Chat Transcript

| 01 Sep - 04:00hrs

What are technical indicators suggesting?


Hitendra Vasudeo | Technical Analyst

Hitendra Vasudeo: good afternoon
guest: what are the technicals indicating about the markets?
Hitendra Vasudeo: For Nifty, technical suggest that correction cycle is in progress which may end now or could slide down to 7591, 7119 and 6646. The election week high low was 7563 and 6862. Hopefully for longer term correction cycle can end at either of the retracement levels mentioned or at the election week high low range. this means for long term passive investors it could be good opportunity to accumulate
debachat: Sir, I have Orient Paper @30. Should I hold this stock of sell?
Hitendra Vasudeo: if you are not willing to remain invested then keep the stop loss at 24.80. for long term investors accumulation can be at 21-19 zone whenever the opportunity arises. or keep sl at 18 and accumulate at 21-19 if the opportunity arises in time to come
guest: Opinion on Escort hold or sell purchased @127/-
Hitendra Vasudeo: Overall hold. Can take partial profits which may help to reduce your cost. If correction set in once again then accumulate at retracement levels of 150-140-131 if at all the opportunity arises. Further breakout and close above 181, the stock can set a rally to 247
guest: rain industries 150 share @50/- hold or sell
Hitendra Vasudeo: rain- support is at 36-34 and 30-28 if you are long term investors can lower levels is for accumulation whenever the opportunity arises in time to come. traders and short term investors currently do not have much choice but to keep sl 34 and can add at current level or below with sl of 34 for new position
guest: Hi sir, I had bought 22122 shares of JPASSOCIAT @ 13 CMP is 9 now what should I do
Hitendra Vasudeo: The last major lower top was 89.90 and 0.11 of 89.9 is about 8.9. the low registered was 7.90. The stock must sustain above 10.35 to generate hope for near term rise to your cost. trend is down and lower top lower bottom are being witnessed. the stock is currently digging its deep hole. till the reversal is not see getting to your cost could take some time. traders angle the stock must trade above 10.35. those short keep sl 10.35. those long keep sl 7.90
guest: Why banking stocks are going down and should one pick any specific stock in this correction
Hitendra Vasudeo: why ? the answer fundamental people will tell. any pick in market cannot be at one price. it has to be at different lower levels as market is in correction cycle. axis bank- accumulate at 463-403-344 in the ratio of 1:2:6 so that when the correction cycle end and rally resumes profits will begin. the objective for the stock is to test couple of retracement levels at least. but for long term investors could be opportunity.
guest: What is the future of Suzlon energy stock.
Hitendra Vasudeo: the stock has critical support at 19. a fall and close below 19 on sustained basis may lead to a slide to 15.5 and 11. Upside is capped to 26-36. Long term investors need to wait for 15 and 11 for accumulation whenever is comes. traders can trade long above 23.10 and those long need to keep the stop loss at 19.
Hitendra Vasudeo: Accumulate now further at 218 and 192 from long term angle. Trend is down and correction is being witnessed. resistance is at 263-292. may rally can resume on rise and close above 292. broadly, till 292 is not crossed any rally for near term t short term 263-292 is an exit opportunity for. long term investors can accumulate at 218 and 192 whenever the opportunity arises and hold to wait for trend to resume. accumulation and correction means waiting period with gestation. it also means short to medium term under performance. returns can resume only when up trend resume with high top and higher bottom.
guest: niftty will move are down
Hitendra Vasudeo: kindly refer to first answer. the question asked is like the situation of goal keeper. taking penalty shoot out.
debachat: Sir, I have Orient Paper @30. Should I hold this stock of sell?
Hitendra Vasudeo: already replied please refer to chat answers
guest: Sir, I am holding MRF @ Rs.39500 from last 6 months of total 25 sahres. what is the technical target of 1 year & SL. ??
Hitendra Vasudeo: Overall objective remains to hold. a correction cycle of the last rise from 31360 to 46397 is being witnessed. the retracement levels are placed at 38879 and 37104. the retracement levels are for accumulation. upside capped to 42400 to 46000 where resistance will be seen. whenever the breakout above 46400 is witnessed the stock can scale to 53000. Considering the correction levels the stock can provide long term opportunity to accumulate. (By chance if stock splits) the levels will change in relation to the split or any other corporate action. from the correction point view to long term the stock can provide good opportunity. good deeper price can be 34339, the demand zone on weekly chart is 34339-31360.
caneerajpoddar: what to do now in the market.
Hitendra Vasudeo: once again the question is general what to do. different roles assigned to different people with different mindset. market is falling, so trader should sell and trade. long term passive investors should identify retracement and correction point of respective stocks to accumulate. correction are always for accumulation for passive investors. active investors preferred up trended market to seek directional movement.