NIFTY FIFTY

AMITBE · #21 1st August 2005, 04:08 PM

Quote:

Originally Posted by saint

Frankly,NIFTY looking like a H&S pattern on the hourly and looks like forming the rt shoulder right now.......can go either way,but looks like a short term short if 2280 is broken on NIFTY futs.

Quote:

Originally Posted by AMITBE

On the downside first, 2300 is an important support and on a break here, NIFTY could test lower levels in the 2280-2285 levels. Should these supports be tested, a bounce back at 2308-2312 would be stable levels for sidewards movement.
On the upside, for strength to return, a clear attainment of the 2320-2325 mark is vital. A close around 2330 would be splendid, and this level may well be tested if the sentiment turns positive.

Hi saint...The real indication of the strength came when NIFTY couldn't break past 2294 on the down side, let alone 2280.
On the up side it even tested 2329.90 as I had suggested above.
Closing today was 2318, well above 2312, and closer still to 2320 is good enough for me.
A good thing today is that the A/D ratio was better than it has been for several sessions, and the midcaps seem to be creeping back into reckoning.

AMITBE · #22 2nd August 2005, 09:54 AM

For Aug 1.

Yesterday's movement lacked in strength and the bears had the run of things mostly, despite a late day rally which notched up a few points to the green from previous close.
The close just below 2320 yesterday shows weakness is present. For a really good position, a spurt to 2330 and remaining there abouts is essential. 2300 can be tested again and again, and below this lies the danger at 2285. Comfort levels lie above 2312.

AMITBE · #23 2nd August 2005, 11:08 AM

Quote:

Originally Posted by AMITBE

For Aug 1.

Yesterday's movement lacked in strength and the bears had the run of things mostly, despite a late day rally which notched up a few points to the green from previous close.
The close just below 2320 yesterday shows weakness is present. For a really good position, a spurt to 2330 and remaining there abouts is essential. 2300 can be tested again and again, and below this lies the danger at 2285. Comfort levels lie above 2312.

After one hour of trading, NIFTY came very close to its ultimate peak for the day, 2338. It could manage 2336 off only. If it clears 2338, it would be a very strong close, though the possibility does seem remote.
2337 now, and selling pressure may well emerge, though two heavy weights, HindLever and ONGC are consolidating well. If a spurt comes in these counters, then we are well set.

Saint · #24 2nd August 2005, 11:54 AM

Quote:

Originally Posted by AMITBE

Hi saint...The real indication of the strength came when NIFTY couldn't break past 2294 on the down side, let alone 2280.
On the up side it even tested 2329.90 as I had suggested above.
Closing today was 2318, well above 2312, and closer still to 2320 is good enough for me.
A good thing today is that the A/D ratio was better than it has been for several sessions, and the midcaps seem to be creeping back into reckoning.

Very nice,Amit....great going,my friend!!

joy_mitali · #25 2nd August 2005, 12:25 PM

Hi AMITBE,
NIFTY slowly but sure inching 2350---Above 2355----I thgink one can short NIFTY-
Whats ur opinion---
Regards,
joy_mitali

AMITBE · #26 2nd August 2005, 12:34 PM

Quote:

Originally Posted by joy_mitali

Hi AMITBE,
NIFTY slowly but sure inching 2350---Above 2355----I thgink one can short NIFTY-
Whats ur opinion---
Regards,
joy_mitali

I'd fully agree with you on the face of it, joy_mitali. Asses your risk, though I don't see the risk as such.
Only thing is, when the plunge comes, how deep will it be?
First 2330, then 2320 should be a very stable support level, and further, 2312.

AMITBE · #27 2nd August 2005, 12:41 PM

Quote:

Originally Posted by joy_mitali

Hi AMITBE,
NIFTY slowly but sure inching 2350---Above 2355----I thgink one can short NIFTY-
Whats ur opinion---
Regards,
joy_mitali

I'd fully agree with you on the face of it, joy_mitali. Asses your risk, though I don't see the risk as such.
Only thing is, when the plunge comes, how deep will it be?
First 2330, then 2320 should be a very stable support level, and further, 2312.

AMITBE · #28 3rd August 2005, 09:35 AM

There was no stopping the market yesterday, no correction, no hesitancy, no uncertainty of any kind. The A/D ratio turned favourable and the rally turned secular finally.
In the light of this all that can be said is, that the rally will continue a little longer, the markets have found newer, higher levels, and when the correction does come, we would still be on higher grounds than before.
However extreme caution is called for, and volatility can prevail today as profits are taken and fresh buying comes in again.
How much up can be the up-side?
2365-2370 seem reachable, and higher peaks exist in the 2380 region.
On the down, 2340 would be where the market may come up for air. Should this go, 2325-2330 could be the next stop.

AMITBE · #29 4th August 2005, 09:40 AM

A choppy session yesterday was, to say the least, led by Reliance mainly.
As a close this was perhaps destinctly the weakest one in quite some time. Yet, no one can clearly say if this announces the start of a correction or just a one-off hiccup on the trend forward.
There is no reason why Reliance should not stage a recovery today. ONGC has been making bulish moves and should continue to make gains. HindLever has lost the last two sessions and may be looking up again. Infosys too may make gains. Dabur and Bharti daily make aggressive moves without gaining further and will be in play again.
All said, there seems enough support for the NIFTY, but yesterday's action leaves one apprehensive.
The call is difficult to make except to say there may be flatness as the traders may hang on to gains against selling pressure.
2335-2342 may be supports, but breaking this the further level is 2325.
On the up, 2370 could be tested.

AMITBE · #30 4th August 2005, 01:26 PM

Quote:

Originally Posted by AMITBE

All said, there seems enough support for the NIFTY, but yesterday's action leaves one apprehensive.
The call is difficult to make except to say there may be flatness as the traders may hang on to gains against selling pressure.
2335-2342 may be supports, but breaking this the further level is 2325.
On the up, 2370 could be tested.

Earlier in the morning 2357, NIFTY's comfort zone for the day had been tested to bounce back to 2377. Has been unable to hold above 2370 so some weakness has come in. Currently making flat to bearish moves.
Hope 2357 doen not get breached. 2340 would become vulnerable, in which case.
Expect volatility later.

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