| WEEKLY MARKET UPDATE AS ON MONDAY 17 th SEPTEMBER 2012 | |
 NIFTY - (5578) | |
NIFTY In our last weekly report we had suggested to trade with a bullish bias, for targets of 5475 - 5530, with a stop loss of
5258 on a weekly closing basis. We had also suggested to book profits above 5475. NIFTY traded with a bullish bias
throughout the week and the much awaited diesel price hike, which implied the government was ready to take serious
measures to improve the economy, added further impetus to the markets and the NIFTY spurted to close the week strongly
at 5578.
Over the weekend the government has announced further liberalisation measures, with much awaited FDI in aviation, retail,
power exchanges and cable networks, which should ensure a robust monday morning opening. Further, we also have the RBI
credit policy on monday. All these events make monday a high volume day and a like trend change date. Monday is likely to be
a day with unmatched bullish euphoria, short covering, action packed accompanied with high volumes, which is not likely witnessed
again in the near future. Check if the high recorded on monday/tuesday is not exceeded in the week and it is quite likely that
we record the weekly high in the first half of the week.
In the current week NIFTY has support @ 5646 - 5702 - 5874 while resistance will be @ 5467 - 5426 - 5362. We continue to have
bullish view on the NIFTY with a weekly closing stop loss of 3258.
In the current week the key NIFTY pivot to be watched is 5632. If the NIFTY manages to trade above 5632 ( is expected to
trade above 5632, on FDI news) then it will be a bullish signal for the long term, with a stop loss of 5215. In such a scenario
NIFTY has the potential to rise upto 6550 by April 2013 ( with a stop loss of 5215).
However, only if the NIFTY is unable to rise above 5632 , and then falls down and breaks 5215, then it can fall further to levels
of 4800. The chances of this bearish wave count are considerably reduced once the NIFTY trades above 5632.
In the current week, in view of the exceptionally bullish euphoria prevailing in the market, chances are quite high that the NIFTY
makes a significant intermediate high on monday/ tuesday at around 5650 - 5700 levels and enters into a slow sideways corrective
mode, which can make the NIFTY trade in range of 5700 - 5500 - 5400 for the next few days. We would suggest profit booking on
monday/ tuesday and again scout for buying opportunites on declines near 5500 -5400 with a stop loss of 5215.
|
Monday, 17 September 2012
Wednesday, 12 September 2012
FLAT MARKET IN LINE WITH REST OF ASIAN MARKETS....ALL WORLD WAITING FOR BIG EVENT TONIGHT AT 10-45 PM INDIAN TIME....FED DECISION ON QE-3.....NOW FOR TODAY
5460 NF WILL ACT AS FIRST HURDLE OF BULLS....ON FALLS 5410 NF BULLS LAST HOPE SUPPORT
ONLY BREAKING THIS RANGE WILL SET FURTHER MOVES FROM BULLS OR BEARS.....WATCH
5460 NF WILL ACT AS FIRST HURDLE OF BULLS....ON FALLS 5410 NF BULLS LAST HOPE SUPPORT
ONLY BREAKING THIS RANGE WILL SET FURTHER MOVES FROM BULLS OR BEARS.....WATCH
Tuesday, 11 September 2012
MArket Update On 12 sept
HIGHER MARKET IN LINE WITH REST OF ASIAN MARKETS AND IN LINE WITH SUPPORT TO MARKET YESTERDAY BY FII'S......BUT AS WE HAVE IIP FIGURES TODAY SO EYES ON IT.......NOW FOR TODAY
5450 NF WILL ACT AS FIRST HURDLE OF BULLS....ON FALLS 5390 NF LAST HOPE SUPPORT OF BULLS
ONLY BREAKING THIS RANGE WILL SET FURTHER MOVES FROM BULLS OR BEARS.....WATCH
Monday, 10 September 2012
| WEEKLY MARKET UPDATE AS ON MONDAY 10 th SEPTEMBER 2012 | |
| NIFTY SPOT - (5358.7) | |
| NIFTY traded as per anticipation for the the 1st half of the week, however the ECB meeting gave a much required impetus to the global markets and the Indian markets also joined with the global rally. It must be noted that that we wanted the NIFTY to give a weekly close below 5258, for further bearishness. It is this closing level that the NIFTY has strongly defended, which keeps the uptrend still on. Ironically heavyweight stocks like SBI, ICICI, Axis, Sterlite, REC, PFC have already peaked out and have recorded major falls while the HIndustan Lever, ITC, TCS, INFOSYS continue to post gains. In the current week NIFTY has support @ 5309 - 5258 - 5215 while resitance will be @ 5400 - 5444 - 5475 - 5530. We continue to have bullish view on the NIFTY with a weekly closing stop loss of 3258. Even though the market is still in an upmove the upmove appears to be a weak upmove. In this rally the NIFTY should ideally have upsdie targets upto 5475. However the NIFTY should be considered to be bullish only if it moves above 5640. If in this rally if the NIFTY is unable to move 5640 we can expect a sharp fall which can take the NIFTY to sub 4800 levels quickly. Hence profit booking is highly recommended above 5450 levels. Trade bullish but with small quantity and book profits above 5450. | |
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