NIFTY FIFTY
- Thread starter AMITBE
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Looking at some data again, 2567-2572 have been strong levels in the past.
I do hope the Nifty will climb above 2586 before close, or else we may see lower levels again tomorrow.
Obviously the tactics of the deep pockets here is to drop the index counters really low and come in there ahead of the results. There is no other reason I can think of. If this is correct, the upwards journey will come soon, if even from lower.
I do hope the Nifty will climb above 2586 before close, or else we may see lower levels again tomorrow.
Obviously the tactics of the deep pockets here is to drop the index counters really low and come in there ahead of the results. There is no other reason I can think of. If this is correct, the upwards journey will come soon, if even from lower.
It's a difficult call on the Nifty now.
At this point a purely technical assessment is not likely to stand.
There are too many factors globally that have kicked into play and, the result season notwithstanding, the players are not likely to go long right off the bat.
We will have to wait and watch how the situation developes.
Normally Fridays are not known to hold much promise of a rally, certainly not towards the end of the day. So here the first half is going to be crucial, and we are still in the over bought zone, even if a little less so.
In a good scenario, we can hope for a flat, consolidating move even if with a bearish disposition. This would keep panic away, for, we are close to some seriously menacing levels now. A zapping opening like yestarday will plunge us right into these. Any adventurous and plucky moves early on are only going to encounter rigid resistance at higher levels as trapped traders will sell heavily then. On the other hand, there is no real cry to sell first thing either, as the late moves last night kept pretty close 2580 plus. Hence, a flat day at the markets seems the only sensible hope.
And yes, the other big hope is for some great and heartening news from any source which could turn things around.
For the record, the levels:
Below 2570 and 2567, 2560 and 2557 are supports. Further below, 2546, 2535 and 2527.
To the up, 2586 has to be sustained for even a feeble attempt at recovery. 2589-2592 is another sticky area. Then 2596, and finally 2600 would give a lot of resistance.
At this point a purely technical assessment is not likely to stand.
There are too many factors globally that have kicked into play and, the result season notwithstanding, the players are not likely to go long right off the bat.
We will have to wait and watch how the situation developes.
Normally Fridays are not known to hold much promise of a rally, certainly not towards the end of the day. So here the first half is going to be crucial, and we are still in the over bought zone, even if a little less so.
In a good scenario, we can hope for a flat, consolidating move even if with a bearish disposition. This would keep panic away, for, we are close to some seriously menacing levels now. A zapping opening like yestarday will plunge us right into these. Any adventurous and plucky moves early on are only going to encounter rigid resistance at higher levels as trapped traders will sell heavily then. On the other hand, there is no real cry to sell first thing either, as the late moves last night kept pretty close 2580 plus. Hence, a flat day at the markets seems the only sensible hope.
And yes, the other big hope is for some great and heartening news from any source which could turn things around.
For the record, the levels:
Below 2570 and 2567, 2560 and 2557 are supports. Further below, 2546, 2535 and 2527.
To the up, 2586 has to be sustained for even a feeble attempt at recovery. 2589-2592 is another sticky area. Then 2596, and finally 2600 would give a lot of resistance.
Sorry...been having a lot of difficulty with the net here.
As suggested, the Nifty did indeed climb right away quite steeply, breaking past all the resistance levels.
And now the fall from higher levels.
A suggested above, 2557 has arrested the fall at this point.
For the rest the other levels are mentioned above.
As suggested, the Nifty did indeed climb right away quite steeply, breaking past all the resistance levels.
And now the fall from higher levels.
A suggested above, 2557 has arrested the fall at this point.
For the rest the other levels are mentioned above.
Today also the midcap seems to be doing better than the nifty stocks...- Status
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