NIFTY FIFTY

[AMITBE]

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.

Yes saint, and I feel 2335 is unlikely to be tested in a hurry for today.
Has tested 2349.40 and back up.
ONGC is playing the index at this time. Being a bit volatile. Should it break, expect some panic selling.

 

[AMITBE]

Bajaj Auto, BHEL and Satyam have taken a quick dip.
2344 is a pivotal support and 2345 was tested now.
A/D ratio is evenly balanced as of now, and most losers and gainers and are on thin margins.
It can go either way, but 2340 then 2330 have promise.

 

[AMITBE]

Some action should pick up in the market this week coming into the Sept. series.
Thursday's closure was a tame and smooth affair after a good show on Wednesday, and though the NIFTY rallied on Friday, it could not sustain or even reach 2370. This shows weakness which is the broader outlook for it in any case.
However, the gap to 2380-2400 still remains, and in the course of the next little while, the NIFTY should be attempting it again. If it can sustain there right away is anyone's call, though unlikely as any rise towards these levels will meet with stiff resistance at selling pressure.
As 2300-2320-2335-2345-2355 are already established as important supports, the market has a range of 2300 to 2400 within which to consolidate with intermittently choppy and flat sessions.
For today, the NIFTY is placed at 2355, and being the first day of the week, a stand off may be a possibility with not a lot of movement either way.
If so, the expected range would be between 2340 and 2365.
Should things get choppy, the down side and up levels are aleady mentioned.
However, some good buying may materialise in Reliance, ITC, Hind Lever and TCS along with Dabur to help things on the up. ONGC has been volatile the last few sessions and may remain so.
Crrude has shot up and this will not help the markets.

 

[AMITBE]

Makets everywhere are down, on rising crude definitely.
The anticipated flatness is nullified at 2355 levels for now.
Should 2320 be violated, next levels are 2312-2305-2300.
Should things become stable at whatever level, money should flow to mid and small caps.

 

[AMITBE]

Makets everywhere are down, on rising crude definitely.
The anticipated flatness is nullified at 2355 levels for now.
Should 2320 be violated, next levels are 2312-2305-2300.
Should things become stable at whatever level, money should flow to mid and small caps.

2312 has stood the pressure for now, but 2330 is giving esistance. Playing at 2320 now.
A/D ratio is abysmal. 4 advances to 46 declines.
Hindalco, Acc, Britania and Zee holding out.
If things hold even at these levels for some time, gradual upside should come later.

 

[Saint]

The NIFTY is looking more and more like a H&S pattern in progress.....which is bearish for the short term,but no confirmation till 2300 breaks and ends the day below 2300.

From an intraday stand point,looks like we are going to end the day more down from here.

Hope I am wrong in everything I just said!

Saint

 

[AMITBE]

The NIFTY is looking more and more like a H&S pattern in progress.....which is bearish for the short term,but no confirmation till 2300 breaks and ends the day below 2300.
From an intraday stand point,looks like we are going to end the day more down from here. Hope I am wrong in everything I just said! Saint

Hope so too, saint. The good thing is 2312 tested and held with some show of stength, with 2305 and 2300 still in spare.
The rally to 2333 off came on the back of a spurt in Bharti mainly. The A/D atio has got a little better too.
With action in midcaps picking up all day, I hope the money will flow back to the index stocks in case of a drop.
Breaking 2300 seems unlikey to me. WHat purpose would that serve?
Now at 2334 and the H/S formation may be under threat.

 

[AMITBE]

My call for a flat movement at 2340-2365 did not materialise as the index plunged at the opening itself after making a quick move to 2365. Flatness did pevail at 2320-2335 though.
The NIFTY is showing consistant weakness and as it reacted at 2365 yesterday then took support at 2312, we may be into a spell of choppy sessions.
The spike in crude may now be factored in, and so there is no immediate trigger for a plunge today.
The good thing is it closed a shade above at 2337 off, which forms a good support.
A possible up-side could come and 2365 would again give resistance. Past 2370 is 2377 a difficult mark.
To the down 2330, 2312 may hold good or even 2300.

 

[AMITBE]

The spike in crude may now be factored in, and so there is no immediate trigger for a plunge today.
The good thing is it closed a shade above at 2337 off, which forms a good support.
A possible up-side could come and 2365 would again give resistance. Past 2370 is 2377 a difficult mark.
To the down 2330, 2312 may hold good or even 2300.

2365 being tested again now after a good and orderly consolidation. A reaction here like yesterday may not come for that reason...I hope.
A move to 2370 could come but 2377 is most sticky.

 

[AMITBE]

2365 being tested again now after a good and orderly consolidation. A reaction here like yesterday may not come for that reason...I hope.
A move to 2370 could come but 2377 is most sticky.

NIFTY finding it difficult to cross 2368.
There is a good move in Satyam, HCLTech, Dr. Reddys, Zee, Hind Lever, ICICIBnk, Ranbaxy, Sail, Wipro, VSNL and TataChem and some other marginal gainers too.
Besides all this, short covering is surely taking place too from Friday and Yesterday's lows.
If we cross 2370 and stay above, there could be some ok sessions ahead or else a drop soon likely.