Greece is back in Lime Light again with the surprise annoucment by its PM PAPANDREOU
GREEKS TO VOTE ON EURO MEMBERSHIP IN REFERENDUM: PAPANDREOU.
Why is this so market un-nerving news reason Being PM has asked the Greeks to vote for the the austerity measures his government has taken and Do GREEKS LIKE it or not.
A Poll conducted suggests 60% people are against the Austerity measures and if VOTING outcome is NO Greece will not take the Bailout fund by EU and has to default.
Lets look How Nifty looks technically
On daily charts Nifty is still in uptrend from the rally which started from 5038.
Nifty Daily
As seen from the above Chart Nifty finally filled the Gap 5235-5320 after 3 Months and took support@5038 and Bounced from the lows . Today we are likely to open Gap down near 5200.
Technically for Nifty to maintain its up trend it need to touch its breakout levels ie.5169 once to make weak Longs exit the market.
Below 5169 the current uptrend will end. Nifty has rallied almost 700 Points from the low of 4720 in 17 trading sessions Hence Profit Booking was expected which took place in term of gap filling.
Nifty Fibonacci
As can be seen from above Chart Fibo retracement from 5038-5400 38.2% comes at 5174 so below 5174-5169 uptrend ends and Hence should be SL for all Long trades.
Trading Levels for 2 Nov
Buy above 5248 TGt 5269,5300,5311 and 5324
Sell below 5218 Tgt 5200,5174 and 5145
Levels Mentioned are SPOT Levels
Infosys
Infosys formed a DOJI candle yesterday 2811 is the most important level to watch as trading below it will make Infy to fill the gap between 2811 and 2780 as pointed out in the chart above. 2818 is 200 DMA for Infy so 2811-2818 becomes important support levels and close below it will be bearish for the stock.
Sell below 2811 Tgt 2774,2745 and 2707
Biocon
Biocon is trading in a parallel uptrending channel as shown in above chart.Stock did a brief breakout on intraday basis above the channel for a swing high of 369 but unable to sustain above the levels and fell back in channel and trading towards the lower trading range now.
Sell below 346.5 Tgt 344.6,341 and 336
Buy above 349.8 Tgt 353,355 and 358
Sir,
Should we assume that when you do not update, we are not expected to trade? Please clarify. Thanks.
Regards,
Asokan
Dear Sir,
Its nothing like that. Actually i have timing constraints and i am unable to update site sometime, but mostly i will update the site.
As I run my trading course also so i need to attend my clients also.
Rgds,
Bramesh
Dear Sir,
Whether we can buy Voltas at current Price of Rs.100/-? Kindly advise.
Regards,
Dinesh
Dear Dinesh,
Volatas huge accumulation is going so its looks good for a long term investment perceptive technically.
I have no idea on company’s fundamentals.
Rgds,
Bramesh
sir ur biocon call bang on tg as well nifty also thx…….. u r really very humble and great technical analyst…….
Thanks Pratik.. You are also doing great..
Rgds,
Bramesh
Dear Sir,
Your Technical Analysis is always bang on target. Thanks for your regular advice through your e-mails.
Regards,
Dinesh
Dear Mr. Bramesh,
Your prediction on Nifty today was on target. Your advise is a guiding light in the darkness of Nifty day trading. Kindly keep updating your site as you do always.
Regards,
Asokan
Thanks Sir
Rgds,
Bramesh
good morning thank u sir for ur reply on biocon……..
VGM Pratik
Shared my views on Bicon Have a nice day
Rgds