{"id":1113,"date":"2011-10-21T03:08:41","date_gmt":"2011-10-21T03:08:41","guid":{"rendered":"http:\/\/www.cashthechaos.com\/blog\/?p=1113"},"modified":"2014-01-14T22:35:43","modified_gmt":"2014-01-14T22:35:43","slug":"india-pre-market-oct-21st","status":"publish","type":"post","link":"https:\/\/www.cashthechaos.com\/blog\/2011\/10\/21\/india-pre-market-oct-21st\/","title":{"rendered":"India pre-market Oct 21st"},"content":{"rendered":"

Nifty(5091): Perhaps the most significant price action yesterday was the movement of INR. We have already seen during this results season how the treasury departments of many companies are so ill-prepared for the weakness. TCS and Bajaj Auto are glaring examples.<\/p>\n

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INR - triangle breakout<\/p><\/div>\n

Now with the rupee set for further weakness to 52 the problems are going to compound. Use a stop below 48.6\/48.3 as a stop if you are going to play for the short-term.<\/p>\n

So far Nifty has been all over the place this week, probably the currency weakness is coming at the right time and can provide the kicker needed to provide the short-term trend shift. The zone of 5125-48 should not crossed in today's session, if it does, this market is still not YET ready to go down.<\/p>\n

As pointed out yesterday on CNBC, if the Euro drops below 1.3670 it will be a good confirmation signal that the stock markets including Nifty are heading lower. Incidentally, the low on Euro yesterday was 1.3672!!<\/p>\n

Keep an eye on L&T in today's session. This stock has a potential to surprise to the downside given the position at which it is in charts. Yes I did say it might spend time between 1450 and 1300 before heading lower (in the comments section). But be prepared, today it is set to announce its results.<\/p>\n

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LT -Daily Charts<\/p><\/div>\n

The clue comes from wave 4 shown on charts. It is just a couple of points above 25% retracement. That is a very weak signal. If the wave 4 has ended here, the next wave 5 push should take it to\u00a0at-least\u00a01235. Either use 1450 as a hard stop (punch it in the system) or play an Out of the money November put or just sit out.<\/p>\n","protected":false},"excerpt":{"rendered":"

Nifty(5091): Perhaps the most significant price action yesterday was the movement of INR. We have already seen during this results season how the treasury departments of many companies are so ill-prepared for the weakness. TCS and Bajaj Auto are glaring examples. Now with the rupee set for further weakness to 52 the problems are going […]<\/a><\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[42,76],"tags":[],"class_list":["post-1113","post","type-post","status-publish","format-standard","hentry","category-indian-stocks","category-premium-content","category-42-id","category-76-id","post-seq-1","post-parity-odd","meta-position-corners","fix"],"_links":{"self":[{"href":"https:\/\/www.cashthechaos.com\/blog\/wp-json\/wp\/v2\/posts\/1113","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.cashthechaos.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.cashthechaos.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.cashthechaos.com\/blog\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.cashthechaos.com\/blog\/wp-json\/wp\/v2\/comments?post=1113"}],"version-history":[{"count":3,"href":"https:\/\/www.cashthechaos.com\/blog\/wp-json\/wp\/v2\/posts\/1113\/revisions"}],"predecessor-version":[{"id":1736,"href":"https:\/\/www.cashthechaos.com\/blog\/wp-json\/wp\/v2\/posts\/1113\/revisions\/1736"}],"wp:attachment":[{"href":"https:\/\/www.cashthechaos.com\/blog\/wp-json\/wp\/v2\/media?parent=1113"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.cashthechaos.com\/blog\/wp-json\/wp\/v2\/categories?post=1113"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.cashthechaos.com\/blog\/wp-json\/wp\/v2\/tags?post=1113"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}