My Trading Log – Market Outlook

February 8, 2010 by Prasoon gopal ,    Contact Prasoon gopal
Filed under: Daily Outlook, Overall market, Weekly Outlook  316 views


Hello All,

I do invest in indian equity markets heavily and do my own analysis by investing countless number of hours. So i thought instead of just using this information for myself, i will share this with my fellow traders. After all, it is all about learning and earning. This requires lot of effort on my part and i would highly appreciate if fellow traders who are watching this blog throw in their own comments and analysis. Any specific techniques that worked for you, strategies that you use etc.

Today’s market action:

I am positive that Nifty will close in Positive territory today. Short term, nifty and world indices are oversold and will bounce back. Excellent opportunity to buy low and sell high.

Short term target 4850. If we cross this, we should retest 5K.

PS: I won’t be opening a new thread each time i have an update. Instead i will be commenting on my own analysis with the latest. So that there is only ONE single big thread. At least i wish to do so on a monthly basis.

Chao
Prasoon





  

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Comments

5 Comments on My Trading Log – Market Outlook

  1. Prasoon gopal on Mon, 8th Feb 2010 9:25 am

    2. Currently long Nifty Feb 4800 call @ Rs 85.

    Lets see. :-)

    Chao
    Prasoon

  2. sunil on Mon, 8th Feb 2010 3:56 pm

    3. dear prasoon sir,
    thinks so that nifty will mov up tommorrow becoz spot 4670-4680 is a very strong support & it happened twice today & there was huge shot covering in stock futures..but how long it will stay above 4800 it would require min 3 closings above it.. iam also bullish & lets see
    regards

  3. Prasoon gopal on Tue, 9th Feb 2010 2:35 am

    4. US markets closed with losses and expect the same in the indian markets as well. However i am still holding my FEB calls for today.

    I do NOT believe in stop losses and hence i won’t use it. But please use your discretion and manage your investments as per your needs and risk appetite.

    Chao
    Prasoon

  4. sunil on Tue, 9th Feb 2010 4:24 pm

    5. dear prasoon sir,
    Is there a link between our markets behaviour and dow jones …i am a bit doubtfull..it was earlier watch the price actions…dow in green nifty red…dow red…nifty green..u only wrote it..like todaysi.e 09 feb ..i agree we didn\’t close above 4800… but some how 4750- 4760 shud hold for next few days…it seems so….and some stocks will always run i have been able to form a pattern ..not very sure but it seems working..not 100% but surely 80 – 85%since u have been trading a longer time than me..if u analyse it, bank, fmcg, reality..they fall and rise in a cycle..if i am incorrect pl do correct me.. u can check data from jun 09
    regards
    sunil

  5. Prasoon gopal on Tue, 9th Feb 2010 5:38 pm

    6. Sunil,

    What you stated is correct prior to 2003’s. Right now the whole world stock market is a single market, so to speak.

    Even though DOW went down nifty went up today. And that is the main reason i updated my post stating i would still be holding my LONG call.

    Does this mean correlation is broken?

    NO.

    Because, world markets NOT only follow US markets, but also US futures. When i made my comment, US markets just closed and the US futures market did not really take off.

    If you see, nifty slowly kept moving up all day long and it can be correlated clearly to the US futures market which too incidentally kept going up all day long and currently stand at almost 1% higher.

    US markets are bound to rally and subsequently we will see a blast off tomorrow on nifty.

    PS: I may close my long call tomorrow based on whether or not i get to see my targets. I am looking for 4900-5000.

    Chao
    Prasoon

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