AMITBE said:
The volatility expected yesterday as posted at the start of the session came later in the day. There is every reason to believe there is more left yet, before the players give their nod of concent to the fact that we are indeed now located into a higher orbit of play.
The liquidity continues to flow strongly, and as suggested yesterday, there are ever so willing hands ready to buy at lower levels the leading counters, considering that we are on the eve of the next quarterly results season. This is all about the Indian growth story, and the current rally is an affirmation of this.
There will be sudden lurches rocking things around, but at some point the tendency to short the NIFTY recklessly will die down. It has moved on from strength to strength, and enough shorts (!) have been pulld down out there already.
2473 was the lower support on Tuesday and remained inviolate. The drop rested and bounced off 2477.
2475 was the hinge support yesterday, and the drop was arrested at 2476 with a bounce to 2492.
This 2473-2476 zone may be a trigger for some panic selling at some point. We need to be alert here. The fall below this area could be sharp. This is valid for today also.
A sustainable climb above 2513 is important, or else some rough weather is likely. Above 2525 we are rocking.
The liquidity continues to flow strongly, and as suggested yesterday, there are ever so willing hands ready to buy at lower levels the leading counters, considering that we are on the eve of the next quarterly results season. This is all about the Indian growth story, and the current rally is an affirmation of this.
There will be sudden lurches rocking things around, but at some point the tendency to short the NIFTY recklessly will die down. It has moved on from strength to strength, and enough shorts (!) have been pulld down out there already.
2473 was the lower support on Tuesday and remained inviolate. The drop rested and bounced off 2477.
2475 was the hinge support yesterday, and the drop was arrested at 2476 with a bounce to 2492.
This 2473-2476 zone may be a trigger for some panic selling at some point. We need to be alert here. The fall below this area could be sharp. This is valid for today also.
A sustainable climb above 2513 is important, or else some rough weather is likely. Above 2525 we are rocking.
If not 2525, a little less would not be bad at all either.
There will be selling happening along the way, but I feel the fearful days of a deep corection are behind us.