered

Loss 2 points
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Sell TATAMOTORS futures @ 530 (futures) levels with strict SL above 546 (cash mkt.)

Huge discount of 15 pts. bet. cash and futures.
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Sell Nifty around 4970 levels

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Bajaj Hindustan

trading sideways due to Maharashtra election results and SAP date fixed by UP govt. on Oct. 15. Desist from trading in sugar stocks.
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BAJAJHIND SL triggered

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IIP nos better than estimates; markets sideways

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Rice prices will go upward next quarter

Keep watch on stocks like REIAGROLTD (@ 46 now), KOHINOOR etc.
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IIP nos. today

Will be better because of lower base effect. Sell NIFTY on every rise.
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BAJAJHIND SL sell @ 182.5

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Sunday, October 11, 2009

Weekly readings 12.10.09

NIFTY has broken trendline on weekly charts. Negative weekly divergence in various oscillators and lack of momentum. On daily charts, Nifty has support @ 4930 levels. Sell Nifty on every rise with SL above 5050 for first tgt. of 4800.

If RIL trades below 2070 on high volumes, sell with SL above 2100 levels.

Watch metals like TATASTEEL (maximum tgt. on upside is 550), STER carefully. Volumes are not supporting the higher prices. Reversal anytime soon.

RCOM has a crucial support around 230. Be cautious.

MARUTI has crucial support around 1460-1470 levels. Close below this, will crash to 1330 levels minimum. Weekly RSI has dipped below 70 for the first time since June.

If TATAMOTORS trades below 545 consistently intra-day, sell with SL above 545.
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Saturday, October 10, 2009

China's style and yuan's ambition

http://www.thehindubusinessline.com/2009/10/10/stories/2009101050190800.htm
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Washington starts cooking third stimulus

http://www.marketwatch.com/story/washington-cooking-up-third-stimulus-plan-2009-10-09
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Friday, October 9, 2009

DJIA, S&P - Caution: High voltage tripping hazard

Only air pocket behind this rally. 3rd wave to start.
Blindly go LONG US dollar, SHORT stocks and commodities.
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USD index showing +ve divergences in daily charts

Double bottom formation likely and a good basing pattern set for a dollar stampede. Hold crude oil shorts initiated around $71.3. When the markets crack, it will be a downward spiral.
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Believe It Or Not, In Defense of the Dollar

"The fact is, there are no good alternatives to the U.S. dollar."

http://www.elliottwave.com/freeupdates/archives/2009/10/08/Believe-It-Or-Not-In-Defense-of-the-Dollar.aspx#

excellent reading
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Will the rupee rally continue?

http://economictimes.indiatimes.com/articleshow/5106432.cms

IT companies may mess with hedging if volatility continues. Rupee is rising more due to dollar weakness than continued FII inflows.
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McNally Bharat

Rakesh Jhunjunwala buys 4.8 lakh shares in bulk deal on 08.10.09 @ 167.28/-.
McNally Bharat Engineering Company Ltd. (MBE) is one of the leading Engineering Companies in India engaged in providing turnkey solutions in the areas of Power, Steel, Aluminium, Material Handling, Mineral Beneficiation, Pyroprocessing, Pneumatic handling of powdered materials.
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Nifty exactly took support around 4930 levels today

See market weakness ahead. Buillish on sugar stocks
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Sell Crude oil around $71.3 here

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Hold BAJAJHIND as positional

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Expecting multi-month USD rally

Which will take stock markets, commodities into downward spiral. Fall season might prove to be catastrophic for stock markets and commodities.
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Intermediate trend is up as long as Nifty holds 4700 levels

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Nifty @ 4940

Those who have not booked profits can book here and wait for clarity.
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Following only select stocks due to resource constraints. My only aim is to strive to deliver maximum value for users.
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Keep a careful watch on HDIL which is touching 52-week high daily

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Yesterday written to sell Nifty on every rise

If you had sold Nifty today morning around 5020 levels, then you are making 60 points profit.
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Sugar stocks looking strong

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Nifty has important support @ 4930 levels

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Wipro tgt. 551 achieved. Close positions

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Wipro keep trailing SL of 561

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Wipro @ 556 now. Book part profits and hold the rest for tgt. of 550

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Bajaj Hindustan - Buy above 189

If Bajaj Hindustan trades above 189 for 10 mins. with higher volumes, then it will be classified as a breakout from rectangle. Now @ 187.9. 1st tgt. 200.

Sugar stocks might have another run up before Diwali.
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Real estate counters

There might be huge unwinding in real estate stocks esp. HDIL. Touching 52-week highs daily. Will wait.
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Wipro @ 561 now

Some profits could be booked.
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Infy results update..

http://economictimes.indiatimes.com/news/news-by-company/earnings/Infosys-Q2-beats-street-expectations-net-profit-at-Rs-1540-crore/articleshow/5104584.cms

Outlook MUTED.

"Business outlook:

• Income is expected to be in the range of Rs. 5,429 crore and Rs. 5,476 crore; YoY decline of 6.2% to 5.4%
• Earnings per share is expected to be in the range of Rs. 23.35 and Rs. 23.56; YoY decline of 18.5% to 17.8%"
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Sell Wipro futures around 575 with SL above 580

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Thursday, October 8, 2009

Watch Infosys carefully

Has a strong support @ 2150 levels where 50DMA is positioned and has bounced off everytime from 50 DMA.
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Sell Wipro on every rise with SL above 580

Even stricter SL will be last week's low of 570. first tgt. 550. Wipro closed @ 565.1 today.
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Stock market burst within one or two months: Jhunjhunwala

http://economictimes.indiatimes.com/Stock-market-burst-within-one-or-two-months-Jhunjhunwala/articleshow/5102329.cms
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Expecting a multi-month rally in USD

There are only 3-4% bulls in US Dollar. USD might have bottomed out already(formation of double bottom).Expecting stock markets and commodity crash soon. Whether gold will decouple and move in tandem with USD remains to be seen.
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Sell Nifty on every rise

Markets showing weakness and lacking momentum. seems that 5100 is limit on upside. go short on every rise with SL above 5080. 1st tgt. 4900-4930.
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Bajaj Hindustan trading in rectangle

Almost broke out on 07/10 on huge volumes. Close above 189 for 2 days should be a confirmation of breakout from rectangle. Wait for clarity.
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