This is an excerpt from our mail of 23rd January 2015 about Nifty index –> NIFTY: Must target 8900-9000 before any serious correction, use small corrections to add longs. But the market is already overbought, so heavy longs are not suggested.
On 23rd January Nifty was trading around 8800. Nifty exactly done our target of 8900-9000 zone, made high of 8996.60 on 30th January 2015 and now on correction mode. Yes, we are not magicians, we just know how to read the charts.
Nifty index – What’s next??
Now whats in store about Nifty now?? Yesterday’s close 8797.40. Stochastics is on sell mode, immediate trendline support 8725-8675 zone. This is minor support zone. Short term bounce is expected from this zone. But, if this support zone breaks, we expect BLOODBATH.
In that case, Nifty may touch the down channel, with time the down channel will move up a bit, but we do not over-rule possibilities of 8400-8300 zone also. So watch out the minor support in Nifty index, in any rallies, SELL, SELL, SELL.
We may expect a pre-budget rally on February 2015 in Nifty only after the downside target is done.
We have also found some stocks FOR SALE.
Yes, ULTRACEMCO, YESBANK, ASIAN PAINT, ABB. Any revival, SELL, SELL, SELL. TTTB Trading System daily scan has found these scrips from all the scrips in our database.
Our personal choice ABB (Last close price 1259.95). Sell the February futures in any rallies. You sell 1 lot or 1000 lots that will depend on your risk appetite.
Last note: One subscriber of ours, Mr. Shankar, have pointed out that ABB is being discontinued in futures. So maybe positional shorting will not be available in that scrip. You may try shorting in the other mentioned scrips, and use the ABB example for an ideal tutorial of TTTB trade setups.
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Indrajit is a professional blogger and trading system developer. Amibroker expert, WordPress expert, SEO expert and stock market analyst.Trading since 2002, he has started the journey of StockManiacs.net on 2008. He follows Indian and world stock markets closely.