NIFTY FIFTY

[srisara]

no suspense please, surprise on which side ???

In their final bid to trap the bears, if bulls stage a comeback?

satya

 

[Czar]

In their final bid to trap the bears, if bulls stage a comeback?

satya

I think the same, but it will the last try... thursday I believe is the next wave...

as it is I also believe Budhvaar is always making buddhu (fool) lets see...

 

[AMITBE]

Tomorrow is crucial as we are near 3150 levels. If 3150 is not held, then its all the way down to 3125, 3115........

So watch out for the action. NIFTY may surprise many Tomorrow?

Satya

Hi Satya...why are there levels crucial...3150 ?

 

[gvnarendra]

hello amitbe,

The index tried and tried to go up in last 2 days including today but the follow through buying(which u had mentioned before) was not there at all.So it might be well headed to retest 200 day moving avg. From my data the level on the lower side would be 3140 which is a must to hold tomorrow or else it might well head down.The supports to the down might be 3044,200 day ema,2874,2655.hope things improve from tomorrow on global and home front.And as for the elliott wave princile if the present down move is divides into five waves the index could be headed for a zig zag correction and if it is a 3 wave the a potential bottom could have been created on 22 may.

As for the bear flag, it'll take a lot for it to give confirmation yet.

could you please explain what confirmations should we look for.

regards,
gvnarendra.

 

[AMITBE]

hello amitbe,....could you please explain what confirmations should we look for....

regards,
gvnarendra.

Hi gvnarendra, to your last issue on the bear flag confirmation for Nifty futures, I'm going by my methods I use for Nifty spot.

Here I see today's close resting at a tad above major level at 3124. Futures closed at 3125.35.
Today's close didn't quite test another important level at 3092.

In case your bear flag has to unfold, I'm looking at a few major levels to break down.
These are 3092-3076-3060-3045-3030-3015-3000.
The confirmation could come here.

To the up, a close above 3222 is the minimum it has to do. Then above 3239 and 3256 will turn bullish for higher levels.

While I'm marking certain levels in red but these are all important levels.

Markets in Europe and US are red everywhere.
Looks like another difficult day for us tomorrow.

 

[srisara]

Hi Satya...why are there levels crucial...3150 ?

Support and resistance levels AMIT, as seen from my charts

today, 3250 turned out to be a Major Resistance point. I was constantly pointing out on it for last 2 days. I don't know If anyone noticed it.

Well, I am still learning and using my own way of analysis. Also, I add an element of 6th sense to it.

Nothing more than that...
Satya

 

[AMITBE]

Support and resistance levels AMIT, as seen from my charts

today, 3250 turned out to be a Major Resistance point. I was constantly pointing out on it for last 2 days. I don't know If anyone noticed it.

Well, I am still learning and using my own way of analysis. Also, I add an element of 6th sense to it.

Nothing more than that...
Satya

Hi Satya...great going with your charts. That 3250 area wasn't going to be breached with the kind of sentiment prevailing.

(Perhaps you should start a 6th sense thread, eh?!
Calling it something like The Sixth Sense-X would be really cool! )

Keep it up Satya.

 

[gvnarendra]

Hi gvnarendra, to your last issue on the bear flag confirmation for Nifty futures, I'm going by my methods I use for Nifty spot.

Here I see today's close resting at a tad above major level at 3124. Futures closed at 3125.35.
Today's close didn't quite test another important level at 3092.

In case your bear flag has to unfold, I'm looking at a few major levels to break down.
These are 3092-3076-3060-3045-3030-3015-3000.
The confirmation could come here.

To the up, a close above 3222 is the minimum it has to do. Then above 3239 and 3256 will turn bullish for higher levels.

While I'm marking certain levels in red but these are all important levels.

Markets in Europe and US are red everywhere.
Looks like another difficult day for us tomorrow.

thanks amitbe.asian markets are down yet again.

 

[AMITBE]

They say that not all dogs resemble the fly-by-night wolfish types that swarm a promising market and jack up the action, plunder as much as possible, then just as swiftly pull out all plugs and go baying and scampering looking for new victims.
It seems there is a noble breed amongst the dogs that has a wider, long term perspective on things.
It seems this kind is still hanging in.
But then, how much wider can a dogs vision be beyond a kill getting leaner.
And no doubt, for a lot of new comers in the game, say those who came in around the 3000 levels on the Nifty, the kill has suddenly gotten rather lean.
In fact some of them may even be staring stop losses in the face.
So was the massive buildup of shorts in the futures quite abruptly yesterday, a panic response by some of them. Panic amongst dogs, thats a scary thought.
Quite possibly, as they have to show something for their efforts.

Then again, a dog is a dog, and one is closely related to the other by its killing instinct.
Theres no two ways about that.
Somewhere along the line, a few will step in to raise the markets again, perhaps quite soon.
This will be done for some trapped dogs to exit, and at the same time trap Ragdoll in a false sense of a reversal.
Then theyll pull the plugs again to lower levels.

Then somewhere along the line theyll all nod wisely and say, yes, the valuations are now really attractive, and then the wheel will be reinvented.

Theres pain ahead people. Just hang in.

For supports, the long line is 3180-3176-3172-3167-3162-3157-3152-3147-3142-3137-3132-3129-3126-3120-3114-3108-3102-3096-3090-3084.
Its important to hold 3077-3065.

To the up, will have to do this from a lower level later.

 

[pkjha30]

Then somewhere along the line they’ll all nod wisely and say, yes, the valuations are now really attractive, and then the wheel will be reinvented.

Hi Amit

The most incisive comment. The whole analysis decsribes the market cycle now in a new perspective. At some point of time they will nod their head . Indian bulls and bear will be their victims all the same. Wise men will only survive. I suppose these wild dogs are FIIs and their Indian Attendents..???


Pankaj