NIFTY has been moving in an upward channel since Nov 09 and has regularly zigzagged within the channel. Though it failed to reach the channel upper line and started retracing. Curiously it started the retracement when DOW was still roaring. Now with the EURO-pian woes it has continued the downward journey.
It is now approaching the channel bottom support around 4830-4850 and is expected to bounce back from there. In the unlikely event of this level being broken the next support comes almost 100 pts below at 4730-4740 but if the 4830 is broken it would mean breaking the channel and therefore the next up move in medium term would be muted. This looks an unlikely scenario as all the right ingredient of a strong bull market are visible in our market.
There is a similar support in SENSEX around 16020-16050 which in fact combines the channel support as well as July '09 high and therefore more meaningful. Strong buying should emerge with a bounce from this level.
Not withstanding which support it takes, the Market is now entering an excellent Medium to Long term Buy zone.
16 comments:
hmm good lookin,I've been on a bit of a stocks hiatus and focusing on my currency trading--which isnt as exciting for me..I might have to make mygrand return.
good analysis.hope 2 c u more regularly.
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Hello there,
Thanks for sharing this link - but unfortunately it seems to be down? Does anybody here at adesara.blogspot.com have a mirror or another source?
Cheers,
Peter
I believe for today NIFTY - has given a weak closing at 5253.5 If staying below 5304.3 , it may test 5251.5 and even 5155.8 however staying above 5304.3 it may go to 5401.2 best stock trading strategy would be wait for some time for market to bottom out and start it's up move again
Hello there,
Thanks for sharing the link - but unfortunately it seems to be not working? Does anybody here at adesara.blogspot.com have a mirror or another source?
Thanks,
Harry
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Thanks,
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