RESILIENT NIFTY: AIMING 5400 AGAIN

Hi,

Today's Nifty move was amazing considering the circumstances we were in globally last night. It surprised the spectators through its resilience as it didn't fell in line with its peers in the opening trade. While all the major Index were down in U.S from 2.5-3%, Nifty's Gap Down opening of just some 30 odd points and that too got recovered without hiccups. Even Fiis were net seller overnight to the tune of 1458 crores. Nifty's closing trade too was full of action and thrill as positive news flow from the European Banks fueled rally and closing the trade above 5300 mark.

Now looking through Nifty Futures charts it is giving indications that 5360 is quite achievable and above 5360 volume will play important role.

ICICI Bank: ICICI Bank completed the first target of 840 today as mentioned in the earlier post. Only a closing below 840 will trigger further downward journey. Shorts for ICICI bank are closed as of now. Will see further when it gets weak.

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Payoff Time: ICICIBank Hit by Events

Hi,

Hectic coverage of ICICIBank in the last one month in this blog came to climax finally at the end of this month. Clearly upside was mentioned here on 14th June post http://niftyswings.blogspot.com/2010/06/shorting-opportunity-in-icicibank.html. Stock was so weak that it didn't picked up any momentum when Nifty moved up from 5200 to 5380 and ICICI struggled to sustain 900 levels.

Seems like stars of ICICIBank were not good for this month. First it got hit by the rumors of U.S Law Suits but recovered thereafter (couldn't covered this that day as I read the article after some days) and then on 22nd morning Price targets were cut for ICICIBank by major investment banks like Goldman and JP Morgan. And yes we are finally 46 Rs down from the 900 levels. Currently stock is clearly struggling at 856 level and below 840 we can hope for 800 levels to finally emerge.

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Initiating Some Long Calls

Hi,
Initiating some long stock picks which can gain momentum in the coming week.

Bata India: Though the scrip is quite slow in consolidating but every time it breaks its trading range with good volumes and momentum. Target Price of the scrip is 300-320 and if gains momentum, target can be achieved in this expiry.



Praj Industry: Praj Industry is gone through its consolidation through symmetrical triangle and set to break out from the range. Target Price of this break out above 82 is 88-90 Rs and can be acheived within 7-10 days.




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ICICIBANK: Headline of Today for Wild Swings

Hi,
And yesss, scrip made headline for the mid-day review of bourses today. Check it out:

Capital Market

R.K. Global

Check out past few posts about ICICI Bank for the detailed notes I've made earlier.
Meanwhile Nifty is off from the days low and made a new high for the day ICICIBank is still struggling and so far haven't touched its days high and looking still weak.

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ICICIBANK INTRA UPDATE

Hi,
Index correlation is quite strong with this scrip. Earlier too it bounced back from 840 levels in line with Index on last short call of ICICIBank and the history repeated itself today too. Meanwhile expiry is expected to be above 5200 as per O.I data. Lets see if we can get below 800 levels after expiry, till then scrip is holding quite well with Nifty.

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ICICIBANK: WOLF WAVE TGT 840

Hi,
Opportunity for shorts in ICICI Bank.



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Shorting Opportunity in ICICIBANK

Hi,
Just rushing through ICICI Bank volume profile chart on the go. ICICI trading at attractive levlels of around 860 right now. Now looking at the volume profile and combining at O.I data, upside in ICICI looks capped @ 880 to maximum 900 and hence giving a chance to execute shorts as well as bearish strategies.


Though Nifty being in a clear uptrend so it is advisable to short ICICI bank in 2-3 legs in this coming weeks till the price action decodes itself in the range of 850-900. Currently one can buy and hold 860 put which is trading @23-25 Rs. Futures as usual in this series is still trading at discount though discount has shrinked, but volume is still not in favour of bulls.

Second strategy, a conservative one can also be executed if Nifty at all witness a sparking move above 5200 and ICICI moving above 900. Strategy is to short 1 lot of ICICI Bank Futures @ CMP and buy 2 lots of 920 call of current series which is barely trading at 1 Rs. This strategy gives a lot of room to play on both the sides and has a good earning potential.

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Market Stats: June 07

Hi,

Nifty took support at 5000 level, but Fiis chose to unwind their Longs position in Nifty. Last two sessions of buying 1920 was exited to the tune of 1665 crores. Now against the Fiis selling of 33 lacs of Nifty Open interest increased by 11.3 lacs, means Retailers were long and some Long FII holding is still there in Nifty.

Speaking of Nifty Intra, Open interest of current series increased by around 9.5% intra, but by the end of the day Net addition was 4% only, indicating that element of uncertainty is still there.


Review of Stock Calls:

Idea: Buying volumes are still holding the stock above 54 levels, so Longs are still open for the target of 58+ with 53.5 SL on closing basis.

Balrampur Chini: Stock has given down as mentioned earlier, and further shorts will be initiated on the break of 78. Today gave nice 2.5% intra moves.

Icici Bank: Short call in ICICI bank is still there, today it consolidated in 835-845 range, further crack will widen below 830 which is important support.

Earlier Long Calls

Torrent Power: Stock has given some nice moves today. Its been continuously recommended since 19th of May. Today it has given some good spike today and is successfully moving in the channel. Check out Chart.


BGR Energy: BGR Energy has been successfully maintained its upper end and is holding out well in the Jittery times. Some profit booking is not bad at this level. Stock is constantly adding O.I without much fuss. A breakout will be above 660 level and stock can be re picked at 640 and below if it gives a chance.

Hindalco: Though its in risky category but its staying at one of the major support of 140 below which it can give another crack. But as Nifty is holding it can be picked up from here.

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IDEA A SAFE PICK

Hi,
Idea again got picked up with volumes, as Nifty is rising with increase in O.I of around 8%, Idea can be safely picked up from here for 58+ target. Longs in Nifty can also be initiated for the target of 5080-5100 as builtup in Nifty is totally on Long side.




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Intraday Update: Finally Balrampur Chini Cracked

Hi,

Much awaited cracking of balrampur chini happened today with stock clearly cracking 2.5%. Crack will widen if it breaches important support of 78 which is its lower side of consolidation range. To confirm cracking there is an addition in open interest of about some 2% with crack in price.

ICICI Bank: Icici is yet to crack, weakness as mentioned earlier, is already there. A break down will happen from 830 level which is its important support.

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Review of Stock Picks

Hi,
Reviewing the week for some stock which I pick for short entry on Friday.

ICICI BANK: This stock has shown some interesting spot-future relation. Since the stock got picked up on 2nd June at around 830 levels on spot it is continuously trading on a deep discount on Futures. It has maintained an average 12 points discount in comparison to Spot. Just check out Spot Future chart of ICICI Bank on Friday:

Check out contract and underlying high low on friday we get a huge gap of highs at 854(future) vs 869 (spot). Clearly giving reverse arbitrage and some good shorting opportunity.

In Futures as I mentioned in previous post O.I of 1crore was built up on short side.

Clearly from 1st of June small amount of shorts are building up with an average rate of 2.5lacs shares daily. Volumes at spot continued to be lackluster, will be interesting when it tanks.

Balrampur Chini: Balrampur chini did picked out with the start of the session and closed out above its previous consolidation range of 81-78(thanks to the index), but clearly vloumes and indicators are showing weakness and its very hard to stay up in this range.

Now interesting thing is that long unwinding was seen in this stock in spite of stock closing in green. I've mentioned the scenario of long unwinding earlier too, so past two sessions 2.4 and 8.7 lacs of shares were reduced in open interest, will be interesting to see how built up pans out in coming days as its start of this O.I series and quite difficult to gauge the built up, but once builtup gets decoded this stocks gives good momentum and wild swings, so watch out for this stock.

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Stock Pick: June 04

Hi,
I'm expecting some profit booking at the end of the week so some short calls are in my list:

ICICI Bank: Stock is clearly is out of buying interest and avg. rollover price stands at around 850. With 863 as stop loss trade can be done for 830 and below targets. Check out the chart. Built up of O.I of around 1 crore shares are totally on short side.




Balrampur Chini: Stock has been range-bound in last 3-4 sessions within 78-81 range and O.I is clearly indicating that longs are unwinded in the meantime. A break from this trading range can give targets of 74 and below keeping SL of range high of 81.

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Stock Picks: June 03

Hi,
Picking up some stocks which are witnessing some good buying interest....

Stock#1: IDEA CELLULAR: Stock has shown long rollovers @ 49 levels, so a decent stop loss should be 49 on closing basis. Yesterday stock has added up 10 lacs shares grossly coupled with good buying in spot. Also my modified atr indicator also pointing out buy call(where green line is a long term buy call) on the stock.



Stock #2 Hindalco: Though any significant action is due on this stock and its still trading below its long rollover price of around 148, spot is 143 right now and on charts its giving some accumulation readings, so seems like a value buy with SL 140.


Earlier Pick of BGR Energy is doing great and Torrent Power can spike up any day.

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Calls Review: Power Sector Picks

Hi,
As mentioned in the 19th May Post Power Sector Picks, recommended 3 stocks: Torrent Power, BGR Energy and Suzlon. Barring Suzlon, Torrent Power holded quite well and still consolidating in the channel and BGR Energy has given a breakout recently and closed higher today despite of Nifty closing in Red.

BGR Energy: Clearly the stock was consolidating in the narrow range so far and has picked up with some volume. Going further Price/Volume action will be interesting to watch.


Torrent Power: Almost same kind of story with Torrent Power i.e consolidating on low volumes, just waiting for volume spike in this counter.



Suzlon: This is the stock which didn't performed probably FIIs preferred to sell index based stock, but still suzlon can be a dark horse in long run.

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