NIFTY FIFTY

[AMITBE]

Past this, 2589-2592, and then back at 2600, the sticky level from this morning...if we get that far, that is.
I'm not too bright on things still.
One good aspect today, is that the midcaps have perked up a little, compared to yesterday where they got a thrashing.

Back at 2599-2600.
If we can take take this out and further take 2611, in the short term this would give strength. 2620 would be the confirmation of it, not just for today, but in the days to come as well.

 

[AMITBE]

Back at 2599-2600.
If we can take take this out and further take 2611, in the short term this would give strength. 2620 would be the confirmation of it, not just for today, but in the days to come as well.

The fight for 2600 is getting long drawn out, and beyond a point we may see another tug to the down.
An important psychological factor this afternoon is that we are coming into the weekend.
Taders would not like to carry positions at higher levels tonight.
There may be a bout of selling later on.
Still, it would be good for the sentiment if we could take 2611.

 

[AMITBE]

The fight for 2600 is getting long drawn out, and beyond a point we may see another tug to the down.
An important psychological factor this afternoon is that we are coming into the weekend.
Taders would not like to carry positions at higher levels tonight.
There may be a bout of selling later on.
Still, it would be good for the sentiment if we could take 2611.

Last traded price 1206, the closing would be a little lower.
Not a lot of difference between this and 2611, yet it is significant.
Because numbers are everything in our game.
Just as colour is everything to an artist, and words to a writer.

 

[Saint]

Last traded price 1206, the closing would be a little lower.
Not a lot of difference between this and 2611, yet it is significant.
Because numbers are everything in our game.
Just as colour is everything to an artist, and words to a writer.

1206??Oh,you mean 2606........phew for a moment there I thought I missed a mammoth market move!

 

[AMITBE]

1206??Oh,you mean 2606........phew for a moment there I though I missed a mammoth market move!

There!
Can't even keep a track of numbers!
Perhaps I'd be better off with colour and words, eh saint!?

 

[Saint]

There!
Can't even keep a track of numbers!
Perhaps I'd be better off with colour and words, eh saint!?

 

[jaideep]

......
Because numbers are everything in our game.
Just as colour is everything to an artist, and words to a writer.

Like I said before, stupendous Amit.

 

[AMITBE]

Like I said before, stupendous Amit.

Hi Jaideep...thanks very much.
I know you understand about words...you're the wordsmith and know their worth.

 

[AMITBE]

Coming into the new week post the derivative expiry, we are at an interesting juncture.
There is going to be price discovery in the Indexes and the derivative traded counters on the one hand. On the other, we are now running into the result season. These two factors are going to show the way ahead, price discovery being for the short term.

At some point soon, the midcaps will have to come into play if this rally is to stablise. The ramifications of this are clearly obvious for a better depth and breadth in the market. The ongoing concern has been with volume and breadth, and the participation of the midcaps is vital now. Because these have been beaten down, for the last three to four sessions we are seeing a negative market breadth.

The important thing is we are in a long-term bull -run. There should be a significant amount of portfolio churning happening going forward, as large amounts of funds will be shifting from the fundamentally weak penny stocks as well as low quality mid and small cap stocks to good stocks in this segment. At the same time the NIFTY is showing its capacity to hold on to its recent gains. We are also seeing quite a few front line stocks hitting their 52-week highs. With all this, when we bring in the result season factor, the emerging indication is, there is going to be further rise in the indexes, and the general market sentiment. This is subject to the Midcaps coming into the game.

In the short run, we may see some correction creeping in. There is a lot of profit in the books of those who have participated in the index counters. These should be coming in for profit booking, ready buyers standing by to buy at lower levels notwithstanding. Here would be a chance for the top quality mid, small and perhaps penny counters too, with funds getting relocated.

For the NIFTY now, 2620-2630 has become the vital target, and a step up to 2650 would be the safe zone.
Its quiet likely that we would see lower levels and consolidation there before moving on to test the high ground.

For today, if 2620 at least is not sustained, the supports would come at 2597-2592-2585-2572.
To the up, 2620-2630 are the levels, in if these are sustained, theoretically 2650 is the upper band, even if unlikely.
Will follow up.

 

[AMITBE]

We have been attempting to stay above 2620 with a strong selling pressure.
If this is not sustained, expect volatility, and short term supports are at 2619-2616-2610-2608.