NIFTY FIFTY

[AMITBE]

At 2390 now, and if this is broken, the fall may gain momentum. Past 2388 is 2380.
Could bounce back from 2390 though.
On the whole quite weak.
Perhaps not a bad thing if consolidates, as the next mid week is more crucial.

After bouncing up from 2390 as suggested above, remained sidewards.
Later in the fall again had broken 2388 and sunk further to 2384.
Now back up at 2390 again.
With buying done at lower levels, may remain above 2390 for the rest of the session...I hope.

 

[nn0023]

People(experts) Are Saying That nifty Is Moving Sidewise/lower Today Due To Introduction Of Bonds(2014 & ?). Its Still In Its Bullish Mode.

Any Comments Amit.

 

[AMITBE]

NIFTY did test the lower levels a little below 2380 yesterday, but 2380 remained a good support.
Even so, 2390 seemed a better level for it as it remained close to this for most of the day.

The pattern that is emerging clearly in NIFTY's progress over the past weeks is that while it gains some and loses some, the sum total is it gains more than it loses.
For this reason I am not too concerned about yesterday's drop which was expected after the sharp upsurge very early in the session.

The media hype of a deep correction coming up may well seek self-fulfilment as it does create negativities in the market. Choppiness is likely to continue, therefore.

If NIFTY clears 2410 and remains above or around here, it would be positive signal for next week.
If the troublesome level at 2377 is broken, 2370 may give support and then 2365.
Sideways consolidation would come between 2390-2400.

 

[[email protected]]

The bullish trend is well maintained and Nifty will move up again. The Levels on the up are 2460 and 2500, with 2500 posing a potential threat to the uptrend.

Wastej

 

[AMITBE]

Hi Wastej, thanks very much for the input.
I'm taking things on a daily basis in this thread so the members could keep an eye on the NIFTY.

Yes, my sense is the same, that the indexes are poised for further gains.
Corrections are inevitable along the way, some sharper than the others.

 

[AMITBE]

If NIFTY clears 2410 and remains above or around here, it would be positive signal for next week.
If the troublesome level at 2377 is broken, 2370 may give support and then 2365.
Sideways consolidation would come between 2390-2400.

NIFTY did attempt 2410, but fell short at 2409.35...as yet.
Been pretty much sideways and closer to 2400 than 2390...as yet.
Hasn't been too choppy for that reason.
Things could well heat up once the stand off is broken, as the advance/decline in the index scrips is kind of precarious: 31 advancces to 19 declines.
A lot of them are on thin margins and can go either way.

 

[nn0023]

Dear Amitbe
I Am Waiting For Ur Analysis Of Nifty For The Coming Week As It Is Crucial (according To My Thinking) .

 

[AMITBE]

NIFTY is now showing a marked weakness as there is neither breadth nor depth. However around close on Friday, considering the way the day went, there was some improvement in advance/decline but only marginally so.
On Friday the weakness developed when even 2410 could not be sustained, as this was on the lower band for the day.
The saving grace, if only in theory, was that 2377 just about survived, but this is not enough as the slightly higher closing at 2383 remains a threat to this sticky level.
On Monday if 2377 is broken, 2370 would become vulnerable as panic selling my push the index down to 2360 where it has taken support in the past.
Only a climb above 2400 will bring in some strength and if 2410 is attempted again, it will create a very positive trend.
A range between 2390 and 2400 would, as on Friday, allow for a breather.

 

[AMITBE]

NIFTY has tested 2403, its first upper band for the day, and fallen back.
In the next attempts if this level is not cleared, expect some wealness later.

 

[AMITBE]

NIFTY has tested 2403, its first upper band for the day, and fallen back.
In the next attempts if this level is not cleared, expect some wealness later.

Traded sideways with no vigour without testing 2403 again.
Most scrips have lost the earlier edge.
Starting to recede now at 2385 with support at 2380 where some bounce is likely.
Else, below that, 2377 again which would not be good.