17465 Stoploss For Sensex Bulls
European markets rallied last night, while the US indices were mixed with the Dow unchanged and the NASDAQ down. Asian markets are up this morning, though Shanghai remains down against the trend. The clear global short-term trend could be regarded as up, though. The result ...a rally here.
The market rallied on Thursday, with the sensex up 257.98 points (1.39%) at 18,770.89, the Nifty 72.80 points (1.32%) at 5,568.95, and the CNX Midcap 59.80 points (0.85%) at 7,114.60. The biggest positive contributions to the sensex came from ICICI Bank (80.6 points), Tata Steel (47.4), Bharti Airtel (33.8), Larsen & Toubro (20.9), Reliance (19.6), HDFC Bank (14.7), State Bank (13.1), Hind Unilever (8.7), Maruti Udyog (7.9), Tata Motors (6.5) and Grasim (5.6). The largest negative contributions were from Cipla (7.5 points), ITC (7.4) and HDFC (6.3).
The market's breadth was healthy, with advances outnumbering declines 1.40 times on the BSE, and 1.32 times on the NSE. The volume in advancing issues was 65.2% (71.9%) on the BSE, and 62.7% (71.9%) on the NSE, while that in declining ones was 32.2% (22.8%) on the BSE, and 35.6% (22.5%) on the NSE.
The number of Hotline stocks at 200-day highs went up from 23 to 28, while the number at 200-day lows remained zero. The number at 5-day highs fell from 124 to 111, while the number of at 5-day lows rose from 11 to 16. The 240 stocks averaged a gain of 0.86%.
The nifty opened slightly higher, but hit its session low immediately, and then rallied steadily till its high at 1505 after which it gave back some of its gains. The CNX Midcap peaked around the same time, but was flatter.
The sensex has been making large swings inside a very wide range for the last two weeks. The range falls between 17,170 and 19,200, and has been increasing. While the market swings in this range, its intermediate trend will remain undefined. A persistent move in a particular direction outside this range will be needed for an intermediate trend.
Several international markets have entered intermediate downtrends recently, and this may prevent yesterdays strong move from developing into an intermediate uptrend.
The markets MEDIUM trend is up. It would end if the sensex closes below at17465
There was no change in the major trend of any of the Hotline stocks yesterday.
Londons FTSE-100 and Tokyos Nikkei are in long term (major) downtrends, while most of the other global indices are in major uptrends.
A majority of global markets had made new bull market highs during the intermediate uptrend. Europe and Japan are among the markets which failed to make fresh highs.
There was a bit of a global rally, but the global intermediate trend still appears to be down for now.
The FIIs bought $461.3 million of stocks on Wednesday, and the MFs acquired $84.1 million worth. The FIIs are currently averaging daily sales of $82.4 million over the last five sessions, and the MFs are selling at an average rate of $9.1 million.
European markets rallied last night, while the US indices were mixed with the Dow unchanged and the NASDAQ down. Asian markets are up this morning, though Shanghai remains down against the trend. The clear global short-term trend could be regarded as up, though. This should result in a rally here.
Several global markets appear to be in intermediate downtrends. Most major trends are still up, though.
The Dow slipped 3.33 points (0.02%) to 13,671.92, and the NASDAQ composite went down 23.90 points (0.86%) to 2,750.86.
Infosys was up 0.29% at $48.58, Satyam Computers fell 4.15% to $27.98, Wipro gained 1.25% at $15.38, Tata Motors lost 0.91% at $19.50, ICICI Bank fell 0.29% to $58.23, HDFC Bank dropped 2.83% to $114.22, Dr Reddy's Labs lost 2.29% at $15.78, MTNL fell 2.95% to $9.20, VSNL went up 3.14% to $28.27, Rediff.com lost 2.06% at $15.67 and Satyam Infoway fell 1.64% to $7.79.
BULLS CUT 50% longs on a close below 17465....as posted by me back...a close abv 18525 will open the doors for a life high for mkts....it seems the work will b done...