Market Bottom - 2-3 months

R

rkgoyal_98

Well-Known Member
#1
#1
Chart patterns of most of Nifty stocks is showing rounding bottoms after 27 oct fall. in the Nifty stocks following stocks have rounding pattern that is very prominent in hourly chart.

ABB
ACC
AMBUJACEM
CAIRN
DLF
GAIL
GRASIM
HIDALCO
ICICIBANK
IDEA
NATIONALUM
NTPC
ONGC
POWERGRID
RANBAXY
RCOM
RELIANCE
RELINFRA
RPL
RPOWER
STER
SUZLON
TATAMOTORS
TATAPOWER
TATASTEEL
UNITECH

Except for the following stocks none have hit the oct lows.
HDFC
HDFCBANK
ITC
LT
M&M
MARUTI
SAIL
SBIN


While SBIN has not gone below July low though it is lower than Oct when market hit lows.

US market did not panic despite unemployment rate hit 34 years low


All the above factors are pointing that the panic has ended now and we may see soon intermediate correction in the bear phase. This may last for 2-4 months and then we may retest our oct lows.

These are just my thoughts looking at charts.
Regards
 
columbus

columbus

Well-Known Member
#2
#2
rkgoyal_98 said:
Chart patterns of most of Nifty stocks is showing rounding bottoms after 27 oct fall. in the Nifty stocks following stocks have rounding pattern that is very prominent in hourly chart.

ABB
ACC
AMBUJACEM
CAIRN
DLF
GAIL
GRASIM
HIDALCO
ICICIBANK
IDEA
NATIONALUM
NTPC
ONGC
POWERGRID
RANBAXY
RCOM
RELIANCE
RELINFRA
RPL
RPOWER
STER
SUZLON
TATAMOTORS
TATAPOWER
TATASTEEL
UNITECH

Except for the following stocks none have hit the oct lows.
HDFC
HDFCBANK
ITC
LT
M&M
MARUTI
SAIL
SBIN


While SBIN has not gone below July low though it is lower than Oct when market hit lows.

US market did not panic despite unemployment rate hit 34 years low


All the above factors are pointing that the panic has ended now and we may see soon intermediate correction in the bear phase. This may last for 2-4 months and then we may retest our oct lows.

These are just my thoughts looking at charts.
Regards
Click to expand...
Certainly we will see UP movement this week ,as expected.The bail out
package ,reduction CENVAT by 4% will propel markets.

Some other stocks which performed badly are HDIL and Axis bank.
Once rally is over weakness will be seen in EDUCOMP,Punlloyd ,LITL etc..
 
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