Nifty analysis

There is absolutely no doubt that market is in extremely weak phase now. Nifty closing below 4900 on 11th and 12th February 2006 is ample evidence to this effect. We must be all wondering that where is the bottom of the market. With the help of Elliott Wave Principle, I have carefully analysed that Nifty may eventually touch 3600. I had been saying this on various message boards available on the net. In case you would like to have in depth discussion with me on this topic, I will be pleased to discuss the index movements as well as movement any stock you feel interested in. Thanks a million---SURESH MITTAL

Will Nifty Sink Below 3600 ?

I invite discussion from honourable members of this forum on the above topic--SURESH MITTAL

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Praveen.

Nifty likely to start falling from Monday 31 March. Its short term target is likely to be in the region of 4100+

Nice joke on a sultry Saturday evening!

BTW, where is your analysis?

s s

hindlevernet,

OK ,now as you mention that E.Wave is the basis of your analysis,plz post a chart with the Major wave markings & also the Minor wave markings so that we can understand the same & conform with our understanding of Elliot Wave.

Asish

Markets may gap up on strong global cue

Yesterday market tested a low near 4630 and recovered very fast. The end of day closing was flat. The quick recovery from lower levels indicates an immediate upside in indices. Next target for Nifty is at 4870,4900. A stable performance above these levels can be lead to 5000. But we should be cautious at higher levels. With the strong global cue, markets are likely to open gap up. The further rally will be depended on the strength of bulls to maintain the initial gain. For the time being, 4630, 4600 levels can be treated as a support level.

With the strong buying support to financial stocks and banks lead Dow Jones to close with a gain of 391 points and closed at 12654. As we discussed here early Dow has a strong support around 12200 level. Asian markets are also in a strong rally in the line with US cue. Nikkei has added 422 points or 3.34% in the morning session. Hangseng has a gain of more than 1000 points in initial hours of the trade.

Both FIIs (638 crores) and DIIs (289 crores) were net sellers in capital segment of Indian markets, according to NSE provisional data.

Nifty April 2008 futures were at 4775, at a premium of 35.45 points as compared to spot closing of 4739.55.

The NSE's futures & options (F&O) segment turnover was Rs 35,886.84 crore, which was lower than Rs 47,200.87 crore on Monday, 31 March 2008.
Market breadth was strong by the end of yesterday. NSE advances:declines were 673:499

Crude oil at NYMEX closed at 100.68. the End of day chart of crude oil indicates that some correction is possible.

Indian ARDs at NYSE has done a bull rally with a gain of 3 to 10%.

hi
pramod...
nice to hear ur analysis in this forum,.....
welcome....and pls keep ur good work,,,,in tnhis forum too
renu

Hi Renu,
Thanks...

Markets to consolidate

The strong global cue could not save indices to close with a considerable gain compared to other markets. The Nifty faced resistance at near 4920 and closed near to 61.8% of the last pullback-4740. From here markets may lead to a consolidation. 4714 is a support level, then 4650. 4800 and 4835 are resistances for spot Nifty.

After a bull rally, US indices corrected a bit on profit taking. Dow jones closed with a loss of 48 points. Asian markets in mixed. Nikkei is in a gain of 63 points in morning session. Hangseng also in green.

FII activity in Indian markets was very low. Their net selling was for 135 crores.
DIIs net buying was for 264 crores.

Nifty April 2008 futures were at 4741.15, at a discount of 13.05 points as compared to spot closing of 4754.20.

The NSE's futures & options (F&O) segment turnover was Rs 34,170.35 crore, which was lower than Rs 35,886.84 crore on Tuesday, 1 April 2008.

NSE market breadth was strong. Advances : declines were 724:456.