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| Discuss correction or reversal... at the Equities within the Traderji.com - Discussion forum for Stocks Commodities & Forex; I am still inclined to look at today as a corrective day.. especially since the ... |
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#1
23rd August 2006, 04:15 PM
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correction or reversal...
I am still inclined to look at today as a corrective day.. especially since the NIFTY support was held decently (3320 - 3335) and indeed the markets closed on that support.. As usual all eyes on S&P this afternoon. There is just one thing that is worrying me... yesterday a Fed official said that the Fed could raise the interest rates again in the US. to tame the inflation figures. Here is the link to the story..
To me there is a clear correlation between Fed increasing rates, leading to higher yield on the dollar- leading to an outflow of money from emerging markets... these days Japanese and American money does move the Indian markets.. Some of you may remember the weakness in NIFTY when Japanese central bank was indicating a rate hike.. Just shows how important it is to look at the global perspective and money supply flowing from one place to another. 
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#2
23rd August 2006, 05:32 PM
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Re: correction or reversal...
Looks like just a Profit booking.
Regards
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#3
23rd August 2006, 09:05 PM
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Re: correction or reversal...
tomorrow if we gap down a island reversal possibility ?
also major support is 3200 since 3200 to 3400 was a breeze same will be going down
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#4
23rd August 2006, 10:10 PM
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Re: correction or reversal...
Quote:
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