NIFTY FIFTY

[AMITBE]

No matter if in crossing above 2525, the NIFTY has entered a new orbit with the chances of a really deep correction becoming dim.
The fact is, this kind of a death-wish like impudence and audaciousness is not what was desired.
The deep pockets that were waiting for a correction much lower, are now it seems, in a frenzy of panic buying, not wanting to miss the speeding bus. Oh...talking of the speeding bus, I am aptly reminded of the thriller 'Speed'. Some members may have seen the film and will know what I am saying.
Any way, the bus and its passengers survived in the end, and so would we, but why this needless thrill?!
And now the authorities are kicking in, releasing precautionary notes to the public to be very savvy. A little late, but welcome still. Perhaps the regulators are doing a routine disclaimer, in case a rat is indeed discovered at some point?
All this aside, please people...be very very cautious now. But enough has been said here on all that, and I'll rest the plea here.

The levels: To the down, below 2565, 2550 is support. 2542, 2536 are further below. 2525 is the magic figure.
To the up, 2580-2595.

 

[AMITBE]

The levels: To the down, below 2565, 2550 is support. 2542, 2536 are further below. 2525 is the magic figure.
To the up, 2580-2595.

2546 has given a great bounce far, and yet again, much buying coming in low.
2565 is a vital level to cross now.
It's going to be volatile, and fresh positions are not the order in these conditions.

 

[naga2054]

No matter if in crossing above 2525, the NIFTY has entered a new orbit with the chances of a really deep correction becoming dim.
The fact is, this kind of a death-wish like impudence and audaciousness is not what was desired.
The deep pockets that were waiting for a correction much lower, are now it seems, in a frenzy of panic buying, not wanting to miss the speeding bus. Oh...talking of the speeding bus, I am aptly reminded of the thriller 'Speed'. Some members may have seen the film and will know what I am saying.
Any way, the bus and its passengers survived in the end, and so would we, but why this needless thrill?!
And now the authorities are kicking in, releasing precautionary notes to the public to be very savvy. A little late, but welcome still. Perhaps the regulators are doing a routine disclaimer, in case a rat is indeed discovered at some point?
All this aside, please people...be very very cautious now. But enough has been said here on all that, and I'll rest the plea here.

The levels: To the down, below 2565, 2550 is support. 2542, 2536 are further below. 2525 is the magic figure.
To the up, 2580-2595.

Amit, we really appreciate ur concern for us.

 

[AMITBE]

The early high at 2572, where there was a h&s followed by a fall to 2567, is taken out now, after a period of struggle at 2565-2566, the hinge support/resistance level.
Been making higher highs and lows for now, though lacking in momentum.
2580 and above would be safe grounds, but has not come close to these levels yet.

 

[srisara]

great going AMIT,

keep posting.
Satya

 

[madhura]

Hi,
It has tested 2572 twice, and taken the lead from there...
i mean it has crossed we can say again the resistance level of 2572... now it can touch 2580+ level if same is sustained.( as seen from ascending trend in graph)..Amit,pls add your comments..
Also i would like to mention the BSE graph if you dont mind...
same is case with Bse graph, it has tested 8450 with higher highs and lows..
it is taking ascending trend from this level now..
what say?


Thanks
Madhura

 

[AMITBE]

The ascending triangle...meaning higher lows and high are nice to see still. A good study indeed. The short term trend is positive, but from this, a lot may not be inferred as to where things are heading. Close to 2580, the selling pressure would increase, till this is taken out.
I'm sorry Madhura, don't track the Sensex at all, but yes, there would be a similar shadowing pattern here too.

Back at 2572, which may hold for a bit to either direction.

 

[AMITBE]

Back and hovering a tad above the conflict zone, the hinge level at 2566.
A bounce here would give strength and evidence of a pullback for a charge up again
Below this, hectic volatility again.

 

[Saint]

Like Amit said some posts ago,time for caution.........Time for profits and hold the rest,and get ready for some correction.But not the time to go gung ho and buy like crazy.......once agin,time for CAUTION!...not saying to sell everything,not saying that it's time to short,I believe it's time to take profits,and sit on your hands!

Saint

 

[AMITBE]

Back and hovering a tad above the conflict zone, the hinge level at 2566.
A bounce here would give strength and evidence of a pullback for a charge up again
Below this, hectic volatility again.

Yes, the NIFTY did slip a tad below 2566 and now picking up pace at 2577.
There is a lot of strength it seems, but caution is the magic word.
Being choppy, it may slip again.