DOLLAR - MARATHON RALLY AGAINST MAJORS

EUR/USD (1.2672)
Slowly headig towards heavy support of 1.2630. Dollar gained stronger on EUR from 1.2830. 8 hours RSI is at oversold region. This pair will make a bottom at 1.2630 and then might take some sort of retrace.

USD/JPY (118.02)
Once again back to test the heavy resistence of 118.14-118.28. Strong support is at 117.50 on 8 hours charts. Break above 118.14-118.28 it move to resist the 118.80 which conects to the8 year bear trendline. 8 hours RSI is at overbought region. Before it cross above the 118.14-118.28 it might retest the 117.50 and then make a large move.



GBP/USD (1.8695)
Really Dollar giving great smack on Sterling. Still struggling to find the Bottom. As of now it made the bottoms at 1.8667. The question is how long that bottom will hold the Sterling. If that breaks then 1.8602 is on the cards. 8 Hours RSI is at extremly oversold region. Stiff resistence comes at 1.8780

GBP/USD (1.8795)
DOLLAR RIDING A RUNAWAY MARATHON ON STERLING...

Cables cracked down from the level of 1.9074 and now it cracked the 1.8800 level too. Dollar is continously riding higher 1.8888. As of now still Cables is in search of new low for some sort of stability. The new low it found is at 1.8774. Letz wait and see how long it going to hold that low. Hourly RSI is at extremley oversold region. So Cables will make bottom at these levels or it may dip upto 1.8736. If the 1.8774 is the low then the first resistence comes at 1.8845 then at 1.8889 and then at 1.8924 and the vital one at 1.8959. The levels that i mentioned are the retracements from 1.9074 to the low of 1.8774 (300 pips). Right now it was just trading within the Downtrend Channel, recently it tried to penetrated the lower line of the Downtrend Channel.

SATYAM (831.65)
WILL IT BACK OFF THE HIGHS...

Satyam closed at 831.65 as you see the Daily charts especially for the last 2 trading session it made Double Top and as well Double Bottom. For 2 morrow and rest of the next few trading session 843 and 826 will be the crucial levels. Break above 843 it lead the rally to 864 and below 826 break down it fall upto 818 and then we see the level of 775 also. As long as it stays above 756 the upward rally in this stock will continue. Indicators are just tired down.

EUR/CHF (1.5815)
HEADING FOR HIGHER LEVELS...

Euro is ready for 1.5821 breakout for new higher level against Swiss. This pair find the strong bottom-out at 1.5795. And even it retraced minimum level of 23.6% at 1.5802. On Hourly charts it resisting at 1.5821 break above that level it kiss at 1.5830-1.5852 and 1.5874. Hourly RSI is gradually heading for overbought region. By pattern wise it sounds very good going long on Euro.

NZD/USD (0.6662)
TESTING AT STRONG SUPPORT

For the last few hours trading within the band of 0.6709 and 0.6657 (52 pips). Now its testing the 0.6657 levels. Trading below 0.6664 which is the 38.2% of 0.6724-0.6568. If it sustains below the level of 0.6664 it'll kiss the level of 0.6627 which is 61.8% support of 0.6724-0.6568. Hourly RSI is below the mid-point level. And if make the bottom at 0.6657 then it'll resume the range bound trading from 0.6709-0.6657. At the same time it formed Head n Shoulders on Hourly charts, the neckline comes at 0.6657/0.6664. Breakdown from the neckline then it take the support at 0.6627 and 0.6568

EUR/JPY (148.45)
TARGETING HOURLY BEAR TRENDLINE

This pair found the bottom at 147.71 and now targeting to break the Hourly Bear trendline which is connected from the highs of 150.26 and 149.10. Now the trendline breakout level is at 148.60. Just near to 148.68 which is the 38.2% fibo of 150.26-147.71. And the support stays at 148.31 which is 23.6% fibo of 150.26-147.71. Above 148.60 it can kiss the level 149.28/149.35. Hourly RSI is just above the 50 mark.

EUR/USD (1.2668)
HEADING TOWARDS 1.2650

This pair is just near to 1.2650 which is strong resistence for Dollar. Retraced completley from 1.2650 to 1.2831 (181 pips), below this level support comes at 1.2630. Thereafter we see 1.2560. The strong resistence is at 1.2720 which is the 61.8% support of 1.2650-1.2831. As long as it stays above 1.2630/1.2650 and below the 1.2720 it'll remain weak. But one can go long in it at the current levels with the stop loss of 1.2630 for the target of 1.2720 and 1.2760. This pair began to retrace when it formed Double Top formation at 1.2820.

EUR/AUD (1.6885)
A STEEP RALLY BY AUSSIE AGAINST EURO

Euro weakend 190 pips against Aussie. This pair rallied from the level of 1.6800 to 1.7072 where on Hourly and as well on Daily chart it made Double Top at 1.7072. In Hourly charts still unable to find the low. Still another 60 odd pips weakness in this pair. Now it retraced more than 61.8% of 1.6800 to 1.7072. Now 1.6904 is the key resistence for this pair. Cross above the 1.6904 then it will test the level of 1.6968.

SENSEX (12173.91)
RESISTENCE AT 12238

For the last 3 days the sensex is unable to sustain above 12238, this is the level where sensex whacked to the 4 didgit levels in few days. And now its back to the same level. The Sensex is just near the closing the Gap of 12129-12167. Today it made the low of 12145 a just shy of 16 points. As of now the Gap is still there and the next support is at 11915 which is 20DMA and after that we see another Gap of 11723-11671 and then crucial for this rally at 11444.

AUD/USD (0.7516)
STRONG SUPPORT AT CURRENT LEVELS

This pair resisted at 0.7535 which is 50% fibo of 0.7580-0.7491. and 0.7535 is the days high. But still looking weak, as long as it stays below the 07535 it retest the stronger support at 0.7491. Anything below 0.7491 it kiss the level of 0.7406. The 0.7491 is the strong support on Hourly, 4 hours and as well 8 hours charts.

WIPRO (509.90)
A BREAKOUT OR BREAKDOWN...

As i anticipated the breakout from this triangle in late august, but later it was just a fluke and even it couldnt close above the price of 527. And now today it just penetrated the lower support trendline which is connected the lows 383 and 441 but at the end of the trading session it pulled up from the trendline and it managed to stay within the triangle pattern. This stock is getting heavy resistence at the level of 525-527. 525-527 is the price of upper band of BB and 505 is the lower band of BB. Today it taken the support at the lower band of BB as per BB the price should move back to the level of 525-527. And it formed Hammer, by this i smell it can retest the 525-527 level and thereon may be it try to breakout from the triangle pattern. The support for the stock comes at 505-494-465. The resistence at 516-520-527-552. Well if we do really see the breakdown from the triangle pattern then it will retest the level of 441.

BHARTI AIRTEL (430.05)
A TRIANGLE BREAKOUT OR CONSOLIDATION...

I think this stock is about to breakout the price of 432.50. And 432.50 is the all time high for this stock. To complete the triangle formation, still it got the time. The most important thing in the chart is, it made Double Top formation. In May 04 it registered all time high of 432.5 and now in Sept 07 it made 432.40. For me if i apply the Double Top pattern i smell i see some retrace will come in the form to continue the triangle formation. As i said the downside for this stock is very limited. Its trading above all moving averages. The strong support for this stock is at 382-377. For me if it dont penetrate the 432.50, then it can retest the 200dma of 377 from there it'll move into unknown territory. Who know may be well beyond 500 levels. In daily RSI now heading towards overbought region. CCI is pretty strong as well ROC too. I'm very bullish on this stock. One can buy this stock for Medium to Long Term for the target of Beyond 500 with the stop loss of 382. The support comes for this stocks at 425-419-415-404-394-387/385-382-377. The breakout price of 432.5, i put my targets at 461-479-494-508-528 and 555.

TATA COFFEE (376.60) Revisiting
HUGE BREAKOUT FROM 200DMA

On this monday i recommended this stock to buy at the breakout price of 338. On yesterday it got the breakout with volumes and even today it spurred out and reached my second target of 390 and that too with volume. Still any downside in this stock one can buy with the stop loss of 338.

EUR/USD (1.2715)
DOUBLE BOTTOM ON HOURLY CHART...

Earlier i recommended to go ong in this pair at 1.2788 for the target of 1.2852 the movement of 80 pips, but it couldnt move beyond the stiff resistence of 1.2835. Now on the Hourly chart it formed Double Bottom at 1.2707. From here on put the stop loss at the 1.2707 and go long for the targets of 1.2747 - 1.2772 - 1.2793 and 1.2813. The main and heavy resistence comes at 1.2835. Above the 1.2835 i smell that it can kiss the Double Top price of 1.2879. Hourly RSI is at extremly oversold region.

EUR/USD (1.2788)
BOTTOMED OUT AT 1.2771...

In 30 minute charts, it found the bottom of 1.2771 from here on buy at the current level for the target of 1.2835 and 1.2850. But crossing 1.2850 is tough to crack the level. At the current price the RSI is at oversold region. So one can go long for small pips. From the low of 1.2771 u can get least of 80 pips of movement...

ABB (2882.25)
STILL UPSIDE POTENTIAL LEFT...


(click on the charts for better view)

Just in the previous sessions of trading it resisted at around 2800 levels which is the max retrace of 3350-1920. But nevertheless it consolidated at 2800 levels and even it crossed the crucial resistence 2850. But looking into charts this stock still holds some upside potential. The next resistence comes at 2950 and 3160. And i dont think that it can go beyond 3160 level in the short-medium term. Now 2850 is the stronghold support for this stock.

TATA MOTORS (886.40)
THE DOUBLE TOP MOTORS...

This stock formes Double Top pattern on daily Charts at the price of 899.55 and 899.75. Afer the 9 days of consolidation between 865 and 835. Yesterday the stock spurted and today it closed at weaker side. The stock rallied from 652 to 899 at one single impulse wave without retrace. Now seeing into Double Top pattern at the price of 899, on the previous occassion it had taken nice support at the price of 900. The breakout above the 899, the resistence comes at 923-945-970 and 997. The support is at 865-835 and 810. Those who want to go short on this counter, place a stop loss at 900 and cover at the price of 865 and 835.

HDFC (1320.65)
STRUGGLING - MOVE UP OR RETRACE...

This stock is resisting heavily at 1325 level. 1322 is the level of 78.6% of 1420.15-962 and 138.2% of 1249-1040 (the exact value is 1328. Above this my ultimate target is 1405-1420. The strong support comes at 1245-1225. The crucial support is at 1245. Before it penetrate the level of 1420 it had one more hurdle at 1380 which is 150% and 161.8% of 1249-962 and 1249-1040 respectively. And even i dont think that this stock can go beyond 1420 in the short to medium term, bcoz 1426 is the level of 161.8% of 1249-962. So 1380 and 1420 is the level to watch very closely. I feel upside will be arrested at the above mentioned levels.

TATA COFFEE (330.40)
RESISTING AT 200DMA


(click on the charts for better view)

This stock is resisting at its 200dma price of 338 and strong upmove is on the cards after the breakout of 338. Thru out the month of August this stock is trading between the prie of 320 and 338. I put my first target for this stock at 364 and then at 390 and 417. CCI is heading towrds the Extreme Bullish point, RSI above the mid-point MACD is ok. My stop-loss for the long trade in this stock is somewhere near 300, my point is the stop loss is the lower trendline which is connected the low price of 250 and 277.45.

TATA STEEL (501.75)
IN TORRID TIME...

This stock is trading within the band of the 100dma and 200dma since mid-july. Resisting at 100dma band of 532 and supporting at 200dma band of 475. On Daily Charts the price is closed at the lower band of Bollinger Band. If it take the support over here it can move upto the level of 525-532. And even BB is getting somewhat narrower as the trading progresses. On Daily Charts you can see the 3 Black Crows formation, this formation suggest a bearish is ahead. It can take to the level of 475. Daily CCI is still below the -100 mark which suggest bearish sign. Daily MACD still showing sluggish. Daily RSI is still below the mid-point. On Weekly charts indicator the CCI is still trading below the 100 value and heading towards the mid-point value. RSI is just abve the 50 value. So i put this stock under "UNDERPERFORMER" or might it'll trade in rangebound...Above the 100dma target is beyond 600 and below the 200dma the target is at around 400...

RELIANCE IND (1122.15)
FORMING THE TRIANGLE PATTERN...


(click on the charts for better view)

This stock is forming the Triangle formation and even it can kiss the all time high of 1195, but i think it dont dare to penetrate the 1195 level. But on the course of forming the triangle formation even it can retrace upto 1040 or even 1020. The support for the stock is at 1106-1099 below this level it'll take support at 1060 and then at 1045 and 1015. The really strong support is at 1045. As long as it stays above the 1047 mark (61.8 fibo of 1195-810) it had very much possible of penetrating the 1195. The resistence comes at 1135-1155-1170 and 1195.

EUR/GBP (0.6734)
TRADING NEAR STRONG BASE...


(click on the charts for better view)

This pair is still looking weak, it got the stronger support at 0.6706 just 28 pips below. This support is not penetrated since July 2005. The question is will make or break the level of 0.6706. Break below the 0.6706 will lead to retest the level of 0.6604 (102 pips) and the Double Bottom price of 0.6542 (164 pips) which formed in April n June 2004. Above the 06706 the resistence comes at 0.6771/0.6822 and 0.6893.

USD/CAD (1.1041)
LOOKING FOR RETRACE...


(click on the charts for better view)

This pair closed at 1.1041 still looking weak on the charts and it might retest the low of 1.0930. It'll retrace if it breaks the big resisting trendline which is connected from the high of 1.4010 on May 2004 and again it connected at 1.2694 on May 2005 on the course of the huge fall it tried couple of times to break the big trendline one in later part of the March 2006 and first week of April 2006 but it couldnt. And again it tried to surpass the trendline in July 2006. But thru out the month it traded above the trendline with negative bias and once again now closed just below the trendline. So anytime it breaks the trendline, if do so then go long in this pair with the stop loss of 1.0930 for the target of 1.1275/1.1405 and 1.1470. Taking fundamentals into thsi pair then it wont go beyond 1.1470. Weekly RSI is heading towards extreme oversold region. Take a risk of 110 pips and go long. The first target gives u 234 pips and second target gives u 364 pips.

EUR/USD (1.2834)
HEADAWAY TOWARDS 1.3000,,,


(click on the charts for better view)

This is weak it closed at 1.2834 this is the third straight weak that struggled to close above the 1.2834 level. On the consistent basis EUR?USD is trading above the 50% fibo level (see the charts) and now its resisting at 1.2909 which is 61.8% fibo of 1.3687-1.1647. And after the crossing the 1.2909 then it'll face the resistence at 1.2960 and then the next resistence comes at 1.3133/1.3300 and 1.3480. So my minimum target for this pair is at 1.3300 a clean 466 pips from here on. And the support is at 1.2760/1.2725 and the 1.2667 which is the 50% fibo of 1.3687-1.1647. And also its in the proccess of completing the triangle formation.

HDFC BANK (873.70)
BREAKOUT OR CONSOLIDATION...


(click on the charts for better view)

This stock is back to test the all time high of 898, when it registered on May 08, and thereafter the stock retraced upto 620 level in june 14. Now its on the track to retest its 898 level. Above the 898 breakout, i put my target will be 1004-1037-1069. For me if it begin to consolidate at this level, then it might try to trade within the Resistence line of 898 and the Trendline - 2, i mean trades within the 898 and 825 band. Or even it can make the low of 791 for the Consloidation. Even i feel it might struggle to cross the level of 898 just bcoz 896 is the 161.8% fibo of 819 and 693.10. When it cross the 898 level then the first major hurdle comes at 942 is the 161.8% fibo of 819-620. If it breaks the Trendline 2 , then it creates the Ascending Triangle formation. Where it takes some time to cross the 898 mark. The clear picture i can give u is that it on the way to create the Triangle formation, in case if it fails to cross above the 898 level. The support comes at 855-840/835.

ICICI BANK (609.10)
A NICE PIECE OF CAKE...


(click on the charts for better view)

This stock consolidated in the form of bullish rectangle formation. Since 8/08 the stock consolidated within the range of 586 and 606. Is this stock about to complete the Rectangle formation. Lets wait and see. Go long in this stock with the stop loss of 582 which is the 61.8% fibo of 05/11 and 06/13 for the Target of 635-662 and 671. The most important thing is that it nicely laid the formation above the 61.8% fibo (582) as long as it stays above this level then it can test the all time high. This stock have a sloid support at 590-586 and 582. The ultimate stop loss is 582. As of now it will face the resistence of 612 (BB resistence) or not. It looks damn good on the charts for long...