adilsaleem said:
Hi Amit
Wont u say anything ? Any analysis would help, Anything from the technical point of view that you would have observed would help a lot. Hope to hear from you soon
Hi Adilthe reason Im not posting a whole lot here at this point, is obviously theres not a lot to say.
The markets are broadly adhering to technicals, yet it would be futile to call any reversal points, bottoms etc. There will be sharp rallies intermittently followed by vicious selling.
This is clearly a spooked out bear market.
At this time generally its more pertinent to follow the fundamental story as it unfolds, and Pankaj is doing a great job of it.
In the meanwhile Ill continue to post the levels as I have been doing.
As for comments or commentary, well, whats there really to say, eh!?
From Pankajs posting one can see how the domestic MFs have been pulling out money.
Sure, redemption pressures must be there.
But could it also mean there is much more downside to come.
They have been investing in recent times, but then the Nifty has fallen off a couple of hundred points and more since then, with no halt in sight.
It does make sense to go cash in anticipation of another shave off, to buy lower.
I personally dont see anything resembling a bottom till well into July at least.
It may come as a short term rally in a bear phase.
Ill follow up on this going ahead.
In the here and now, the close yesterday resembled the close last Thursday, which was followed by a strong reactive rally.
It would be interesting to see how the Nifty runs today, and of course at this point the Asian markets are all in green.
This is an important day for the markets in the short term.
The commitment to test the 200 DMA is still pending action from a TA point of view.
To the up theres congestion coming ahead.
The line is
2668-2674-2680-2686-2690.
Then the line is
2694-2698-2702-2706-2710-2714.
Will call more once this is taken out.
Supports are
2659-2654-2648-2642-2636-2630-2624-2618-2612-2606-2599.
