NIFTY FIFTY

[AMITBE]

Amit,

I am sure CNBC must be going all excited by now in India.......amidst all the euphoric talk of 9000 and 10000,great words of caution ,my friend........

Great stuff.......and keep em coming!!

Saint

Hey saint...all this should be apparant to the thickest of our analysists.
And I spoke too soon of the supports.
Dropping quick now, and the expected volatility is on, into the home run of the derivative contracts.
2610 is the last support below which some sharp retracement possible.

 

[AMITBE]

The trading range has been 2615-2623 for a while and getting narrow now.
A possible breakout in either direction is likely sometime soon.

 

[AMITBE]

I had written a couple of days ago that the reality check would come past Thursday, yesterday, being the end of the derivative contracts.
The signs are not too exciting already. Yes, the volume, market breadth, a/d ratio etc, these are hinting at a repeat of recent history.
It cannot be emphasised enough that a tall edifice, unless it is deeply grounded, is likely to collapse with it's own weight.
A firm grounding here would be volume and depth, which are both missing persistently in this rally. We have been way over bought again.
I am terribly concerned, and would advise that no new positions be taken, and the existing ones be protected via diligently pursued stop-loss levels. At least till there is greater volume.

A cross over at 2633 and 2650 are vital for strength with better volume.
A sharp correction may test 2575-2585. Further below is 2555. This is for information only, and not suggesting a disaster here, though keep in mind last Thursday.
Will follow up.

 

[jaideep]

I had written a couple of days ago that the reality check would come past Thursday, yesterday, being the end of the derivative contracts.................A cross over at 2633 and 2650 are vital for strength with better volume. ...........A sharp correction may test 2575-2585. Further below is 2555. This is for information only, and not suggesting a disaster here, though keep in mind last Thursday.
Will follow up.

Very impressive summary Amit.

 

[AMITBE]

Very impressive summary Amit.

Thanks Jaideep...nice to know you come by here too.

The good part for now is that 2589 has not been tested yet. The early jolt to the down was arrested at 2592. Close, but not quite.
2600 off is giving a lot of resistance.
If we remain in a range at the current 2593-2600, a later push over 2611, the hinge level, would be great.

 

[AMITBE]

The good part for now is that 2589 has not been tested yet. The early jolt to the down was arrested at 2592. Close, but not quite.
2600 off is giving a lot of resistance.
If we remain in a range at the current 2593-2600, a later push over 2611, the hinge level, would be great.

2600 continues to challaege.
If this is not taken out before long with a move to above 2611, weakness would gain ground. 2592 may not hold again then.

 

[AMITBE]

2600 continues to challaege.
If this is not taken out before long with a move to above 2611, weakness would gain ground. 2592 may not hold again then.

2592 lasted a brief struggle, and below 2589, now the fight at 2585.
Below 2579, 2572 has been firm lately.
Then 2567.

 

[VICKY_SEEKINGINR]

Very nice Amit...

Thanks for your information on market..
Truly I am taking benefit from your forecast on market..

Thanks

 

[AMITBE]

2592 lasted a brief struggle, and below 2589, now the fight at 2585.
Below 2579, 2572 has been firm lately.
Then 2567.

2567 held. As of now.
Now 2579, the support earlier is hindering the recovery.
Above this, 2589 could be tough again.

 

[AMITBE]

Very nice Amit...
Thanks for your information on market..
Truly I am taking benefit from your forecast on market..Thanks

Hi Vicky...good man, as always you are pretty savvy!

Yes, I should have mentioned 2585 as the resistance in this recovery.
Past this, 2589-2592, and then back at 2600, the sticky level from this morning...if we get that far, that is.
I'm not too bright on things still.
One good aspect today, is that the midcaps have perked up a little, compared to yesterday where they got a thrashing.