NIFTY FIFTY

[AMITBE]

I had once come across a critique of a famous childrens folktale:

''In the tale of Goldie Locks and the Three Bears, Goldie Locks is portrayed as an innocent girl, a victim of the menacing brown/black bears who are portrayed as the aggressors.
Its a common themed stereotype of the harmless white woman against dangerous blacks.
And all the while Goldie Locks goes into their house, eats their food, sleeps in their beds and runs away without even a thank you.''

So?
Whether the aam aadmi can be equated to the angelic Goldie Locks or not, but folks, perhaps we should now thank the big bad bears for propelling down our markets to where they may appear attractive again.
But then, as they say, beauty lies in the eye of the beholder.

For Namura and its ilk, the markets will appear voluptuous, luscious and desirable at lower levels: Who would want an obese and overfed Goldie Locks, eh?
The skinny and anorexic look is in, its the stuff sexy models are made of.
So sit back and enjoy the show on the catwalk.

And does anyone remember someone who said the valuations were mouthwatering about 300 points up on the Nifty a few days ago?
Strange perceptions of beauty all around, isnt it.
I wonder if that drooler is now watching the Nifty turning more attractive and mouthwatering by the minute.
His mouth must be pretty dry now, I wager.

No, the signs are not good.
2854-2865 area is what Im watching now.

Perhaps Ill update some daily levels today.

 

[Agilent]

And does anyone remember someone who said the valuations were mouthwatering about 300 points up on the Nifty a few days ago?
Strange perceptions of beauty all around, isn’t it.

Come now Amit, don't they say ...one man's meat is another man's poison. And .... if it were not for such 'differences' in assessment, no trade would get done in the stock markets.


But by the way, who said that 'mouth watering' bit ?

AGILENT

 

[AMITBE]

But by the way, who said that 'mouth watering' bit ?

AGILENT

That would be Vallabh Bhanshali of ENAM Financial Consultants.

They are probably the most respected group of its kind, and Bhanshali is a guru on fundamentals.

I've heard him speak and his knowledge and wisdom are beyond compare.

 

[adilsaleem]

Hi Amit
Any update on the June 7 , June 8 Theory ? Would like to know how we could derive these dates. Would be a very interesting learn.

 

[pkjha30]

Hi
Amit , something which was attractive at 3300 will still be attractive at 2900 or 2500 or 2000 provided it was not dressed up but a natural beauty. Though the beauty lies in the eye of beholders, sometimes they are hypnotised.

So , once reality dawns people may start looking for causes as to why someting is still attractive and may even refuse to believe it. In such a situation even real beauty gets discounted.

Pankaj

 

[AMITBE]

Hi Amit
Any update on the June 7 , June 8 Theory ? Would like to know how we could derive these dates. Would be a very interesting learn.

Hi Adil...these dates are a common function of Fibonacci time extension kind of tools.
Like any other aspect of such readings, it's important how one figures out the wave counts etc, starting points and so on. Things can be quite subjective in all this, as can be seen from different posts made by various members in terms of retracement levels and reversals etc.

As for the levels today, the Nifty has already tested a crucial level at 2877 low yet.
Should this be retested and broken, we are loking at the levels I had suggested this morning as a major support area: 2854-2865.
Some levels on the way there are 2872-2867-2862-2857.

There are of course no guarantees in these times as to how much the markets can slip.
There is 2821 too, but how long one cannot say.

 

[ravi1967]

Hi


once reality dawns people may start looking for causes as to why someting is still attractive and may even refuse to believe it. In such a situation even real beauty gets discounted.

Pankaj

that seems to have started now. fundamentals are taking a beating and even aishwarya rai of stocks ( reliance), is now in danger
bye

 

[AMITBE]

Hi Pankaj and Ravi and a few others who have urged me on to continue to post and document the struggle, as you put it.
At this time I'm not very convinced what purpose it's serving where in the past this thread, as Karthik once described it, was more like a daily compass for charting the Nifty.
I'll try to continue as much as I can with caricaturing and the levels..but how much can one do that...let's see..

The chart is attached.
The levels mentioned in the post below have been marked with cursors.
Observe the action along those levels.

As for the levels today, the Nifty has already tested a crucial level at 2877 low yet.
Should this be retested and broken, we are loking at the levels I had suggested this morning as a major support area: 2854-2865.
Some levels on the way there are 2872-2867-2862-2857.

There are of course no guarantees in these times as to how much the markets can slip.
There is 2821 too, but how long one cannot say.

 

[pkjha30]

Hi Pankaj and Ravi and a few others who have urged me on to continue to post and document the struggle, as you put it.
At this time I'm not very convinced what purpose it's serving where in the past this thread, as Karthik once described it, was more like a daily compass for charting the Nifty.
I'll try to continue as much as I can with caricaturing and the levels..but how much can one do that...let's see..

The chart is attached.
The levels mentioned in the post below have been marked with cursors.
Observe the action along those levels.

Thanks Amit.

Looks like an example of what SAINT called lower highs and lower lows on the other side of mountain. Let us see when we reach the valley.
Pankaj

 

[srisara]

Thanks Amit.

Looks like an example of what SAINT called lower highs and lower lows on the other side of mountain. Let us see when we reach the valley.
Pankaj

before that looks like the FII's will take us through the Naga Loka and then plains, then plateus and then the mountain

Satya