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Stock of the day (Thursday) : Chambal Fertilisers (sell)
Submitted by deepak on 20 June 2013 - 9:37am
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Chambal Fertilisers finished weak, and could fall further unless the market bounces back strongly today. It is a sell recommendation with a stop loss above 41. It would be best sold above 42.
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Outlook (Thursday) : Global sell-off will hit stocks
Submitted by deepak on 20 June 2013 - 9:34amEuropean markets declined last night and posted moderate losses. The US indices fell more heavily. Most Asian markets are down sharply this morning, with several indices having lost over 2%. The global short-term trend is down, and the decline is a heavy one.
Our market improved marginally yesterday, but is likely to fall today with a global sell-off happening.
Intermediate Trend : downtrend still on
Submitted by deepak on 20 June 2013 - 8:47am
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The chart on the left shows the nifty between Feb 1 and June 19. The points marked "T" are intermediate tops, while those marked "B" are intermediate bottoms. The dashed line in the centre of the chart is the 200-day moving average of the nifty. |
The sensex is in an intermediate downtrend that began on May 20 when the index made a top at 20,444.
Long-term Trend : sideways
Submitted by deepak on 20 June 2013 - 8:46am
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The chart on the left shows the sensex between Feb 1 and June 19. The points marked "T" are intermediate tops, while those marked "B" are intermediate bottoms. The dashed line in the centre of the chart is the 200-day moving average of the sensex. |
The sensex and nifty’s long-term trend is best seen as sideways, as they do not have a clear sequence of rising or falling intermediate tops and bottoms. The broader CNX Midcap and BSE SmallCap indices have falling intermediate tops and bottoms, indicating that their long-term trends are down. They could also show a sideways tendency if the current decline ends with a higher intermediate bottom.
