Why you are thinking "NIFTY will soon turn but right now it will touch 6357 in INDEX." ?
Hello DelhiteRocks,
Happy to find someone from Delhi. Please share something more about your trading with us.
Now please come to technicals.
1. I was not expecting NIFTY to even touch 6357 and was expecting it to fall before that on the daily volume basis. If asked I will elaborate it later.
2. Now come to your query. Kindly check the weekly volume on NIFTY SPOT of the week of
A. 18.10.13 = 84.13 Cr, Close - 6189
B. 25.10.13 = 86.79 Cr, Close - 6144.9
C. 01.11.13 = 95.25 Cr, Close - 6307.2, HIGH - 6332.6
D. 29.11.13 = 78.87 Cr, Close - 6176.1
E. 06.12.13 = 83.35 Cr, Close - 6259.9, HIGH - 6300.55
I request you to see the A, B, C, D and E in your charts or chart uploaded by me in today's morning post.
Now E has increasing volume in comparison to D hence upside movement have chances of contnuation but compare D and E'S volume with A, B and C.
D & E has very less volume in comparison to A, B & C. It shows market is rising on decreasing volume hence probability of continuation in upside direction is very less. Hope you got your answer.
Besides this BANKNIFTY, HDFC, ICICIBANK, SBIN, LT (All these stocks have about 40 percent weight age in NIFTY) major stocks are not getting sufficient volume to move upside. (Please check yourself and if wish I am open to discuss about these stocks) Reliance is already not ready to move up from its range. It has more probability than NIFTY to come down. Just two days back bear trap was played in NIFTY and after that no jump in volume.
Thats why I am not expecting market to sustain this upmove.
And because of increasing volume in weekly charts I am expecting it to move some more upside atleast few days to test the all time high or to prick it so that to trap fresh bulls. Before this I was not expecting the price to touch all time high.
Hope I am able to explain my view. I request from you also to write your views with proper reason.
Regards
Strategic Investments
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