Quotes with Resistance & Support
Market Information
Intraday calls for 17-05-2012
Posted on: May 17th, 2012 at 8:28 am
Markets likely to open slightly higher. Support for nifty is at 4820.
Buy Mahindra & Mahindra above 658, target: 672. Stoploss: 647 – (sl triggered in M&M)
Won’t be able to reply to queries today as I facing internet related issues.
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ani Says:
May 17th, 2012
Posted at: 10:35 pm
cb sir,
Why the m&m didnt wrk today...aftr going up and thn hit the stoploss mark...ny reason...again regarding nifty its goes up and again end wid flat note.....
RAVI Says:
May 17th, 2012
Posted at: 10:37 pm
hi kartik ,voltas is buy or sell at cmp
rahul Says:
May 17th, 2012
Posted at: 10:46 pm
cb cesc going good chart looks good
Deepak Bedi Says:
May 17th, 2012
Posted at: 10:55 pm
Hi SM... U're being modest... Thanks as always for the detailed reply... just as an aside... Hav you heard of a technical pattern called "Three Peaks and a Domed House"? One of the international chartists that I track feels that the S&P is on the verge of forming this pattern (over the next couple of months)... Would you shed some light on this please??
Dilip Says:
May 17th, 2012
Posted at: 10:56 pm
Kartik,
Can I accumulate SBI and L&T @ CMP? How much can I expect in next 6 months...
Thanks in advance...
RAVI Says:
May 17th, 2012
Posted at: 11:23 pm
hi kartik, which one is better to enter colgate or patni computer
Kartik Says:
May 17th, 2012
Posted at: 11:23 pm
Hi rahul bj, below 208 it looks weak, avoid it
Hi SaiPalanivel, for now it seems may open flat, hold your Ce with tight SL at 4840 on nifty
Hi Aman, can see 388
Hi rahul, faces strong resistance at 280, dont enter it yet
Hi Dilip, they look weak technically, would be better to avoid them for now
Kartik Says:
May 17th, 2012
Posted at: 11:24 pm
Hi RAVI, Colgate looks good
hitesh Says:
May 17th, 2012
Posted at: 11:30 pm
hi kartik how is reliance industires looking after gas price hike and technically on charts
Jesi Says:
May 17th, 2012
Posted at: 11:38 pm
Halo Sir
Alok 20 call holding.what target for alok industries sir?thank you sir
smarty Says:
May 17th, 2012
Posted at: 11:51 pm
hi kartik....wht will be the tommorow tip....hard luck for today sl triggerd...but i salute to you all guys who make trading much safer thnxxxx alot guys...
SM Says:
May 18th, 2012
Posted at: 12:42 am
Hi Deepak Bedi, No, really, I'm not a master of charts. Though I have heard about "Three Peaks and a Domed House" pattern long time back, I had completely forgotten. Thanks a lot for bringing it to my notice. Its a pattern which works best on longer time-frame charts.
This link wonderfully explains the pattern :
http://www.tradersdaytrading.com/3-peaks-and-a-domed-house.html
Now, as far as S&P500 goes, I have tried to upload a chart. See this:
http://i45.tinypic.com/1jw6r8.jpg
Points to note:
1) The three peaks are depicted by three numbers 1,2,3 in blue colour.
2) The "Domed House" is mentioned in blue colour but followed by question mark. This is because, ideally, the "Dome" of the "Domed House" should be the "Head" of a "Head and Shoulders" pattern. Look in to the chart. Formation of H&S pattern in the "Domed House" part is absent. Rather it looks like a double top kind of pattern around 1415-1420 zone.
3) I have drawn horizontal lines in Red in the chart which depicts important supp/res zones. Notice a major support which connects the 3 peaks is broken. But there are a number of support zones below which are yet to be tested.
4) Only when the last support zone (the last red line around 1230) is taken out, we can say that the "Three Peaks and a Domed House" pattern is complete. Till then its anybody's guess.
5) Apart from the "not so well formed Dome", we can somehow say that the "Three Peaks and a Domed House" pattern looks likely in the chart of S&P500. We will have to give it time, lets say, some months.
I tried my level best to be of assistance to you regarding this. Lets see what happens :)
SM Says:
May 18th, 2012
Posted at: 1:19 am
Hi CB, Thanks a lot. Now, take some rest any try to sleep :)
CB Says:
May 18th, 2012
Posted at: 1:24 am
Hi hitesh, technically its near strong support levels. can head upto 705 if markets support
Hi Jesi, 20 this expiry seems a bit unlikely. as of now try and exit on any bounce. sl near 17.50
Hi smarty, yes, did not work out today. thank you for your kind comments. as of now seems may open 20-30 points lower today.
CB Says:
May 18th, 2012
Posted at: 1:25 am
Hi SM, thanks :) Good night..
SM Says:
May 18th, 2012
Posted at: 1:28 am
Hi CB, Good Night :)