Nifty trend

Will The Nifty take out its all time high of 6358?

  • YES

    Votes: 21 63.6%

  • NO

    Votes: 12 36.4%
  • Total voters
    33
  • Poll closed .
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josh1

josh1

Well-Known Member
#993
#993
kingfisher3210 said:
Yup buddy...Watching global peers and trying to copy their movement is waste. Nifty has its own mind.

At one point i used to do that but realized its not useful at all. But you need to watch for change of sentiments. How this drama can fold out in scenario 1:

If by chance all Asia is up 1% and green on Monday, business channels, financial newspapers will report something like this. Udayan Mukherjee on CNBC TV 18 Morning bell at 8 a.m will say something like this:

"Quite a bad day on Friday we had but now as weekend progressed, there was quite a positive news about no rate hike from China and what really lifted the sentiments on weekend was Ireland Prime Minister statement that Ireland is stable and can pay its debts comfortably avoiding any default.

This is a pull back rally which we are seeing on Monday morning..Everything is up..Asia Equity, Euro is back to 1.39 levels, Oil is doing good up 1%.

Some good reports coming from japan as well from Obama meeting about the currency war and recent yen appreciation and that has also lifted the sentiments. Traders are now building fresh longs. The major cause of worry which spooked the markets on Friday was China Rate Hike and Ireland Debt and now since these 2 events have reported positive progress, i think we will continue to see a bull run atleast for today"

And now Mitali Mukherjee will laugh like this :lol:

Brother, i have seen this drama played out again and again. Trading is actually a drama- Pattern Repeation Numbers game.

I am not tracking or analyzing any other global market except Nifty Future. However i will be watching it and asking 2 main questions-

1) How Asia is behaving? Is it up? If it is up, are sentiments lifted?

2) Is Asia Down? Is it in red? Are sentiments still down?

I dont know any exact answer, i have trained my mind and now my mind will find out what possible scenario is good.

If i am confused, i will not trade on that day. I will stay out.

On Oct 25, 2010 this same thing happened. Selling happened on Oct 22, 2010, Friday. Then on Monday Morning, Oct 25, 2010 Asian Markets are all up and in green. The drama at that point was G-20 finance ministers and central bank governors meeting in South Korea.

PS: By the way i dont watch CNBC. I used to watch it when i was a loosing trader. Now i dont watch it and some points comes my way/:clap:

Good Luck to Everyone. Lot of Nifty Points to everyone :thumb:
Click to expand...
Hangseng opened 140 points up but went down quickly.



Nifty cut the 14 DMA from above at 6160 and is between 14 and 15 DMA(6017). Therefore 6000 is still crucial support. If it takes the supporto, I feel it will go up to 6160 before turning down. Nifty seems to be in broadening formation which is bearish but to complete it, it has to close below 20th October low of 5967.
 
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