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9700 Nifty Looks like a Near Term - Do You Agree

Discussion in 'Technical Analysis' started by shabbir, Jun 22, 2017.

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  1. shabbir

    shabbir Administrator Staff Member

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    On Nifty Intraday chart, the last candle looks like a shooting star and there is a double top at around 9700 and so if we don't take 9700 out soon in a day or two, this can be a near term top.

    Nifty.png
    Do you agree? Share your views
     
    shabbir, Jun 22, 2017
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  2. nirajshah

    nirajshah Champion

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    I completely agree with your view and I would like to know what steps you are taking on your open portfolio

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    nirajshah, Jun 22, 2017
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  3. shabbir

    shabbir Administrator Staff Member

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    Glad you asked and as of now my portfolio has
    • Ashok LeyLand
    • Pidilite Industries
    • Jubilant Life Sciences
    • Jubilant FoodWorks
    • Zydus Wellness
    • Britannia Inds.
    And as of now I am not planning to book profits in any of those stocks. What I am looking for is to add more to them in the dips barring Jubilant Foodworks because there is some cash lying with me that I have not invested 50,000 in last 6 months that regularly.
     
    shabbir, Jun 22, 2017
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  4. yaljpmib

    yaljpmib Member

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    yaljpmib, Jun 22, 2017
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  5. shabbir

    shabbir Administrator Staff Member

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    Around 80 and 700 respectively should be a good levels to get in to these stocks.
     
    shabbir, Jun 22, 2017
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  6. arunmohan

    arunmohan Active Member

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    It looks like a inverted hammer to me, please correct me if I am wrong.
     
    arunmohan, Jun 22, 2017
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  7. shabbir

    shabbir Administrator Staff Member

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    Exactly and that is also known as shooting star
     
    shabbir, Jun 22, 2017
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  8. chaitanya_mella

    chaitanya_mella Contributor

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    Personally, I believe the GST teething troubles will also cause a fall. May not be a cause for concern but will provide opportunities to invest further.


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    chaitanya_mella, Jun 23, 2017
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  9. shabbir

    shabbir Administrator Staff Member

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    The red candle today confirms the top but then I would like to see Nifty below 9550 / 9560 to confirm the top
     
    shabbir, Jun 23, 2017
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  10. sainath85

    sainath85 Member

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    sainath85, Jun 23, 2017
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  11. sainath85

    sainath85 Member

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    sainath85, Jun 23, 2017
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  12. shabbir

    shabbir Administrator Staff Member

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    shabbir, Jun 23, 2017
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  13. Suresh_Sinha

    Suresh_Sinha Active Member

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    Profit booking time. You are one of the first who has a spot on time to suggest this to others. Great work Shabbir.
     
    Suresh_Sinha, Jun 25, 2017
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