5620-5640-5660 is the lvl of retracement which will take nifty directly to 5160-5140-5120 and this doesnot shows that nifty is long or shot if nifty spot breaks and closes above 5630-5650 with volumes then expect above 5980-6050-6160 minimum to maximum but chances are very less not because i am bearish over mkt but all the bad news howering over the market and upcomming rise in intrest rate by 25-50Bps on cards on 16 or 15 of june by rbi as per rumers and also ise in disel price will lead to rise in daily need comodities price like milk and vegetables
this is anyway not a good symptom for mkt and also developed mkts like Dow and Nashdaq are giving a one sided free fall so what do we stand in front of them
i heard some one saying on streets that ""if american mkts falls some asian mkts should grow opp to the trend as fiis will sell as dii in their home mkt but be fii in some asian mkts""
But that doesnt means that we and our mkt is their only emerging market for Eg. even japan is a good mkt to invest in but our mkt is a no spl mkt we are scam driven, and uneasonably poor performer mkt
after 1280 immidiate support of s&p 500 is at 1220 which looks a no good figure and also same is with Dow and Nashdaq
I have a inner feeling we are about to see a 100-150points rally upside and then we will see a sudden facefall of 1.5 times of +ve move like for eg if nifty runs from 5510 to 5660 and next day we can see 5485-5450 and i am not preety sure for +ve rally but very +ve about -ve fall 150-190-220 points in negative close is very soon on cards
Appreciate all your analysis and agree with it 100 Percent but...................
Market will not go down drastically except some technical pull back time to time.
Why will try to explain.
Till now any financial market in world is not driven by Fundamentals but by Manipulation of market makers and major participants like brokers, FIIs, HNIs, MF industry etc etc. Some exceptions may be there but I consider them as cyclic correction. Next correction is due in 12.
And Indians are great manipulator.
For example-
Rcom reported lowest profit in 4 year. What is its growth plan? But it has not crashed.
Bharti same story. Refuses to go back.
DLF- See the result and price.
Even SBI - Though profit was manipulated by new chairman and stock was down in shock it bounced.
Axis bank, ICICI, HDFC Bank gave best results how much they jumped from result day.
But all these stocks including Rcom DLF will go up because Govt does not want that Indian market should remain Bearish.
One or two days before we made low of this year 5175 Sebi issued a warning that it is going to investigate the role of bear cartel in fall.
From that day onward slide stopped and we have not touched that level.
once market recovered after a month they issued a statement that there was nothing wrong.
So now onwards market will go up at least till October.
You may not agree with me but for a good profit have a bullish sentiments.