Sensex Technical View

             Another Panic day for Indian Investors. Volatility has came back again in the Indian market. From the technical perspective Sensex has sustained its 50 DMA which falls near 17935 levels. At the end of day market has significantly bounced from its day's lows.If we see at Nifty it is also well poised at crucial support of 50 DMA@5393

            Now from fundamental perspective, One good news is that Indian Economy grew by 8.8% this Quarter which can be said as relief. 

• Manufacturing growth at 12.4% vs 16.3 (QoQ).

• Agriculture growth at 2.8% vs 0.7% (QoQ).

• Mining growth at 8.9% vs 14% (QoQ).

• Construction growth at 7.5% vs 8.7% (QoQ).

           US markets opened slightly higher. If they’ll sustain then it’ll be a day of relief for global markets.

Lets Finish it off by one Trading Thought

It is better to Loose your pocket than your pants in the Market..

                               

Cheers
Chirag CM (with Help of Rohit)

ONGC Breakout.??

ONGC Breakout Huh....(Click to enlarge)

               Market is not in the mood either to go up or go down. Better way is to be stock specific and trade with strict Stoploss. One of the break out I have found while scanning is ONGC. Have a look at the chart and one can see Rectangle Break out. According to me it should do well if sustain above the levels of 1320. Break out supported with higher volumes.First resistance will be of 1350 and if it sustains above that it may go upto 1395(If backed by The Market). For a short term Trade Stop Loss should be of 1320 which is its break out point.

Please don't take it as trading recommendation. It is just my view.
Please share your thoughts on this..


Cheers
Chirag CM

Independent Trading.................

I found one good article while reading blog thekirkreport.com and felt that it should be shared with those who are willing to be an Independent Trader......

Here is the Excerpt from that blog..........

"In fact, there's probably no better time than the present to talk briefly about the pros and cons of being an "independent trader."

As someone who has worked independently for most of my professional career, you can say I place a tremendous value on "doing my own thing." As I've often said, at least for me it has been a combination of personal choice (what I want in both life and career) and also necessity (as I don't play well with others). Indeed, there are some tremendous positives for trading independently. After all, I wouldn't be doing this if there were not some significant advantages from doing so!