SGM said:
Hello Amit,
Tomorrow is May 12, looking forwarded to intresting action as indicated by you in your earlier posts. Another intresting aspect would be the 3633 level also mentioned by you, it looks far away, or is it?
Maybe during the weekend you can throw some light on these things.
Regards
Sanjay
Tomorrow is May 12, looking forwarded to intresting action as indicated by you in your earlier posts. Another intresting aspect would be the 3633 level also mentioned by you, it looks far away, or is it?
Maybe during the weekend you can throw some light on these things.
Regards
Sanjay
Its like everything that could go wrong has gone wrong for this daythis May 12.
And as for 3633, is it really far?
I dont think so.
It may well turn out to be rather close.
That is, should the oncoming pullback assume serious proportions.
Weve seen over and over again how buying emerges at lower levels.
The most recent example of this was the SEBI Karvy/Indiabulls saga.
Whether its going to be different now is to be seen, but the reasons this time are quite different, and obvious too.
Its not as if the comeback of the Left allies in the two states was not expected.
Even so, the market will have to do its customary routine I suppose.
And perhaps the knee jerk would be more than a little violent.
The truth is there is no real dark cloud on the fundamentals of the Indian story, all because the Left has staged a strong presence.
They may make strong statements to appease their constituency, some thumping of chests would happen, some jingoism too.
But no, thats not going to dampen the Indian story.
But perhaps the big guys will keep out of the picture till a strong statement of cooperation and bonhomie comes through from Delhi.
There are a few festering issues there like gas prices etc.
Perhaps there would be some all round profit booking and at some point going ahead buying will come back.
The international issues are not really a major concern, I believe.
The India story carries on in spite of all that.
The concern now is how far down will things go.
Who can really tell.
But even so, the levels.
3633 is within the line of fire.
Ill also be watching 3597 with interest.
Will come back with some long range levels later on.
For today the support line:
3698-3694-3689-3684-3679-3674-3669-3664-3659-3654. 3654 is a crucial level.
Then 3648-3642-3636-3630-3624.
If theres more, will post again.
To the up, if theres going to be any up then 3706-3712-3718-3724 are the levels to hold.