Another exciting week coming along now.
Not a lot has changed internationally, meaning crude prices mainly.
On the domestic frontwellSEBI has been quiet mainly.
Some more good numbers have been announced, no adverse political developments have taken place.
All in all its one of those so whats new kind of morning.
As for the markets, the momentum is obviously on the up. So theres not much to say there.
The following excerpt is from April 28, the day made infamous by mishandling on part of SEBI:
On another front, there is this hundred points plus up-down volatility thats causing concern.
The Nifty touches some base floor one moment, and the next moment it hits a ceiling way above.
Somewhere along the line one or the other level would break.
At these high levels, the chances of the ground splitting open are greater, big money waiting on the sidelines or not.
For all the violent moves of that day, the ground didnt quite split open, did it.
And in the following truncated session, the Nifty once again reached for the sky.
This market is strong, thats visible even to the blind
Perhaps a new theory needs to be evolved on the fundamental front that would allow our analysts to see what the major funds see.
These funds obviously see the future of India Inc. from a different perspective from these analysts.
On Friday morning, before that bloody session began, the majority of these analysts had suggested that at last THE CORRECTION was upon the market.
By Friday night these chaps had egg on their facefor the millionth time.
So yes, the major funds really should share their vision with these chaps and put them out of their misery.
On to the here and now.
Once again Im pulling out a recent excerpt, from the morning of April 20:
On the technical front, from my study, the major level to command is 3579 before any residual mileage can be extracted to the up.
Ifs and buts are the necessary irony of life.
If 3579 can be held, the extension has the potential to test 3588-3597-3606-3615-3624-3633.
This is thinking at least two steps further ahead, of course.
The Nifty had closed at
3535 the previous night.
For the next three session, the Nifty attempted levels higher than
3579 and then fell, and how.
Well, one step forwards, and four steps backwards, and yet again the Nifty is back up there.
3579 for me remains the level to close above. The near term step ups are given in the above quote.
The levels for now:
From
3557 close, congestion is seen till
3588.
The line is
3560-3567-3568-3571-3575-3579-3582-3585-3588.
Past this is
3593-3598-3603-3608 for now.
Supports are
3554-3551-3546-3542.
Then 3539-3536-3533-
3530. More later.
