NIFTY FIFTY

[AMITBE]

A pretty decent pullback under the circumstances, and a close above at least 3261-3263 would be considered good enough, even if down from yesterday's close.
3269 was just attempted and this would have been a better close. Couldn't hold it.

 

[AMITBE]

The sudden-death syndrome for the a/d ratios at higher levels, and no follow through buying there is understandable at these high levels.
From recent history, at 3180-3190 the pullback took the Nifty down to 3116.
From 3040, 2970 levels were tested intraday.
From 3000 the dip went down to test 2931.
From 2910 the index fell to test 2783 over a few days.
In the absence of triggers, the oncoming results season is what can move the market in the near term. Whether a deep correction will come or not should be seen from there.

For now, the dog eat dog specter amongst the big funds would determine how much the Nifty would pull back.
This has been there fight. We are just riding the rising and falling tides.

On the Sensex front, 10946 is a Fibonacci number. Its not going to be easy here.
Thats all for now.

To look for supports, the first line is 3259-3256-3253-3250-3247-3244.
Then 3240-3236-3232-3228-3224-3220-3216.
3212 and 3207 are critical.

On the up, 3265-3269-3271-3274-3277-3280 is the minimum to regain strength.

 

[AMITBE]

To look for supports, the first line is 3259-3256-3253-3250-3247-3244.
Then 3240-3236-3232-3228-3224-3220-3216.
3212 and 3207 are critical.

On the up, 3265-3269-3271-3274-3277-3280 is the minimum to regain strength.

At this time a move above 3263 that can be sustained, then a test of 3269 would bring pressure on to the bears.
This is valid till 3237, the longer term important mark been mentioned here remains intact.
For the rest above levels are same.

 

[AMITBE]

At this time a move above 3263 that can be sustained, then a test of 3269 would bring pressure on to the bears.
This is valid till 3237, the longer term important mark been mentioned here remains intact.
For the rest above levels are same.

3237 broke, and was regained.
This is probably the best news on a stress day like we've had.
3240 close is still above the weekly close, even if marginally.
And also the end came into the pullback and not during the sellout.
Amidst all the weakness, it's a good thing to look at the positives.

 

[AMITBE]

This is a critical time now over the next couple of sessions, and today should be a clear indicator of things to come.

The last post yesterday was attempting to sift through the glaring weaknesses for strength, primarily the absence of follow through buying at higher levels and the resultant declining a/d line.

The bits and pieces gathered in support of strength are no less glaring though:
There is clear evidence of speculative players pushing the action higher every session with the big guys holding back.
Yet the big guys are also holding back the slide from breaching critical levels, as I see it from my data.
3222 and 3237 have both been mentioned here a few times very recently as critical safeguards, a breach of which would leave 3192 (remember turning point) vulnerable with 3177 exposed.
Yesterday the low was 3221.95, as good as 3222, and the close of course edged past 3237.
So back and struggling now, a move to retake 3261/63 in the near term would bring the action back to comfort levels.

Another thing for the near term: Since there has been talk of a h&s coming on, the area around 3190-3200 (see 3192 turning again) becomes the reactive right shoulder possibility, calling attention to the critical nature of this level.

In the end, these are all seesaws of the markets and something would yield sooner than later.

To the long, the line to hold firm is at 3242-3244-3249-3252-3255-3258-3261. Nothing less would do, with some fleeting supports at the red marks.

Supports are 3238-3235-3232-3229-3226-3223-3220-3216-3212-3208-3204. There could well be more.

 

[AMITBE]

To the long, the line to hold firm is at 3242-3244-3249-3252-3255-3258-3261. Nothing less would do, with some fleeting supports at the red marks.

Supports are 3238-3235-3232-3229-3226-3223-3220-3216-3212-3208-3204. There could well be more.

There's some possibility that 3216 area may see firm support should the pressure mount.
To the up, 3235 is the important level to consolidate, then 3242 where the balance should shift. But these have to hold.

Money is churning with the midcaps hardly taking a dent relatively, at this point.

 

[AMITBE]

So the curtain comes down on one of the most volatile sessions in recent times accompanied by high drama in the politics of the country...the resignation of Sonia Gandhi from the Lok Sabha.
It has to be seen how this news gets factored in by tomorrow morning, if it hasn't been already.
The Nifty was certainly heading for a decent close despite the pressure, but for that news.
So much for murky toppings as the market balances the tight rope!

 

[aca_trader]

It has to be seen how this news gets factored in by tomorrow morning, if it hasn't been already.

The day-traders were out from the market by the time news flashed else we 'ld have witnessed more volatility. A master stroke on her part with the ex-finance minister (The Man) timing the markets well . They don't seem to have forgotten 17th may. (Hope, I am right about the date).

 

[bharatk8]

So the curtain comes down on one of the most volatile sessions in recent times accompanied by high drama in the politics of the country...the resignation of Sonia Gandhi from the Lok Sabha.
It has to be seen how this news gets factored in by tomorrow morning, if it hasn't been already.
The Nifty was certainly heading for a decent close despite the pressure, but for that news.
So much for murky toppings as the market balances the tight rope!

hi....... Market survived news of even death of Mrs.Indira Gandhi,.........that news had more shock-value......."murder of prime minister" .............OCTOBER CORRECTION WAS NOT TRIGGERED BY ANY POLITICAL EVENT BUT DUE TO DIVERGENCE IN INDICATORS AND EXCESSIVE DIFF. BETWEEN 12dayma AND cloSe.SO BLAME IT(CORRECTION) ON WEAKNESS OF PRICE BEHAVIOUR AS REFLECTED ON CHARTS ON 20.3,(WELL BEFORE SONIA'S EXIT)

 

[bharatk8]

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.

hi,,, amit,,,,2*** levels?????.......is it reaction of sonia' exit??????....or is it due to lack of sleep????