NIFTY FIFTY

[AMITBE]

Hi Amit,
It's held for now.....maybe we are going to have a bit of a weak rally,and then a further fall.

Saint

Yes saint...the peril has not left yet.
Should the rally come, even if weak, there is a faint possibility it may flare into something good.

 

[AMITBE]

Bit of a free fall now that 2350 is broken. Currently at 2343.
Further down if it should go, 2335 was a level in the past where a good bounce had come.

 

[AMITBE]

Bit of a free fall now that 2350 is broken. Currently at 2343.
Further down if it should go, 2335 was a level in the past where a good bounce had come.

2335 had been holding as a last ray of hope as a lot of the scrips were attemting a recovery.
Had bounced back from here to 2341 but now the fight is back at this level and a quick decline in prices coming back.
If this is broken, NIFTY could begin to really bleed.
Below 2330 is 2322.

 

[sunil0547]

dear friend,
IT IS 2330 OR 2230

 

[AMITBE]

dear friend,
IT IS 2330 OR 2230

I don't know pal...but I sure hope your statement is not going to be prophetic!

 

[Saint]

I don't know pal...but I sure hope your statement is not going to be prophetic!

 

[AMITBE]

As I was calling important supports yesterday, there was some semblence of a fight at each level.
But my hopes of an upside did not come to be.
Now there is the buzz that further correction is on still, and that NIFTY woluld take strong support at 2280.
For me, should there be further down side, 2310-2312 should give a fight, and below this 2304.
2270 would be the strong and possibly the final support for this 'healthy' correction.
On a positive note, the up side strength would come above 2335 today and then 2348. In the opening moves should the NIFTY get that far, a fall again is likely.
Only a cross above 2360 will resume the long term rally, but not likely in the next little while.
Interesting two sessions ahead.

 

[AMITBE]

Now there is the buzz that further correction is on still, and that NIFTY woluld take strong support at 2280.
For me, should there be further down side, 2310-2312 should give a fight, and below this 2304.

In the opening moves, NIFTY did test 2335 which was suggested, then the expected rapid fall came.
2312 was the lowest...yet. Has taken good support there twice already. Things would be stable a bit if yesterday's close at 2326 which has been attempted a couple times, is cleared and consolidation happens there for some time, and then a gradual climb to 2335.
Most NIFTY gainers are on very thin margins as of now.

 

[srisara]

it looks like 2340 has become a resistance point for NIFTY. May be it has to clear 2340 and 2345 to go ahead.
It may be tough to expect it today. But if NIFTY holds today at 2330 - 2335, then its going to be good sessions, i believe.

Satya

 

[AMITBE]

In the opening moves, NIFTY did test 2335 which was suggested, then the expected rapid fall came.
2312 was the lowest...yet. Has taken good support there twice already. Things would be stable a bit if yesterday's close at 2326 which has been attempted a couple times, is cleared and consolidation happens there for some time, and then a gradual climb to 2335.
Most NIFTY gainers are on very thin margins as of now.

After the climb above 2326 and consolidation there, 2335 has been twice tested. Selling pressure at once is coming in here and NIFTY recedes to 2330 off.
A good sign, and after the panic sell very early the market seems pretty calm at this point.
A drop to 2320 would be a disaster from here on.
ONGC mainly and Sun Phama holding up the index pretty good for now. Each time it rises to 971 plus, the index follows to 2330 plus. ONGC now at 974 but meeting resistance here.
As I write, HDFCBnk and HCL tech. under pessure again, as is NIFTY...at 2328
Satya, 2340 is a distant dream at this point.