Likely WhipSlashes Ahead!!!

Hi,
So far Nifty is holding quite well and haven't retraced to the extent with the intentions with which 5400 put were bought. Bank Nifty is too giving support to this rally with Axis Bank declaring robust earnings to sustain near 5400 levels. So for a while we can witness whipslashes for nifty around 5400 levels and Bank Nifty at 10,000 levels. I will stress more on sustainability of Bank Nifty's 10K as it is giving good support to its peer and outcome of sustaining 10k will result in sustaining in Nifty above 5400.

An interesting article in today's ET here of Nifty cut pasting 5400, I appreciate that author is quite impressed by the undercurrent and has given some targets of Nifty above 5400 and icici above 900. Quite gettable but only if above mentioned conditions met. Whipslash level for ICICIBank is now 900-905. So watch out for this levels and hold tight to your positions.

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ICICIBANK SHORTS TRIGGERED TODAY

Hi,

ICICIBank shorts triggered for one more time as the scrip clearly struggling to sustain levels above 900. Spot opened today at 914 and finally settled 890. Target for shorts is 850 for the time being and if new Nifty top which is in place holds for this month and witness profit booking we can see good amount of profit booking in this counter to all the way to 800 and more.

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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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