AMITBE said:
The move is not looking too bad so far, and the step-up trigger line at this point is 2965-2969-2973-2981-2989
Above this line the market could turn bullish.
AMITBE said:
And if 2994 is held, the line would be 2999-3004-3009-3013-3018-3023-3026-3029.
Potential levels, these.
The last traded value at
2981.75 is not too bad as it's well above the midway point of the length of the line mentioned in the first quote above.
And the bigger move earlier got topped off at just about
3004 where
3009 was expected to give trouble.
So it's not at all a bad close for me...except that it's rather noncommittal, the doubt coming mainly from the reaction at
3004.
The move really should have extended beyond
3009...or at least
2994 should not have been given up.
At exactly 2.40 ONGC and Reliance each lost about 20 points on two consequtive 10 minute bars...and so did the Nifty, which lost about 45 points from the day's high.
I'm not sure which other index counters were manipulated at those bars and who knows why...
The move was building up very well and the disposition would have turned distinctly bullish if it had gone on.
Perhaps the move will come tomorrow?? The market, or at least the index management counters do seem to be in strong hands, else the late day sellout would have been strong.
And finally folks...I'm from now on closing down this thread.
Any member who wants to track the Nifty and make postings hereafter, I believe should do so in a separate thread so that their stance and outlook etc on the Nifty may be recorded distinctly for people to track clearly.
Cross talk and being at odds with outlooks and projections, as the day drags on in the heat of trading, only muddles up the tone of any individual analysis.
That way there would be no mishmash of views and projections all in one thread.
This is my last post here on matters related to the Nifty.
Thanks for all the support.