quote

To be successful, you have to
understand that trading is NOT
about picking highs and lows,
it's about making money."
- Mark Minervini

crude

crude made a new high at 90. most crucial resistance s lie at 94-97 band and which will be decisive for any further rally in crude.

also most news items and analysts expect crude to remain firm, which is an obvious reaction for say crude at new recent highs.

nse

indian equity stocks are weaker than normal. hence consolidation has not begun yet.

logically expect more lows perhaps 5550.nse by failing to cross 6080 has shown weakness .

in a larger context , sectoral rotation has to happen now, since the banking sector which has lead this rally along with autos cannot lead the next phase up.

nse

today by hitting 5780, a possibility has emerged of coming to 5650.

5800 has been very strong st. market has made 3 attempts to breach these levels of 5815-5825 which was successful today. further so far only banks have cracked. real estate is in any case dud sector, so what happens is inconsequential to index.

so now a bounce to 5900 tomorrow and then panic fall to 5650 may just be on cards, with autos, metals and banks cracking more.

panic- sensex

nse is 5825 as a write this.

this is the panic i was talking about esp in banks.

now resistance is at 5900 spot with sl at 5970 spot.

broker effect

today is a classical case of broker effect.5350 is being talked about.!!

i had a small short position in bank nifty and jp associates, which i covered at a loss right at 9.16 am.thankfully it was small since i didnt really wanna short overnight esp after panic.

i only wish he had called me before market close on friday and not in the evening. would have saved me good money, as i would nt have been short into close then.

but this is also a reminder to me to stick to ones beliefs.a bull mkt should not really be shorted esp overnight.intraday is the best trade if one wants to short.

a vacation to mauritius would ve been much cheaper!

sensex

got a call from my broker that 5350 is being said in circles.

as a trader i will be cautious when such 'news' come in.

so tomorrow will be crucial since nse closed below 5900 which was a major support.

technically a lot of bank stocks need to have a round of panic still like sbi, idbi,idfc,icicibk,lic,kotakbk,relcap,axis, relcap.

tatamotors looks weak.so does tisco, hindalco, and bhushan steel.

hence some further panic is likely to 5815-5825 in the minimum.

5955( future nifty) is most crucial and stop loss now for all shorts.