NIFTY FIFTY

Hi Amitda !!

It just goes on n on..
Seems like the party is here to stay for a while..

cheers
vizzie

Hi Vizzie...and now Reliance is kicking in to add to it all.
Have fun till it lasts.
3169 may not be such a big deal, eh?
What of 3174-3179?

AmitDa
I think you should rename this thread to NiftyTo5000

Hi Amitda !!

Off 3169 for now..
the way it is goin, we shall see 3179 sooner than later..
This is one heck of a party .....

cheers
vizzie

Several false moves on Reliance, Vizzie. Didn't fire.
The dense levels in the 3140-3144 gave support and the close may come around 3154-3159 area which is a positive teritory.
Not looking too good though.

I’d first like to make an important clarification to yesterday’s morning post which began like this:
The text rendered in bold here was intended as a caricature of Americanisms to illustrate their uncouth and loutish attitudes when it comes to capitalist eco-political hegemony. (Pardon, Saint!).
The highlighted statement was not meant to express my personal political worldview, and had I been a better writer, the indistinctness linking what I wanted to express and what it sounded like, would not have arisen.
Aspiring to be a better writer and a better human being needn’t be at odds with one another.
The slip is much regretted.

On to work.

It was mentioned here heading into the Budget that FIIs and Domestic Funds with zillions of dollars raised, are under intense pressure to invest, or else lose their position in a brutally competitive race.
Their anguish is obvious: To invest, or await the elusive correction.
There are too many of them crowding the arena, and there are too many trigger fingers twitching nervously. Their Funds just cannot be seen as under performing this hot emerging market.
So we continue to witness this buying pressure.
All this while, for the past several hundred points, the analysists have been swiftly changing their stance while calling the markets.
All we can do is, while trading with utmost discipline, try to make the most of this frenzied party.

Going into the session today after the late day mini sellout yesterday, there are two sides to the picture, as there always are:
Lots of new money has just come in recently. This will attempt to squeeze out more gains for its daring. The attempt at higher levels looks like a distinct possibility, if not today then soon enough.
The other side of the picture is, this being a Friday following the important events last few days, has all the news factored in. So why carry large positions going into the weekend. Scaling down the positions to near trigger levels, to better trap some bears with, and then coming in again later also appears like a reasonable scenario.
But then these conjectures are just what they are.
The market has its own will, but do take care for volatility.

To the levels, taking supports first, 3149-3146-3143-3140-3136-3134-3131-3128.
3114-3118-3122 appear as base.

To the up, 3154-3157-3160-3163 form the first line.
Then 3166-3169-3172 as of now.

Hi Amit,

That dictionary of mine,after undergoing a series of heavy dusting,continues to sit next to my computer,ready for any linguistic onslaught from yourself......but sadly,after all that it has endured over the last few days,it has yet to be opened after the "semantic/semiotic" days.....

Awaiting in anticipation for any unexpected but most welcome onslaught.....

Great stuff,as always,my friend,and keep that vocabulary flowing.

Saint

HELLO AMITBE,

Every day in the morning , the first thing i do is look for your posts. It is indeed is a great analysis and a great help to large number of traders in this forum. talking about the index i have attached an attachment of nifty with its yearly pivot levels.every time it touches a level, it tends to hold on or fall to the prior level.now it has touched R1 and with lot of people calling for corrections everyday and reaching of long term target levels in elliot wave analysis there might be a fall in next week including today. looking forward for your comments.

gvnarendra.

Attached Images

NIFTY.png (17.1 KB, 9 views)

Awe shucks again, Saint.
May your own rich bag of lexicons (or lexica!) never be stretched for all my linguistic blitzkrieg.
The primary concern is with navigating the Nifty of course.

Hi Narendra...thanks for your words.
Seems like an interesting chart, but as I cannot see the levels too clearly, may I request you to put the pivot levels down here as I'm keen to comare your levels with what I have here. Will come back on this over the weekend.
Yes, the market may prune down today quite likely, and will post some levels a little later.
Thanks very much.