Nifty Futures Trading
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Re: Time to Stick my Neck Out ,Nifty 7300
Looks like FIIs (and DIIs) are active again. Today's rally was mainly driven due to aggressive buying on part of FIIs. Look at the enclosed information which shows combined turnover of FIIs and DIIs on BSE as well as NSE (taken from BSE website).
Also worth noting is that FII + DII started buying agressively from 19th (tuenover figures for 19 are also given in same picture) when Fibonacci Retracement level was just at 78.6%. (from 17.08.2007 - just when exponential rally started - to 08.01.2008 - start of doom days)
If I am correct, rallies in downtrends are with lesser volumes and higher volumes are observed during declines. We are currently witnessing higher tops with lesser volumes. Should we take this as an indication of continuation of downtrend or attribute it to the cautious approach by 'safe money' to wait and watch till 'all clear' is signalled on all fronts ? Am I missing something which can make picture more clear ?
Well, 50% of the retracement of current decline (27.02.2008 to 17.03.2008)is @4925 which also happens to be the congestion area. It will be interesting to see how market responds to that tomorrow.
Abhay
--------------------------
Divide and rule, a sound moto. Unite and lead, a better one - Johann Wolfgang von Goethe
Looks like FIIs (and DIIs) are active again. Today's rally was mainly driven due to aggressive buying on part of FIIs. Look at the enclosed information which shows combined turnover of FIIs and DIIs on BSE as well as NSE (taken from BSE website).
Also worth noting is that FII + DII started buying agressively from 19th (tuenover figures for 19 are also given in same picture) when Fibonacci Retracement level was just at 78.6%. (from 17.08.2007 - just when exponential rally started - to 08.01.2008 - start of doom days)
If I am correct, rallies in downtrends are with lesser volumes and higher volumes are observed during declines. We are currently witnessing higher tops with lesser volumes. Should we take this as an indication of continuation of downtrend or attribute it to the cautious approach by 'safe money' to wait and watch till 'all clear' is signalled on all fronts ? Am I missing something which can make picture more clear ?
Well, 50% of the retracement of current decline (27.02.2008 to 17.03.2008)is @4925 which also happens to be the congestion area. It will be interesting to see how market responds to that tomorrow.
Abhay
--------------------------
Divide and rule, a sound moto. Unite and lead, a better one - Johann Wolfgang von Goethe
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Re: Time to Stick my Neck Out ,Nifty 7300
US market is also showing higher tops on lesser volumes. Look at Dow Jones for today and y'day with their volumes reaching almost 1/10th of previous candles. Especially, look at today's candle clearing expressing what might happen tomorrow
Abhay
--------------------------
Divide and rule, a sound moto. Unite and lead, a better one - Johann Wolfgang von Goethe
US market is also showing higher tops on lesser volumes. Look at Dow Jones for today and y'day with their volumes reaching almost 1/10th of previous candles. Especially, look at today's candle clearing expressing what might happen tomorrow
Abhay
--------------------------
Divide and rule, a sound moto. Unite and lead, a better one - Johann Wolfgang von Goethe
Last edited:
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