In our last week's market view we provided 100% accuracy and market behaved exactly as we told you all. On upside we said that 5475 is the magical level, and on downside we said that 5340 level can act as reversal level, and you all must have watched Nifty sliding down to 5361 levels and then rising sharply to make a high of 5509 level. When everyone was bearish we told everyone to buy nifty with stop loss of 5340, and all those who followed us minted massive gains last week, all shorters trapped badly. That's the accuracy we provide in our market view. Enjoy the matchless accuracy of Team EAIB. That's why we say, don't be a bull, don't be a bear, trade with levels and always be a winner.
Last week on weekly closing basis Sensex was up 1.2% and Nifty was up 1.3%. The market keeps on grinding it’s way higher, as all the bears are gone (or dead), and the bulls aren’t selling yet. When will they dump the market? When the last retail trader boards the bull train I guess? Could we go higher? Yes, of course we can.
But if we look at the whole scenario this market is so overbought that it makes absolutely NO logical sense, pattern, rhythm, or rhyme! No one in their right mind would go long in this insane market. Of course going short is just a crazy too… You’ll end up tied down to a table with ropes pulling your arms and legs off, by some bull as he slowly tightens them with one turn at a time. The conclusion for whole scene is that its a Slow torture for the bears, and more crack cocaine for the bulls.
The best way deal with this kind of markets is to follow the levels & trade on both sides of movement, rather than leveraging & betting unidirectional. This week moving on higher side bulls have a barrier at 5514 level, crossing and sustaining above this level will open doors for 5565-5590-5667 levels. If in coming days, we see markets sustaining above the level of 5565 and giving consecutive close above this level, then we can expect a sharp upside of 80-145pts once again. Contrary to this upside move, if Nifty fut reverts back from above given resistance levels, then on lower side it has support at 5460 level, breaching below this and sustaining will make it slide down to the levels of 5424-5372-5340. 5340 level being the major support on downside, & if this level is breached on closing basis then expect bears to get an energy booster for further movement.
We recommend all traders to stay cautious in current market, as trading in this market without any knowledge/ advice of market directions can be a losing game all in all, so a good advice is the basic need for minting money from this market. In this week traders must watch the range immediate range 5460-5565 (and a broader range of 5340-5667) breakout of this range will decide the further movement and will show some sharp movement. In current scenario , with every rise bears come out to attack & in expectation to get some part time and we think the only way to kill them off is to take it higher then everyone expects. "Since most people are now expecting bears to come, let’s fool them all and take it upwards ", this is what big bulls think for retail traders. Till Nifty fut is trading above 5460 level , bulls have no worries in this market. Bears will attack decisively after when the support levels 5460-5340 will break.
Last week on weekly closing basis Sensex was up 1.2% and Nifty was up 1.3%. The market keeps on grinding it’s way higher, as all the bears are gone (or dead), and the bulls aren’t selling yet. When will they dump the market? When the last retail trader boards the bull train I guess? Could we go higher? Yes, of course we can.
But if we look at the whole scenario this market is so overbought that it makes absolutely NO logical sense, pattern, rhythm, or rhyme! No one in their right mind would go long in this insane market. Of course going short is just a crazy too… You’ll end up tied down to a table with ropes pulling your arms and legs off, by some bull as he slowly tightens them with one turn at a time. The conclusion for whole scene is that its a Slow torture for the bears, and more crack cocaine for the bulls.
The best way deal with this kind of markets is to follow the levels & trade on both sides of movement, rather than leveraging & betting unidirectional. This week moving on higher side bulls have a barrier at 5514 level, crossing and sustaining above this level will open doors for 5565-5590-5667 levels. If in coming days, we see markets sustaining above the level of 5565 and giving consecutive close above this level, then we can expect a sharp upside of 80-145pts once again. Contrary to this upside move, if Nifty fut reverts back from above given resistance levels, then on lower side it has support at 5460 level, breaching below this and sustaining will make it slide down to the levels of 5424-5372-5340. 5340 level being the major support on downside, & if this level is breached on closing basis then expect bears to get an energy booster for further movement.
We recommend all traders to stay cautious in current market, as trading in this market without any knowledge/ advice of market directions can be a losing game all in all, so a good advice is the basic need for minting money from this market. In this week traders must watch the range immediate range 5460-5565 (and a broader range of 5340-5667) breakout of this range will decide the further movement and will show some sharp movement. In current scenario , with every rise bears come out to attack & in expectation to get some part time and we think the only way to kill them off is to take it higher then everyone expects. "Since most people are now expecting bears to come, let’s fool them all and take it upwards ", this is what big bulls think for retail traders. Till Nifty fut is trading above 5460 level , bulls have no worries in this market. Bears will attack decisively after when the support levels 5460-5340 will break.
Nifty Levels
- Resistance -5514-5565-5590-5667
- Support -5460-5424-5372-5340
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Stocks for the week
- VTM Ltd
- Aditya Birla Nuvo
- Capman Financials
- Lakshmi machine
- Modern Dairies
- Ceat Ltd.
- Acrysil
- Hinduja Ventures
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Intraday calls for 6September
- Wipro abv 402 tgt-407-415-422
- Venkey's Ltd abv 870 tgt-882-893-927+
- Z F Steering abv 472 tgt-484-500-514
- Crompton Greaves arnd 298 tgt-307-312-320
- Also watch Vesuvius India, Atlas Cycle, Coromandel International, Midfield Ind.
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For all trades, keep trailing your stoploss once the stock is above the buying price. Don't take delivery of any intraday call. Avoid spike buying.
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