NIFTY FIFTY
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kaka said:
great stuff amitbe
todays high for nifty was 2789.35 which is only 1 point high from 2788
todays high for nifty was 2789.35 which is only 1 point high from 2788
And the close was 2776.20 which is only .80 point less than 2777.
Regards.
AMITBE said:
Some other numbers to the up immediately are 2777 and 2788. 2767 may be a brief resistance.
2736-2737 are the immediate supports.
2736-2737 are the immediate supports.
Two concerns for today:
The a/d ratio at close was precariously placed and should that continue today, we arrive at the second concern:
The inablity to take 2788 firmly and the sharp reaction there. No sooner had the Nifty touched 2789 than it slid sharply and only 2768 held the fall.
2767 was another number featured in yesterday morning's post.
Yesterday was the fourth day running into the climb and the index did appear tired after the strong exertion on Friday.
There is a good case for a round or two of healthy profit booking at this point.
This is what we had learnt from the recent exercise last week: In a bull market, take periodical reality tests to test the strength to the down and the upward moves would follow logically.
The good part (at least from the point of view of my personal research) is that the numbers are rocking along with remarkable alacrity.
This work is becoming most exciting and would have beneficial ramifications in the long run once a fine understanding of all this is reached. The wait now is for the Nifty to fall out of sync with this series to see the way forward.
The levels, should there be a correction 2767-2754 or 2757-2747 are supports.
I'm still in the process of figuring the next turning point for the Nifty and the tentative level suggested yesterday was 2799. This may or may not prove to be it, but still remains the immediate goal to the up.
The a/d ratio at close was precariously placed and should that continue today, we arrive at the second concern:
The inablity to take 2788 firmly and the sharp reaction there. No sooner had the Nifty touched 2789 than it slid sharply and only 2768 held the fall.
2767 was another number featured in yesterday morning's post.
Yesterday was the fourth day running into the climb and the index did appear tired after the strong exertion on Friday.
There is a good case for a round or two of healthy profit booking at this point.
This is what we had learnt from the recent exercise last week: In a bull market, take periodical reality tests to test the strength to the down and the upward moves would follow logically.
The good part (at least from the point of view of my personal research) is that the numbers are rocking along with remarkable alacrity.
This work is becoming most exciting and would have beneficial ramifications in the long run once a fine understanding of all this is reached. The wait now is for the Nifty to fall out of sync with this series to see the way forward.
The levels, should there be a correction 2767-2754 or 2757-2747 are supports.
I'm still in the process of figuring the next turning point for the Nifty and the tentative level suggested yesterday was 2799. This may or may not prove to be it, but still remains the immediate goal to the up.
Last edited:
AMITBE said:
The levels, should there be a correction 2767-2754 or 2757-2747 are supports.
I'm still in the process of figuring the next turning point for the Nifty and the tentative level suggested yesterday was 2799. This may or may not prove to be it, but still remains the immediate goal to the up.
I'm still in the process of figuring the next turning point for the Nifty and the tentative level suggested yesterday was 2799. This may or may not prove to be it, but still remains the immediate goal to the up.
If 2799 is attempted and not held, we may see a reaction there.
And if taken, 2810 would be within reach.
AMITBE said:
Contrary to the possibility that there could be profit booking today, the Nifty consolidated strongly in the 2785 zone and now the move up.
If 2799 is attempted and not held, we may see a reaction there.
And if taken, 2810 would be within reach.
If 2799 is attempted and not held, we may see a reaction there.
And if taken, 2810 would be within reach.
Bingo !!! Well done you !!!
On a separate note, the heights were getting on to me and i booked partial profits today. Will get back into some research now (stopped for a while) and look for some new scrips to get into in the new year.
Is it time for you to start sharing the how's of your analysis? I am unable to fathom the methodology, could you give us a starter?
Warm regards
Kishore
kkrish68 said:
Dear Amit,
Bingo !!! Well done you !!!
On a separate note, the heights were getting on to me and i booked partial profits today. Will get back into some research now (stopped for a while) and look for some new scrips to get into in the new year.
Is it time for you to start sharing the how's of your analysis? I am unable to fathom the methodology, could you give us a starter?
Warm regards
Kishore
Bingo !!! Well done you !!!
On a separate note, the heights were getting on to me and i booked partial profits today. Will get back into some research now (stopped for a while) and look for some new scrips to get into in the new year.
Is it time for you to start sharing the how's of your analysis? I am unable to fathom the methodology, could you give us a starter?
Warm regards
Kishore
Good luck with your own research.
Regards.
There is strong inflow of funds, that's clear.
To step back a little, while the the Nifty has risen five days on a roll, the first two days of this leg were more like tentative probes and the real push came on the following days.
The question then is, have these new funds just come in and if so will they pull profits so soon?
Maybe and maybe not.
There is still buying in very select counters both in the index and midcaps. Selective because the handful are driving the index with precarious a/d ratios. The volume was strong, but again, selectively. Past 2.30 yesterday most counters outside of the index came to a grinding halt. The money went towards pumping the select index counters.
From now, it's certainly time we looked really sharp for an early indication of a pullback.
It's not clear yet if 2799 should be pursued as an important corner. Perhaps it's too low into this fresh rise?
But then 2697, the previous difficult point recently, was taken feebly just once overnight, and taken but not sustained several times intraday. It finally took some doing to be taken and once taken, led to this over 100 point rally.
The next day or two will clarify this issue. If 2799 is a highlight point, we'll fall behind it soon enough. If it is not, we'll rise well above it.
All of the above is loud thinking.
For now the Nifty needs to take and sustain 2821 and then 2832 to keep up the good work to the up.
Not that if it slipped to correct, it would not be seen as being good work.
If it does, the levels of support are 2799 and 2788 immediately below.
The numbers series seems still intact.
To step back a little, while the the Nifty has risen five days on a roll, the first two days of this leg were more like tentative probes and the real push came on the following days.
The question then is, have these new funds just come in and if so will they pull profits so soon?
Maybe and maybe not.
There is still buying in very select counters both in the index and midcaps. Selective because the handful are driving the index with precarious a/d ratios. The volume was strong, but again, selectively. Past 2.30 yesterday most counters outside of the index came to a grinding halt. The money went towards pumping the select index counters.
From now, it's certainly time we looked really sharp for an early indication of a pullback.
It's not clear yet if 2799 should be pursued as an important corner. Perhaps it's too low into this fresh rise?
But then 2697, the previous difficult point recently, was taken feebly just once overnight, and taken but not sustained several times intraday. It finally took some doing to be taken and once taken, led to this over 100 point rally.
The next day or two will clarify this issue. If 2799 is a highlight point, we'll fall behind it soon enough. If it is not, we'll rise well above it.
All of the above is loud thinking.
For now the Nifty needs to take and sustain 2821 and then 2832 to keep up the good work to the up.
Not that if it slipped to correct, it would not be seen as being good work.
If it does, the levels of support are 2799 and 2788 immediately below.
The numbers series seems still intact.
AMITBE said:
For now the Nifty needs to take and sustain 2821 and then 2832 to keep up the good work to the up.
Not that if it slipped to correct, it would not be seen as being good work.
If it does, the levels of support are 2799 and 2788 immediately below.
Not that if it slipped to correct, it would not be seen as being good work.
If it does, the levels of support are 2799 and 2788 immediately below.
Edging so close again to the lower support at 2788, a few levels further below are 2777-2775.
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