NIFTY FIFTY

[AMITBE]

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.

Below 2320 now and the earlier panic is not visible. But will not sustain too long if a pull back above 2320 does not come soon enough.
There is across the boad buying happening at lower levels.

 

[AMITBE]

ONGC and Sun Pharma are rocking at this time, taking the index up with some help from BHEL.
Hope they are not living too dangeously too early.
If profit booking happens here a little later, there is no strong support from any quarter yet.

 

[AMITBE]

NIFTY testing 2312 again with Hero Honda, Hind Lever, Sail and MTNL being the main draggers.
Will fall sharp if 2312 is broken.
2304 next.

 

[Saint]

Nifty at 2300.6.....may have some bounce over here.

 

[AMITBE]

Yes saint...
2304 had been a good support earlier but now looks weak.
Below 2300 would be hard sell, as if it can get any harder.

And quit sniping from up in the trees, will ya?! Join the battle on the ground..

 

[Saint]

Yes saint...
2304 had been a good support earlier but now looks weak.
Below 2300 would be hard sell, as if it can get any harder.

And quit sniping from up in the trees, will ya?! Join the battle on the ground..

lol

 

[phoenix]

So far we are still holding 2355 on the NIFTY......a break of that level means that we would be taking out the low of the previous week after more than 10 weeks of higher highs and lows.Break of 2355 will put us in correction mode...we are going to consolidate via price or time.

Hi Saint,
Shorted NIFTY below 2350.......short termer.Cool gains.......hope you took some as well.

Phoenix

 

[AMITBE]

Interestingly, the FIIs and domestic Funds which have been driving the liquidity should compute that further correction is neccessary to enter again to some great buying at these levels. They've booked massive profits, haven't they...
Perhaps there're looking at each other to see who moves first...and when.

Some wishful thinking:
"The drop to 2300 was a Bear Trap. Now on there will be some fireworks!"

 

[Saint]

Hi Saint,
Shorted NIFTY below 2350.......short termer.Cool gains.......hope you took some as well.

Phoenix

Great going,Phoenix........nope didn't take any .But careful around here,the hourly charts showing a bullish divergence on the RSI.

 

[AMITBE]

Interestingly, the FIIs and domestic Funds which have been driving the liquidity should compute that further correction is neccessary to enter again to some great buying at these levels. They've booked massive profits, haven't they...
Perhaps there're looking at each other to see who moves first...and when.

Some wishful thinking:
"The drop to 2300 was a Bear Trap. Now on there will be some fireworks!"

Not bad for my wishes...a jump of 20 plus points from the day's low of 2300 is fireworks enough on a day like this.

Good charting saint, the RSI divergence indicated well...was getting terribly over-sold.