NIFTY FIFTY

Saint · #**401** 6th October 2005, 02:32 PM

At new daily lows now........!

AMITBE · #**402** 6th October 2005, 02:44 PM

2578-2580 have been supports in the past, and not a lot below this to 2567, then 2555.
Quite a beating today.
Surprisingly a lot of the midcaps are not too badly hit yet, unlike a couple of weeks ago.

AMITBE · #**403** 6th October 2005, 03:23 PM

Looking at some data again, 2567-2572 have been strong levels in the past.
I do hope the Nifty will climb above 2586 before close, or else we may see lower levels again tomorrow.
Obviously the tactics of the deep pockets here is to drop the index counters really low and come in there ahead of the results. There is no other reason I can think of. If this is correct, the upwards journey will come soon, if even from lower.

jaideep · #**404** 6th October 2005, 03:25 PM

Quote:

Originally Posted by AMITBE

.............Obviously the tactics of the deep pockets here is to drop the index counters really low and come in there ahead of the results. There is no other reason I can think of. If this is correct, the upwards journey will come soon, if even from lower.

Makes very good horse sense.

AMITBE · #**405** 7th October 2005, 09:53 AM

It's a difficult call on the Nifty now.
At this point a purely technical assessment is not likely to stand.
There are too many factors globally that have kicked into play and, the result season notwithstanding, the players are not likely to go long right off the bat.
We will have to wait and watch how the situation developes.

Normally Fridays are not known to hold much promise of a rally, certainly not towards the end of the day. So here the first half is going to be crucial, and we are still in the over bought zone, even if a little less so.
In a good scenario, we can hope for a flat, consolidating move even if with a bearish disposition. This would keep panic away, for, we are close to some seriously menacing levels now. A zapping opening like yestarday will plunge us right into these. Any adventurous and plucky moves early on are only going to encounter rigid resistance at higher levels as trapped traders will sell heavily then. On the other hand, there is no real cry to sell first thing either, as the late moves last night kept pretty close 2580 plus. Hence, a flat day at the markets seems the only sensible hope.
And yes, the other big hope is for some great and heartening news from any source which could turn things around.

For the record, the levels:
Below 2570 and 2567, 2560 and 2557 are supports. Further below, 2546, 2535 and 2527.
To the up, 2586 has to be sustained for even a feeble attempt at recovery. 2589-2592 is another sticky area. Then 2596, and finally 2600 would give a lot of resistance.

AMITBE · #**406** 7th October 2005, 12:20 PM

Quote:

Originally Posted by AMITBE

Normally Fridays are not known to hold much promise of a rally, certainly not towards the end of the day. So here the first half is going to be crucial, and we are still in the over bought zone, even if a little less so.
In a good scenario, we can hope for a flat, consolidating move even if with a bearish disposition. This would keep panic away, for, we are close to some seriously menacing levels now. A zapping opening like yestarday will plunge us right into these. Any adventurous and plucky moves early on are only going to encounter rigid resistance at higher levels as trapped traders will sell heavily then. On the other hand, there is no real cry to sell first thing either, as the late moves last night kept pretty close 2580 plus. Hence, a flat day at the markets seems the only sensible hope.

For the record, the levels:
Below 2570 and 2567, 2560 and 2557 are supports. Further below, 2546, 2535 and 2527.
To the up, 2586 has to be sustained for even a feeble attempt at recovery. 2589-2592 is another sticky area. Then 2596, and finally 2600 would give a lot of resistance.

Sorry...been having a lot of difficulty with the net here.
As suggested, the Nifty did indeed climb right away quite steeply, breaking past all the resistance levels.
And now the fall from higher levels.
A suggested above, 2557 has arrested the fall at this point.
For the rest the other levels are mentioned above.

karthikmarar · #**407** 7th October 2005, 12:33 PM

Amit...good..you are back... I was missing my nifty compass..

Today also the midcap seems to be doing better than the nifty stocks...

regards

karthik

karthikmarar · #**408** 7th October 2005, 01:02 PM

looks like 2557 is being broken....

Saint · #**409** 7th October 2005, 01:07 PM

With this decisive move down and closing the hourly around the 2552,this band of congestion around the 2560-2584 will now serve as a tight supply area.

AMITBE · #**410** 7th October 2005, 01:18 PM

Hi Karthik...yes the compass is back!

The midcaps have been more hit than yesterday, it seems.
2557 broke earlier but 2546 caused the bounce back.
2563-2568 are the levels to cross for now.
Right you are, saint.

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