NIFTY FIFTY

[AMITBE]

Some recovery is under way...as of now. Hope it continues.
Just to underscore a point I have been making against the penny counters and smallcaps with the markets racing away, I can see some very smart recoveries in most of the good counters, big or midcaps. The others are struggling badly and will stay down well past this fall.
Staying above 2525-2530 is the main concern now.

 

[srisara]

Some recovery is under way...as of now. Hope it continues.
Just to underscore a point I have been making against the penny counters and smallcaps with the markets racing away, I can see some very smart recoveries in most of the good counters, big or midcaps. The others are struggling badly and will stay down well past this fall.
Staying above 2525-2530 is the main concern now.

There is no more truth than what AMIT has said, why some companies are called BLUE Chips? Now, everyone knows the reason.

Satya

 

[Saint]

The trend line on hourly charts which acted as support many times now acting as resistance.....if this area of resistance holds,maybe another leg down soon.

Saint

 

[AMITBE]

Exactly the point, Satya...you see, the largecaps index stocks are holding up well despite the correction. It's the weak hands chasing these, and the pennies and smallcaps that have been in a panic, and shaken out by this fall.
Also some interesting developments have taken place. There was a meeting at the PMO last night to discuss any manipulations in the market. BSE and SEBI have been warning the players last two days. All this may have helped the markets to go in for a bout of selling.
Looking at the nice recovery, yes, the weak hands are out mainly and the strong ones coming in to buy again.
Testing 2539 now, and if 2542 is taken out and sustained, we would be well set at lower levels for now...lower than the last few days, that is.

 

[AMITBE]

Testing 2539 now, and if 2542 is taken out and sustained, we would be well set at lower levels for now...lower than the last few days, that is.

With 2542 behind us as of now, the fight is for 2552-2555.
Even if these levels are attained, there is no guarantee of a stable market as yet. This is only a pull back rally so far.

 

[AMITBE]

With 2542 behind us as of now, the fight is for 2552-2555.
Even if these levels are attained, there is no guarantee of a stable market as yet. This is only a pull back rally so far.

The recovery is remarkable as yet. The Sensex has done even better...was checking there. It's TCS mainly pulling the NIFTY down.
2560 is giving much resistance for now. 2562-2565, if these are crossed, the deep correction fears would recede for now.

 

[AMITBE]

The recovery is remarkable as yet. The Sensex has done even better...was checking there. It's TCS mainly pulling the NIFTY down.
2560 is giving much resistance for now. 2562-2565, if these are crossed, the deep correction fears would recede for now.

Yes sir! And now to the conflict zone at 2572...also from this morning.
This is the sticky level to watch...in the short term, the final frontier.

 

[madhura]

Nifty graph formed the ascending channel from 2527 to 2567 level, after which it got deviated...so this level important
Today too 2562 acted as support level..double tops formed...but trend showed downtreand then? Does this mean bearish enviornment?
Thanks
Madhura

 

[AMITBE]

Nifty graph formed the ascending channel from 2527 to 2567 level, after which it got deviated...so this level important
Today too 2562 acted as support level..double tops formed...but trend showed downtreand then? Does this mean bearish enviornment?
Thanks
Madhura

Hi Madhura, the bounce came off 2504.90 the lowest level recorded today. From here there is an ascending trend, except for a period of struggle at 2525 to 2530. The trend breaks at 2573, and then the slip to 2567 in the final moments. Remember you had noted 2572 as a mark around which much action took place yesterday. This is proving to be sticky at this point, but only in the short run.
I don't believe there were any double tops as such, and what you may see as double tops are just resistance levels, where the progress is halted, then a slight pull back, and finally a thrust up again to take out that resistance, and so on. When in a repetitive continuous motion, the pattern thus formed, in fact is the essence of an ascending triangle formation.

Anyway, we have narrowly survived a major disaster today.
2572 was not meant to be, but then, tomorrow is another day.

 

[Saint]

That was one great pullback ,but still feel we are not out of the woods yet.As I had said,not the time to short,only the time to be cautious,and not go gung ho with longs.

Still in Caution Mode for now!!

All the best!!

Saint