Hope for Monday for Indian Market (?)

U

Uppai Mappla

New Member
#1
#1
We saw two rallies on Friday (6th March).

(1) Indian market rallied strongly towards the afternoon. I thought this could just be some cautious shortcovering before next week which has two holidays.

(2) US Markets crashed Friday but made a U turn and recovered in the last half an hour. The recovery was very strong and "singleminded".

These two rallies make me feel that we have perhaps seen a temporary bottom last Friday. We are of course still in a bear market and the principal trend is down. But banks and other financial institutions, having been hammered in the last two-three weeks, could see a recovery on Monday. I am bullish about PSU Banks, especially Bank of India (least NPAs), Indian Overseas Bank (FII selling and shorting last week) and perhaps Allahabad Bank. One private sector bank I am bullish about is Federal Bank which was itching to jump and run away all last week but was kept down because of the general bearishness in banks.

My conclusions:
(a) There will be a rally on Monday. It may not be gap up but it may start slowly and may bring the banking sector up.
(b) The rally (if strong) may fizzle out by afternoon due to holidays on tue and wed.
(c) In case the market crashes on Monday (less likely) there will be a strong rally towards afternoon (again due to holidays.)

I am planning to take my positions accordingly tomorrow, and will wait till about 11 am before making a move.

I shall appreciate if the forum members would crticically examine my views so we could all benefit and be ready for whatever action by Monday.

Uppai Mappla
 
columbus

columbus

Well-Known Member
#2
#2
Uppai Mappla said:
We saw two rallies on Friday (6th March).

(1) Indian market rallied strongly towards the afternoon. I thought this could just be some cautious shortcovering before next week which has two holidays.

(2) US Markets crashed Friday but made a U turn and recovered in the last half an hour. The recovery was very strong and "singleminded".

These two rallies make me feel that we have perhaps seen a temporary bottom last Friday. We are of course still in a bear market and the principal trend is down. But banks and other financial institutions, having been hammered in the last two-three weeks, could see a recovery on Monday. I am bullish about PSU Banks, especially Bank of India (least NPAs), Indian Overseas Bank (FII selling and shorting last week) and perhaps Allahabad Bank. One private sector bank I am bullish about is Federal Bank which was itching to jump and run away all last week but was kept down because of the general bearishness in banks.

My conclusions:
(a) There will be a rally on Monday. It may not be gap up but it may start slowly and may bring the banking sector up.
(b) The rally (if strong) may fizzle out by afternoon due to holidays on tue and wed.
(c) In case the market crashes on Monday (less likely) there will be a strong rally towards afternoon (again due to holidays.)

I am planning to take my positions accordingly tomorrow, and will wait till about 11 am before making a move.

I shall appreciate if the forum members would crticically examine my views so we could all benefit and be ready for whatever action by Monday.

Uppai Mappla
Click to expand...
Hi Mappla,

Yes ,banks (Private/PSU) are battered so badly we may see a recovery
next week.
 
S

sandew

New Member
#3
#3
My first post on traderji.com is cut and paste from ino daily newsletter received today morning saturday quote
The Dow closed higher due to a late-day short covering rally on Friday. Early weakness saw the Dow post a new low for the
year. The mid-range close sets the stage for a steady opening on Tuesday. Stochastics and the RSI are oversold but are neutral
signaling that sideways to lower prices are possible near-term. If the Dow extends this year's decline, the April 1997 low
crossing at 6315 is the next downside target. Closes above the 10-day moving average crossing at 6956 are needed to temper the
near-term bearish outlook in the market. Closes above the 20-day moving average crossing at 7383 are needed to confirm that a
short-term low has been posted. First resistance is the 10-day moving average crossing at 6956. Second resistance is the 20-day
moving average crossing at 7383. First support is today's low crossing at 6469. Second support is the April 1997 low crossing
at 6315.
unquote
Play long intraday on 5 and 15 minute charts - 60 minutes i will refrain due next 2 holidays.
 
T

TraderInTheZONE

Active Member
#4
#4
Uppai Mappla said:
We saw two rallies on Friday (6th March).

(1) Indian market rallied strongly towards the afternoon. I thought this could just be some cautious shortcovering before next week which has two holidays.

(2) US Markets crashed Friday but made a U turn and recovered in the last half an hour. The recovery was very strong and "singleminded".

These two rallies make me feel that we have perhaps seen a temporary bottom last Friday. We are of course still in a bear market and the principal trend is down. But banks and other financial institutions, having been hammered in the last two-three weeks, could see a recovery on Monday. I am bullish about PSU Banks, especially Bank of India (least NPAs), Indian Overseas Bank (FII selling and shorting last week) and perhaps Allahabad Bank. One private sector bank I am bullish about is Federal Bank which was itching to jump and run away all last week but was kept down because of the general bearishness in banks.

My conclusions:
(a) There will be a rally on Monday. It may not be gap up but it may start slowly and may bring the banking sector up.
(b) The rally (if strong) may fizzle out by afternoon due to holidays on tue and wed.
(c) In case the market crashes on Monday (less likely) there will be a strong rally towards afternoon (again due to holidays.)

I am planning to take my positions accordingly tomorrow, and will wait till about 11 am before making a move.

I shall appreciate if the forum members would crticically examine my views so we could all benefit and be ready for whatever action by Monday.

Uppai Mappla
Click to expand...
I must congratulate you for your very "Balanced and Matured' view!!
 
A

aiyaz

Member
#5
#5
Dear Uppai Mappla
I think you are right on Monday to be a swing day due to coming holidays but what do you think about the whole weak i.e, Thursday and Friday.I think moves might just get exaggerated on Thursday and Friday because the reactions from the global markets will be bunched up i.e. one can easily predict whether the market will break 2500 kind of levels or there will be illusive global pullback,which can get the markets away from that dangerous mark at least for some time.
But for the whole march series I am very clear that we are on that last leg of the downside.Any rally will be short-lived and eventually that will just be a sucker's rally.Please suggest.:cool::cool:
 
Ganesh543

Ganesh543

Active Member
#6
#6
Uppai Mappla said:
We saw two rallies on Friday (6th March).

(1) Indian market rallied strongly towards the afternoon. I thought this could just be some cautious shortcovering before next week which has two holidays.

(2) US Markets crashed Friday but made a U turn and recovered in the last half an hour. The recovery was very strong and "singleminded".

These two rallies make me feel that we have perhaps seen a temporary bottom last Friday. We are of course still in a bear market and the principal trend is down. But banks and other financial institutions, having been hammered in the last two-three weeks, could see a recovery on Monday. I am bullish about PSU Banks, especially Bank of India (least NPAs), Indian Overseas Bank (FII selling and shorting last week) and perhaps Allahabad Bank. One private sector bank I am bullish about is Federal Bank which was itching to jump and run away all last week but was kept down because of the general bearishness in banks.

My conclusions:
(a) There will be a rally on Monday. It may not be gap up but it may start slowly and may bring the banking sector up.
(b) The rally (if strong) may fizzle out by afternoon due to holidays on tue and wed.
(c) In case the market crashes on Monday (less likely) there will be a strong rally towards afternoon (again due to holidays.)

I am planning to take my positions accordingly tomorrow, and will wait till about 11 am before making a move.

I shall appreciate if the forum members would crticically examine my views so we could all benefit and be ready for whatever action by Monday.

Uppai Mappla
Click to expand...

See my opinion is market will continue friday trend till 11 am it will start falling slowly till 1:30 am it will rise slowly again from 1:30 am till 2:30pm ,but again it will fall till 3 pm bit fastly till 3:15 pm and their will be some short covering market closing more or less 20 points up or down
 
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