TRADING STOCKS USING CHARTS

Nifty makes a hanging man pattern on daily and a doji on weekly charts. Whole week it traded in the range of  9800 -9930  holding on to gap support. Bulls and bears are in struggle and sideways action may continue in this range. Hanging man pattern indicated bulls in danger. Will have to watch this week for further action as it is also expiry week.     DAILY CHART WEEKLY CHART

SELL HINDALCO JULY FUTURES BETWEEN 208 - 209 WITH A STOP AT 211 FOR A TARGET OF 204 AND 200. SELL CENTURY TEXTILES JULY FUTURES AROUND  1160 WITH A STOP AT 1180 FOR A TARGET OF 1130 AND 1105. SELL SBI JULY FUTURES BETWEEN 293 - 294 WITH A STOP AT 298 FOR A TARGET OF 284.

Nifty made a doji or spinning top with a decent volumes. Nifty opened gap down and traded negative whole day with bears in full control. Nifty traded well into the gap of 9830 - 9855. Nifty closed at the lower end of the gap. Break of today's spinning top low may cause further correction to the levels of 9680 which is 20DMA. Holding these levels may see some sideway action until highs are taken decisively.

Bulls are in full control which may take the index to 10000 very soon. Last week nifty did 300 points making new life highs. Nifty is now buy on all dips till the levels of 9830 -9800 levels. Nifty has a gap between levels of 9830 -9855.

BUY APOLLO TYRES JULY FUT @ 252 WITH A STOP AT 249 FOR A TARGET  OF 257.