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Weekly chart of NIFTY is nothing but a positively charged force. We see the correction has ended quickly from downward red channel. Momentum indicator has turned bullish last week. Nevertheless the investors are buying furiously. We are back to the Sep 2008 levels.
If bulls control the market then we will soon hit 5260 that is 700 points rally. Bullish tone of the market is likely to continue unless we really close below 4000 consistently. 4000 has proven to be a solid support going forward.
Jaiprakash Associates – Double Bottom Buy
July-26-2009 – Buy Jaiprakash Associates above 245 keep stop loss at 210
Double bottom is a unique pattern to shake out the weak players of the stock holders. Jaiprakash has recently exhibited the similar pattern completing its W shaped base. Base is a range of a stock price movement. Jaiprakash moved in narrow range of 240 to 180 for 8 weeks.
A successful close above 245 will start a new uptrend in this script. If you are taking position in this stock keep a strict stop loss at 210 that is its 21 day moving average.
Investment Strategy Tip
Always divide your capital into 10 equal parts. Never invest more than 10 percent of your capital in any single investment.
Market Makers blessing
You will not take stop loss when the market proves you’re wrong. Market makers want you to hold on to the losing position because that is where their profit will come from.
Wishing you successful investing
Anil
This advice is only for information purposes. Please contact your financial advisor before taking position.
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