Street Talks@ Time to stay away or book profit in IT stock!!! Why?

There has been various talks about my article@ Time to stay away or book profit in IT stock!!! Why?

I would like to clarify that am not asking anyone to go short or long at current levels rather am asking either to stay away or book profits step by step. I have just placed my thought in full detail.

The idea is that with the upmove in Nasdaq composite the IT stocks will also move up but close to 4500-4572 in Nasdaq its gets into such a position where the stock movement will be very much unpredictable on the either side. Type of Roller Coaster. So safety or say precaution is the key word from my side.

Nasdaq so far hits 4322 and still had higher rooms for appreciation and so for the IT stocks. Its just an advance alert from my side and yes I could be wrong on my ideas.

In my last article I have also mentioned that@

Nasdaq faces tough resistance around 4500-4572 which is still 6-7% away from current level...this's the area where it will get very vulnerable and stock prices could behave madly on the upside as well on the downside. See if your heart is strong enough to face that situation and if not then stay away.

Closing above 4600 on continuous basis could make it strong again where we can see fresh rally in IT stock or vice versa where Nasdaq can try to hit level of upto 5000-5100.

Hope am very clear to what I said.

Time to stay away or book profit in IT stock!!! Why?

Nasdaq composite which is highly followed in the U.S. as an indicator of the performance of stocks of technology companies is heading toward its ever toughest resistance of 4500 which is still 200 points away from its current level of 4300.

When Nasdaq was trading around 2900+ we gave away upside target of upto 3600 and above that gave away upside target of upto 3966 to 4500 where it made high of 4311 so far.

I believe the time has come to book or get out of IT stock as Nasdaq headed higher towards 4500 and its better to remain in cash. Whether 4500 will be hit or not I don't know...its the maximum which i see as of now.

Why??? I am explaining with my logic@

Since Nasdaq was around 2950-3000+ various of the Indian IT stocks including Infosys, TCS or HCL Tech were available at dirt cheap price.... 2200(Infy) now 3750, 1180(Tcs) now 2200, 480 (HCL Tech) now 1550...etc.,

We still follow US market movement at its best. As am expecting Nasdaq to face tough resistance close to 4500 and see a big technical correction somewhere from there which will hit IT stock hard. The returns have been splendid and keeping the greed out its better to book profit and keep big cash aside.

My 2nd Logic@

Rupee depreciation has helped IT companies earn big revenues and profits. If NDA comes to power which looks certain as of now then the fate of INR is going to change where I see Rupee regaining the lost strength and getting back to 50 odd levels which is no good news for IT cos. So discounting all these assumption I feel its better to stay away from IT stocks and in both the logic its a no win situation for IT cos.

Nasdaq faces tough resistance around 4500-4572 which is still 6-7% away from current level...this's the area where it will get very vulnerable and stock prices could behave madly on the upside as well on the downside. See if your heart is strong enough to face that situation and if not then stay away.

Closing above 4600 on continuous basis could make it strong again where we can see fresh rally in IT stock or vice versa where Nasdaq can try to hit level of upto 5000-5100.

So trade or invest accordingly.



Note: Above are my personal opinion and I might get wrong.


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The Biggest Prediction on Nasdaq@ Bang on@ Nasdaq en-route 'up-to' 4500 from 2900+

Nasdaq hits 4311 @ Biggest Technical Prediction on Nasdaq.

When Nasdaq was trading at sub 2900+ levels in 2011 March we gave a upside target of upto 3600 at over a period of 1 year+-

Checkout our message dated 3rd March 2012@ http://moneymystery.blogspot.in/2012/03/nasdaq-looking-much-more-bullsidh-than.html?m=1

Finally in July 2013 Nasdaq hits 3600.

On 2nd August when Nasdaq was trading around 3675 we again came with a bullish view on Nasdaq and gave away upside target of upto 3966 to 4500.

Checkout message dated 2nd August 2013@ http://moneymystery.blogspot.in/2013/08/nasdaq-still-very-strong.html?m=1


I don't know if anyone else came with such assumptions or prediction like us.


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Shanghai@ Likely to take support & bounce!!!

Today Shanghai closed at around 2034.
Going ahead it got super excellent support in the region of 2004 to 1979 where we expect it to take support and give a solid bounce.
So keep watching.

Bank Nifty spot@ Finally above 10400/10500

That's how the scenario changes in a single day@
Bank Nifty spot finally above 10400/10500 which was its tough resistance.
Now what?
Well its a buy on dip market now as long it holds 10400 on closing basis.
Market looks strong now and bears could face tough problem adjusting themselves. Short covering will be seen in various short position.
Nifty immediate support at 6080 and resistance at 6134/6143- 6188/6200

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