Market Direction

[SunilM]

Dear Traderji

Is the Bull run over ? The market is moving southwards since last Friday. All were talking of Market crossing 7000 mark. Is there still steam for uptrend.
Pls comment.

Thanks
SunilM

 

[thakkaravanish]

Dear SunilM,

Bull run is not yet over as per my study.We are very near to good support zone.It took 5 to 6 days to drag the mkt BUT mkt will move northward very sharp and fast and will cover up loss within short span of time , that is to say mkt will stage a strong recovery and will take less time , say 50 to 60% of time taken to fall. Technology pack and RIL,ITC are likely to be leader of next move.

Avanish

 

[RajK]

I have been using technical charts and I notice major bearish diversions (using macd -histogram) on the daily, weekly and monthly charts of the NSE Nifty. I have very rarely seen diversions fail on the monthly charts. Does this foretell a correction?

 

[gold_ranjit]

market is witnessing good corretion for the last two days and more over FIIs suking out there profit causing the bearish outrage...............

 

[SunilM]

Thanks everyone. Traderji, awaiting your expert comments as well.

Thanks
SunilM

 

[thakkaravanish]

Dear Rajk,

There is no negative divergence on BSE Sensex monthly charts.Yes there is negative sort of divergence in Weekly MACD.BUT divergence are sort of indicators and their indication is always an indication , this indication must be correlated with basics of technical price action for getting profound conclusion.For example Sensex has given break out from channel in monthly closing chart.The length of channel is nearly 14 years.......yes do not get surprised (see semi log scale on onthly closing basis).This indicates inherent strength in the market.So we have gudge the MARKET DYNAMICS for making rapid inroads in to the study of technical analysis.
Any way traderji will be able to tell us about this concept in detail.....as I am a small baby in this sea....

bye
Avanish Thakkar

 

[kannamthanam]

Correction completed or a dead cat bounce? Difficult to judge.I for one has covered the shorts in nifty.Mondays plan is - I would get back into them below 2096 and will not be long unless it stays above 2133 in other words I hope the market would tell us the direction !

 

[Neal]

I agree it is difficult to make a call at this moment.

 

[jaideep]

Correction completed or a dead cat bounce? Difficult to judge.I for one has covered the shorts in nifty.Mondays plan is - I would get back into them below 2096 and will not be long unless it stays above 2133 in other words I hope the market would tell us the direction !

Fairly accurate reading of the market as it is today kannamthanam. More or less as what I see & as what I'm contemplating too.

 

[Mohan]

We will have to wait untill Monday to get a clue of the direction.

I have been clueless since February!