pkjha30 said:
Hi Amit
Its good to see you back in acton.I don't know if I am qualified to give advice but I feel that if you give your posts on NIFTY-FIFTY twice once before market opens and then after market closes with levels and analysis, it will reduce the burden and also give time to other people to study the thread while nifty gives its dose of adrenaline to traders/investors.Reply to all posts may be at the end so that people study rather than speculate in this thread.There are other threads for speculation.
Pankaj
Hi Pankaj...you are more than qualified, in fact you are amongst the most astute and clear thinking members at the forum. What's more...you don't easily lose your cool...and I need to learn much from you!!
Yes I need to figure out a better way of doing this.
For a few observations:
AMITBE said:
This is the worst time of the Friday session now and looks very bleak.
It would seem a dream come true if the Nifty closed above
3271...and why not dream of above
3303!!!
The reason the above post was made, is following an adjustment there was congestion seen between those two levels, and I've observed when the Nifty wades into such an area, it almost always spells strength.
Well, a bit of a dream run came in the last twenty minutes and dragged the Nifty up from
3205 to
3279.
In this instance, I'll go with the last traded price of
3279 rather than the adjusted closing price of
3247.
And that tells me that the Nifty may have seen the last of the pits going into next week.
The contrary of the expected happened this Friday when the market has been dragged over burning coals all these days:
Strong buying was witnessed in the last twenty minutes, quite likely by some strong hands. Who else could do this.
And the act is more significant because it's the derivatives expiry next week.
So has someone in the home run today given an indicative warning for the battle that is going to be fought next week?
Sounds good eh? Let's see what happens.
I was hopeful this morning that there would be a small rally. There was, but it died out at
3493, over a hundred points over yesterday's close. And the rally didn't come in the first rush of blood either. It peaked around noon.
But something happened then, and I'm sure today's suspects are the brokerage firms squeezing out margin traders, and banks forcing loan takers to square up. No blame on them, as they are only following SEBI's guidelines. There was selling at every rise.
On a curious note, just after 3 PM, CNBC began to interview Sitaram Yechuri, newly emboldened by the Left victories. The highlight of this was that he would like to bring back long term capital gains tax.
Well, at 3 PM the Nifty was pulling back to test
3260,
3271 was just there to be had with time remaining to go for
3303.
Well, during the talk of long term capital gains returning or not, the Nifty plunged to hit the day's low.
Funny, eh? You wonder who invited the distinguished ideologue to speak on matters so sensitive in a setting of blood and gore. A few pretty unusual suspects at work here, you'd think.
Yes, the recent trend seems to have died out today. It's not going to be a cakewalk reaching back to the recent high levels in a great hurry I believe.
Especially past next Thursday's expiry, there'll be nothing to fight over.
But let's see what happens.
Have a nice one all.
