NIFTY FIFTY

[AMITBE]

Now the home run.
ONGC is kicking in big time....along with a heafty punch from Dabur.
NIFTY powering up at 2340 plus.

 

[Saint]

Now the home run.
ONGC is kicking in big time....along with a heafty punch from Dabur.
NIFTY powering up at 2340 plus.

Nice,nice move in the NIFTY FUTS......sweet gains,caught 42pts and at target.I am out here......

 

[AMITBE]

Nice,nice move in the NIFTY FUTS......sweet gains,caught 42pts and at target.I am out here......

Great going saint.
It seems a lot of the money has suddenly left the mid caps and chasing index stocks.

 

[Saint]

Great going saint.
It seems a lot of the money has suddenly left the mid caps and chasing index stocks.

Yep Amit........some churning back to large caps seem to be happening.

 

[AMITBE]

After yesterday's firm close (under the circumstances), though choppy the session may well see the NIFTY climb to 2340, and even 2355. This is from expectations of short coverings.
To the down, 2312, than 2300-2305. In case the bears collar the index badly, 2390 should be good enough, though such a fall seems unlikely...at least today.

As suggested above from this morning's post, NIFTY did test its upper band rather effortlessly. There was a good and orderly consolidation till quite late in the session, with NIFTY attempting 2335 just once at about 11AM and receding gradually to 2324-2327 in the absence of support. (There was a push to 2337 first thing in the morning, but was a freak move possibly on account of the ONGC opening trade at 999.)
The fact that 2320 was tested, but yet remained unbroken at any point was a good indicator of things to follow.
Then at 3PM ONGC, Dabur and Sail etc. kicked in sharp and others followed and the rest is history as far as the Aug expiry of F&O is concerned.
A few notches above 2355 would have been better, but 2354.55 is not at all bad.
Uncertainty prevails still.
All the drama that happened in the last half hour does by no means suggest that the correction is behind us. There is no doubt that the long term bullish trend has reasserted itself emphatically after a spate of losses. Yet there are gaps that need filling which the NIFTY has left in its wake, rocketing up.
Will return here tomorrow.

 

[pratap]

As suggested above from this morning's post, NIFTY did test its upper band rather effortlessly. There was a good and orderly consolidation till quite late in the session, with NIFTY attempting 2335 just once at about 11AM and receding gradually to 2324-2327 in the absence of support. (There was a push to 2337 first thing in the morning, but was a freak move possibly on account of the ONGC opening trade at 999.)
The fact that 2320 was tested, but yet remained unbroken at any point was a good indicator of things to follow.
Then at 3PM ONGC, Dabur and Sail etc. kicked in sharp and others followed and the rest is history as far as the Aug expiry of F&O is concerned.
A few notches above 2355 would have been better, but but 2354.55 is not at all bad.
Uncertainty prevails still.
All the drama that happened in the last half hour does by no means suggest that the correction is behind us. There is no doubt that the long term bullish trend has reasserted itself emphatically after a spate of losses. Yet there are gaps that need filling which the NIFTY has left in its wake, rocketing up.
Will return here tomorrow.

Hi AMITBE,
Is it true that last half an hour on expiry day it will shoot up and will correct for next two or three days?
Pratap

 

[AMITBE]

Hi AMITBE,
Is it true that last half an hour on expiry day it will shoot up and will correct for next two or three days?
Pratap

Hi Pratap, I don't believe that is the case.
On the expiry of last month the NIFTY dropped in the last part of the session and went up a litle the next session, if my data is correct.

 

[AMITBE]

It is not going to be an easy call on the NIFTY today, and not for another couple of sessions till a picture emerges clearly.
Also today is the first day of the Sept. contracts in the F&O and price discovery will take place.
As suggested at yesterday's close at 2354 off, the gap to 2380 remains to be filled from there.
Should an up move come, it's likely that there will be an attempt at 2370, and 2377 too may be tested.
With or without the up move, on the down side 2342, then 2335 are good supports. 2320 now is well established to be the stop loss, in a manner of speaking.

 

[AMITBE]

Should an up move come, it's likely that there will be an attempt at 2370, and 2377 too may be tested.
With or without the up move, on the down side 2342, then 2335 are good supports. 2320 now is well established to be the stop loss, in a manner of speaking.

One hour in and NIFTY couldn't clear 2370 but came close at 2368 off.
Slipped to 2354 and likely to test 2350. Should 2350 hold, then likely to remain range bound for a bit.
Nothing to be gained from aggresive moves one way or another, is the sensible thing to do in the market in these early days.
ONGC is coming in for profit booking after yesterday and being a dragger.

 

[Saint]

So far this roof of 2355 is holding........if the supports at either 2340 or 2330 holds,would be a neat place to go long.