NIFTY FIFTY

[AMITBE]

Almost 13-14 percentage points up, and flat as a plank. Still, better than a sharp dip, and no panic, good to see.
The one aspect that remains a worry is the way the NIFTY reacted at 2586 plus levels. The loss of about 35 points in quick time from 2592 to 2557 was quite dismal. Perhaps we need to consolidate for longer to attempt the high levels again.
On the other hand, the longer we keep below 2584-2586, the weaker the market may become.

 

[AMITBE]

The powers above have done much explaining that there was indeed no foul whiff of a scam...the PM, the FM with one voice have cleared the air. A good thing for the market sentiment.
The F&O expiry on Thursday continues to create volatility, and yet the under-current seems to be strongly bullish.
The continued reaction at higher levels may at some point be curbed soon. We are inching closer to that 2584-2586 level, beyond which there should be a marked all round improvement in sentiment.
On a sobering note however, the current levels of the NIFTY may be seen as vulnerable, based on the sharp loss late last week from these levels. Clarifications from the autorities notwithstanding, a strong bear move here may prove to be a traumatic one, coming so close to Thursday's expiry. Be cautious, even if we take the much coveted 2586 mark, at least till past Thursday.

The levels today:
Proven supports at 2549, 2565, 2572. 2525 should hold strong if a crisis develops.
To the up, 2592-2596 from yesterday may give resistance again. Passing this, 2610 would be within range, technically.
It is important to remain above 2572 for the sentiment.

 

[AMITBE]

The market seems to be drifting rather aimlessly at this point.
Perhaps waiting for a strong move in either direction?
The placid state is not likely to linger for long.
2560 has held well for now.

 

[AMITBE]

2574-2579 has been the flat range for quite a while now, and 2572 a good support, which was broken moments ago.
For a sideways consolidation this is fine, and the concern is, as stated yesterday at close, the longer we stay below2586, the chances of weakness increase.
2560-2564-2568-2572 have all given support as of now.

 

[rbsnaidu]

NIFTY has strong support at 2222-2226 levels, so hope it will not breach this. The next low supports are 2212-2214-2216 levels and hope it will never come to this.
Has bounced back up for now from 2223 off.
Good luck.

thanks for the information.

 

[AMITBE]

NIFTY has strong support at 2222-2226 levels, so hope it will not breach this. The next low supports are 2212-2214-2216 levels and hope it will never come to this.
Has bounced back up for now from 2223 off.
Good luck.

thanks for the information.

Yo rbsnaidu! Where did you get the above quote from me friend?
Hey, am I missing something here??
We've been bleeding to death or what?
Any how, in the here and now I believe we are attempting 2580 plus levels again.
The low volume all round is not helping for now.
I had thought short covering today would give a boost to the proceedings, but perhaps the pressure to sell at every rise is what the market is facing.

 

[Saint]

Yo rbsnaidu! Where did you get the above quote from me friend?
Hey, am I missing something here??
We've been bleeding to death or what?
Any how, in the here and now I believe we are attempting 2580 plus levels again

.

 

[jaideep]

Quote:
Originally Posted by AMITBE
NIFTY has strong support at 2222-2226 levels, so hope it will not breach this. The next low supports are 2212-2214-2216 levels and hope it will never come to this.
Has bounced back up for now from 2223 off.
Good luck.

Yo rbsnaidu! Where did you get the above quote from me friend?
Hey, am I missing something here??
We've been bleeding to death or what?
................

That's a Fast Rewind for you Amit. To keep you on your toes perhaps.

 

[Saint]

NIFTY new highs.........

 

[AMITBE]

Hi saint, 2592.5 was the high yesterday...let's hope we get our nose over the 2600 level tonight.