NIFTY FIFTY

[AMITBE]

2784 is causing a sharp reaction.
We made a triple top there a short while ago and sank sharply.
2784 is the one to get above for now.
2777 and 2773 are playing a good supportive role so far.
The longer and further we stay above 2755, we are doing very well.

For the fourth time into the session, 2784 was just tested.
The good thing is the Nifty didn't fall off sharply at once this time as on the previous three attempts.
Moving sideways now, it's certainly a good sign for a good move ahead to take 2784 and above.

 

[adilsaleem]

Almost everyone feels that the market will correct in the next few days , but it seems to hold on very well. Probably this is one of the days where the big players take away all the money. In these situations what happens generally?, i think it will move upwards... can we have some comments from seniors , will be very helpful

 

[vince]

Almost everyone feels that the market will correct in the next few days , but it seems to hold on very well. Probably this is one of the days where the big players take away all the money. In these situations what happens generally?, i think it will move upwards... can we have some comments from seniors , will be very helpful

Amit is doing an excellent job. Pls follow his observations carefully. In fact sometimes he is almost prophetic.

 

[adilsaleem]

no two ways about that, reading amit's view on nifty is how i start my day , 2784-86 looks like bowling at rahul dravid in a test match , WALL

 

[AMITBE]

Almost everyone feels that the market will correct in the next few days , but it seems to hold on very well. Probably this is one of the days where the big players take away all the money. In these situations what happens generally?, i think it will move upwards... can we have some comments from seniors , will be very helpful

Hi Adil...we would have to await the close today to asses where things are going. It's the weekend too so the chance of a major move is not quite strong. However, though last Friday had seen a strong move, the chances are slim.
But look, after the pullback yesterday this session is showing strength enough so far in terms of consolidating in time, and this is good enough for me for now.

I had suggested this morning that today and Monday show up as days for a significant move. Not quite sure of the direction yet and we'll see how we close tonight.
A continued sideways move for today is significant enough at this point.

 

[AMITBE]

no two ways about that, reading amit's view on nifty is how i start my day , 2784-86 looks like bowling at rahul dravid in a test match , WALL

Adil, Rahul Dravid at 2790 has stepped out to heave a good one!
Do you think he'll be caught at the fence?!

 

[AMITBE]

For the fourth time into the session, 2784 was just tested.
The good thing is the Nifty didn't fall off sharply at once this time as on the previous three attempts.
Moving sideways now, it's certainly a good sign for a good move ahead to take 2784 and above.

Yes, the Nifty worked up much sweat to take 2784.
The game plan should be to keep above it at close tonight and preferably into the nineties, as we would be above several supports then.
Caution.
There could be a likely pull at profit booking at these higher levels.

 

[AMITBE]

To go back to discussing the next turning point for the nifty again, 2799 was being provisionally looked at as that level.
It was suggested if we don't move well away from it to the up, then we would fall behind it soon enough.
It hasn't been cleared firmly yet as twice the Nifty tentatively closed above it at 2812 and 2804. That we have fallen behind has come to pass.
So 2799 is certainly in the running.

The other level where some heated and intense activity has taken place is 2810. The tussle here was sharpest in the last two sessions though it has been in play for three.

Another level is 2822 which was mentioned on Dec 12:

2822 and 2832 may witness some intense play and prove to be a highpoint.

This level too was attempted last two sessions and yesterday the
high was 2821.50.

Yet another level is 2804 which too has seen some severe intraday conflict.

Going by the hard fought battles so far, 2799 and 2810 would still retain my focus.

Of the two, 2799 appears more poignant for the reason that any mark should have a certain leeway in both directions to create an arc or a curve of tension. Something like a circle and the center, as in the theory of centrifugal force.
And how long should then the radius be from that center point?
There must be an optimum length at which the force required to keep up the motion remains balanced.
At a certain point the arc would want to break loose from that center with force.
In this sense that center would be the turning point.
And that point still appears to be 2799.
Its still keeping the Nifty bounded in either direction.

Physicists and engineers in the forum, do please pardon me for taking liberties with your subject.
The centrifugal force theory been mentioned rather like a metaphor.

 

[AMITBE]

In an interesting extension of this research, today and Monday Dec 19 are coming up as days when some significant moves may be expected.

Well...I just had to had to had to pull out the above from the first post this morning.
So far so good.
Today was significant to say the least.
Monday's still waiting ahead of us.
We are certainly coming along well in this research work.

Much will be made of the highest closing ever yet again.
But to TA students like us, this amounts to nothing.
The all time weekly high is the aspect to note.

I'm enclosing the intraday chart again, if any member may be interested.
The levels being mentioned over and over again are shown:
2773-2777-2784-2792-2794-2796-2799-2804-2810-2813.

As for the rest, we'll take it up Monday morning.
Have a good one all.

 

[Saint]

Adil, Rahul Dravid at 2790 has stepped out to heave a good one!
Do you think he'll be caught at the fence?!

Heaved a good one,and gone to the fence.......nice one,my friend.

Saint