Market slipped from higher levels after minor profit booking. Volatality is also possible after inflation data today. As good consolidations in previous sessions therefore finally sustaining above 6015 possibility is high.
Nifty is trading within strong resistance range(5975-6015) and its break out and sustaining beyond should be watched for next move confirmations.
ॐ ह्रीं श्रीं लक्ष्मीभयो नमः॥
Pre-Open Market Outlook(02-12-2010)
I was out of station for the last 3 days therefore could not post my outlooks but before leaving I projected following conclusions in my weekly on 27-11-2010(Saturday) that:-
1- I told that "Pull Back Rally is on Cards"
2- I Posted 4 charts to proove pull back rally.
3- I Posted 7 strong reasons for pull back rally.
4- I told that "As per my view Nifty will not sustain below 5700 and minimum a pull back rally will be seen"
5- I told that "pull back rally will be seen. Expecting completion of correction and begining of fresh rally in the coming week"
214 Nifty points rally seen in last 3 sessions. Last strong resistance range is 5935-6015 and Nifty traded within 5935-5965 yesterday. Global markets blasting therefore sentiment strong today morning and if Nifty sutiuns above 6015 then it will be strong confirmation of Intermediate term trend turning upward and continuation of pull back rally.
Sentiment heated today morning and profit booking possibility can not be ruled out. Intraday charts of yesterday are showing good consolidations and sustaining above 6015 possibility is high as well as positive closing after gap up opening will be seen today.
1- I told that "Pull Back Rally is on Cards"
2- I Posted 4 charts to proove pull back rally.
3- I Posted 7 strong reasons for pull back rally.
4- I told that "As per my view Nifty will not sustain below 5700 and minimum a pull back rally will be seen"
5- I told that "pull back rally will be seen. Expecting completion of correction and begining of fresh rally in the coming week"
214 Nifty points rally seen in last 3 sessions. Last strong resistance range is 5935-6015 and Nifty traded within 5935-5965 yesterday. Global markets blasting therefore sentiment strong today morning and if Nifty sutiuns above 6015 then it will be strong confirmation of Intermediate term trend turning upward and continuation of pull back rally.
Sentiment heated today morning and profit booking possibility can not be ruled out. Intraday charts of yesterday are showing good consolidations and sustaining above 6015 possibility is high as well as positive closing after gap up opening will be seen today.
Pull Back Rally is on Cards
Weekly Analysis- 29-11-2010 to 03-12-2010
Following lines were told in the last conclusive paragraph of last week weekly:-
"Nifty will finally sustain below 5932 after fresh selling in the coming week and weekly closing will be Red"
Nifty not only sustained below 5932 but also weekly closing was in Red.
Nifty has retraced 61.8%(5727) of earliier rise of 990 points. Vertical fall seen in last 14 sessions and it is shown in following EOD chart.
1- Vertical Fall in last 14 Sessions Chart-
Nifty has completed 5 waves in recent fall and it is shown in following EOD chart.
2- 5 Down waves Chart-
Last Friday intraday chart is good consolidations between 5700-5800 and it is shown in following intrady chart.
3- 1 Day Intraday Chart-
4- Daily Indicators and Averages chart-
Conclusions (After Putting All Studies Together):-
Nifty has suatined below 5932,Weekly MACD has given down move confirmation and intermediate term trend is confirm down. compelete consolidation required for fresh rally and in this process 200 Day EMA testing possibility can not be ruled out.
Nothing is extreme truth in all the financial markets and one has to use his discretion and judge all the situations. Following 7 deveplopments are suggesting pull back rally in this week:-
1- Last 14 sessions steep fall has been seen and such down moves can not be seen continuously therefore some upmoves are confirm.
2- Line chart is showing 5 down waves formations and 5th wave is almost equal to 1st wave. I mean to say that 5th wave is also sufficiently down therefore signaling up moves possibility.
3- 61.8% retracement has been completed.
4- Intraday charts of last Friday are showing whole day good consolidations within 5700-5800.
5- Daily and very short term indicators are sufficiently oversold and signalling sharp upmove possibility.
6- Big divergence in both lines of MACD and according to its nature it has to converge therefore in this process market has to move up.
7- Nifty is below lower band of Bollinger Band and suggesting sharp surge.
Uptrend and fresh rally confirmations levels are as follows:-
1- Sustaining above 5932
2- Crossing and sustaining above following 3 resistances
a- 5850-5895
b- 5935-5975(Strong resistance)
c- 5975-6015(Strong resistance)
Good consolidation seen last Friday within 5700-5800 but not sufficient for a rally and follow up consolidation is must in the begining of week. As per my view Nifty will not sustain below 5700 and minimum a pull back rally will be seen. Vertical fall of last 14 sessions is suggesting correction compeletion possibility also but confirmations required from coming sessions consolidations and sustaining above 6015.
Consolidations between 5700-5850 expected in the begining of week and after that pull back rally will be seen. Expecting completion of correction and begining of fresh rally in the coming week but sustaining above 6015 is must for confirmations.
Following lines were told in the last conclusive paragraph of last week weekly:-
"Nifty will finally sustain below 5932 after fresh selling in the coming week and weekly closing will be Red"
Nifty not only sustained below 5932 but also weekly closing was in Red.
Nifty has retraced 61.8%(5727) of earliier rise of 990 points. Vertical fall seen in last 14 sessions and it is shown in following EOD chart.
1- Vertical Fall in last 14 Sessions Chart-
Nifty has completed 5 waves in recent fall and it is shown in following EOD chart.
2- 5 Down waves Chart-
Last Friday intraday chart is good consolidations between 5700-5800 and it is shown in following intrady chart.
3- 1 Day Intraday Chart-
4- Daily Indicators and Averages chart-
Conclusions (After Putting All Studies Together):-
Nifty has suatined below 5932,Weekly MACD has given down move confirmation and intermediate term trend is confirm down. compelete consolidation required for fresh rally and in this process 200 Day EMA testing possibility can not be ruled out.
Nothing is extreme truth in all the financial markets and one has to use his discretion and judge all the situations. Following 7 deveplopments are suggesting pull back rally in this week:-
1- Last 14 sessions steep fall has been seen and such down moves can not be seen continuously therefore some upmoves are confirm.
2- Line chart is showing 5 down waves formations and 5th wave is almost equal to 1st wave. I mean to say that 5th wave is also sufficiently down therefore signaling up moves possibility.
3- 61.8% retracement has been completed.
4- Intraday charts of last Friday are showing whole day good consolidations within 5700-5800.
5- Daily and very short term indicators are sufficiently oversold and signalling sharp upmove possibility.
6- Big divergence in both lines of MACD and according to its nature it has to converge therefore in this process market has to move up.
7- Nifty is below lower band of Bollinger Band and suggesting sharp surge.
Uptrend and fresh rally confirmations levels are as follows:-
1- Sustaining above 5932
2- Crossing and sustaining above following 3 resistances
a- 5850-5895
b- 5935-5975(Strong resistance)
c- 5975-6015(Strong resistance)
Good consolidation seen last Friday within 5700-5800 but not sufficient for a rally and follow up consolidation is must in the begining of week. As per my view Nifty will not sustain below 5700 and minimum a pull back rally will be seen. Vertical fall of last 14 sessions is suggesting correction compeletion possibility also but confirmations required from coming sessions consolidations and sustaining above 6015.
Consolidations between 5700-5850 expected in the begining of week and after that pull back rally will be seen. Expecting completion of correction and begining of fresh rally in the coming week but sustaining above 6015 is must for confirmations.
Pre-Closing Outlook(26-11-2010)
Panic sentiment today morning and Indian markets got good support at lower levels. 61.8% retracement level broken but market recovered after rounding bottom and higher bottom and higher top formations. Good support at lower levels but slipped more than 68 points from the high near 02 pm today. Although sharp slip from higher levels but today patterns are showing consolidations. If Nifty sustains above 5820 then today trading range will be support.
It is only 1st consolidation indication and follow up action is must in the coming week for convertion my bearish religion. conclusions from today intraday charts have been posted and let process complete then will be conveyed accordingly..
It is only 1st consolidation indication and follow up action is must in the coming week for convertion my bearish religion. conclusions from today intraday charts have been posted and let process complete then will be conveyed accordingly..
Mid-Session Outlook-2(26-11-2010)
Market is down and moves are extremely fast today morning. Let down trend stop and form base through double bottom/higher bottom/rounding bottom and nifty cross minimum 8 Minutes EMA then a very short term intraday buying can be done with strict stop loss below lowest.
Mid-Session Outlook(26-11-2010)
Support range for today is 5780-5850 which has been broken down in early trades today. Next crucial levels are as follows:-
1- Next support range- 5580-5640
2- 61.8% Fibonacci retracement level- 5727
61.8% Fibonacci retracement level is understood good retracement level also and should be watched for confirmation of support at this level. Keep following lessons in mind:-
1- Bottom fishing in bear markets is always injurious to wealth.
2- Buying in bear markets is like catching falling knief and resulting one'sown hand full of one's own blood.
Just watch above mentioned levels and if Nifty get support near or above levels then may start buying,initially for very short term and positions should be increased after confirmations of supports strengthening.
1- Next support range- 5580-5640
2- 61.8% Fibonacci retracement level- 5727
61.8% Fibonacci retracement level is understood good retracement level also and should be watched for confirmation of support at this level. Keep following lessons in mind:-
1- Bottom fishing in bear markets is always injurious to wealth.
2- Buying in bear markets is like catching falling knief and resulting one'sown hand full of one's own blood.
Just watch above mentioned levels and if Nifty get support near or above levels then may start buying,initially for very short term and positions should be increased after confirmations of supports strengthening.
Pre-Open Market Outlook(26-11-2010)
It is being non stop told since long for bear markets and dipping below 5932 possibility and it has happened. My outlooks are live proofs of this fact that I told only for bullish run away rally from 05-07-2010 and that was seen. When I started to tell for correction,rally stopped and correction started after that. Let market complete its correction then I shall tell well in advance about completion of correction and commencement of fresh rally.
As intermediate term correction is confirm therefore according to market nature 200-Day EMA testing possibility is high. Markets Moves does not mature within hours but takes its own time to complete process therefore let consolidation start and finish then up moves should be expected. As short term indicators are oversold therefore minor Pull back rally can be expected after any panic bottom but rally should be expected after complete consolidations.
Resistances are as follows:-
1- 5850-5895
2- 5935-5975(Strong resistance)
3- 5975-6015(Strong resistance)
4- 6080-6120
5- 6180-6195
6- 6250-6320
Supports are as follows:-
1- 5780-5805
2- 5580-5640
3- 5475-5500
4- 5420-5445
5- 5350-5370
Next Fibonacci correction levels are as follows:-
50.0%- 5844
61.8%- 5727
70.7%- 5639
76.4%- 5582
78.6%- 5560
88.6%- 5461
Nifty traded within 1st support range yesterday and expected that Nifty will hover around 5800 today. Any minor intraday up move possibility on the back of positive news or global sentiments can not be ruled out but until Nifty will not sustain minimum above mentioned 1st resistance till then any up move will not be considered. Today trading range is 5780-5850 and closing expected within it also.
As intermediate term correction is confirm therefore according to market nature 200-Day EMA testing possibility is high. Markets Moves does not mature within hours but takes its own time to complete process therefore let consolidation start and finish then up moves should be expected. As short term indicators are oversold therefore minor Pull back rally can be expected after any panic bottom but rally should be expected after complete consolidations.
Resistances are as follows:-
1- 5850-5895
2- 5935-5975(Strong resistance)
3- 5975-6015(Strong resistance)
4- 6080-6120
5- 6180-6195
6- 6250-6320
Supports are as follows:-
1- 5780-5805
2- 5580-5640
3- 5475-5500
4- 5420-5445
5- 5350-5370
Next Fibonacci correction levels are as follows:-
50.0%- 5844
61.8%- 5727
70.7%- 5639
76.4%- 5582
78.6%- 5560
88.6%- 5461
Nifty traded within 1st support range yesterday and expected that Nifty will hover around 5800 today. Any minor intraday up move possibility on the back of positive news or global sentiments can not be ruled out but until Nifty will not sustain minimum above mentioned 1st resistance till then any up move will not be considered. Today trading range is 5780-5850 and closing expected within it also.
6015 is Laxman Rekha
Post-Open Market Outlook(25-11-2010)
Intraday slow up moves are possible today but more or less quiet market and derivative expiery near 5900 expected today. View is bearish and 6015 is Laxman Rekha and not going to be crossed easily. Very much expected that selling will develop in the coming couple of sessions and finally fresh down moves will be seen either from tomorrow of in next week. 200 Day EMA testing posibility is high.
Intraday slow up moves are possible today but more or less quiet market and derivative expiery near 5900 expected today. View is bearish and 6015 is Laxman Rekha and not going to be crossed easily. Very much expected that selling will develop in the coming couple of sessions and finally fresh down moves will be seen either from tomorrow of in next week. 200 Day EMA testing posibility is high.
High Possibility of Testing 200-Day EMA(today at 5522)
Pre-Open Market Outlook(25-11-2010)
Down move Confirmations from MACD & Intraday Charts
Nifty is hovering around 5932 for the last 5 sessions and closed below it after genuine selling fomations between 5935-5975. Previous strong resistance was 5975-6015 and fresh selling was seen just below it yesterday therefore resistance within 5935-6015 is now much stronger resistance. Indian markets require complete consolidation patterns to cross this range and until it will not happened till then 6015 will not cross.
5932 was previous strong support and strong resistance developed just above(5935-6015) it therefore its breaking down and intermediate term trend turning down is confirm now. Weekly MACD gave strong down move confirmation through downward cross over therefore further down move and 200-Day EMA(today at 5522) testing is very much expected now.
Following charts are showing down move confirmation in MACD & intraday chart:-
1-5 days intraday chart-
2-MACD Down Cross Over in Weekly Chart-
Dow Jones Trading 130 points up at 10:32 pm on 24-11-2010 but above mentioned down moves are confirm and will be seen in the coming sessions. Strong global sentiment expected on 25th Nov morning and also very much posibile that Indian markets may be positive from opening to closing but will be finally down and dip below 24th Nov lower levels(5866) in the coming sessions.
Nifty sustaining below 5935 and is very much high and for precaution just watch sustaining beyond 5935-6015 for next trend confirmations.
Down move Confirmations from MACD & Intraday Charts
Nifty is hovering around 5932 for the last 5 sessions and closed below it after genuine selling fomations between 5935-5975. Previous strong resistance was 5975-6015 and fresh selling was seen just below it yesterday therefore resistance within 5935-6015 is now much stronger resistance. Indian markets require complete consolidation patterns to cross this range and until it will not happened till then 6015 will not cross.
5932 was previous strong support and strong resistance developed just above(5935-6015) it therefore its breaking down and intermediate term trend turning down is confirm now. Weekly MACD gave strong down move confirmation through downward cross over therefore further down move and 200-Day EMA(today at 5522) testing is very much expected now.
Following charts are showing down move confirmation in MACD & intraday chart:-
1-5 days intraday chart-
2-MACD Down Cross Over in Weekly Chart-
Dow Jones Trading 130 points up at 10:32 pm on 24-11-2010 but above mentioned down moves are confirm and will be seen in the coming sessions. Strong global sentiment expected on 25th Nov morning and also very much posibile that Indian markets may be positive from opening to closing but will be finally down and dip below 24th Nov lower levels(5866) in the coming sessions.
Nifty sustaining below 5935 and is very much high and for precaution just watch sustaining beyond 5935-6015 for next trend confirmations.
Fresh Down move Confirmation in MACD & Intraday Chart
Nifty is hovering around 5932 for the last 5 sessions and closed below it after genuine selling fomations between 5935-5975.Previous strong resistance was 5975-6015 and fresh selling as seen just below it today therefore resistance within 5935-6015 is now much stronger resistance. Indian markets require complete consolidation patterns to cross this range and until it will not happened till then 6015 will not cross.
5932 was previous strong support and strong resistance developed above it therefore its breaking down and intermediate term trend turning down is confirm now. Weekly MACD gave strong down move confirmation through downward cross over therefore further down move and 200-Day EMA testing is very much expected now.
Following charts are showing down move confirmation in MACD & intraday chart:-
1-5 days intraday chart-
2-MACD Down Cross Over in Weekly Chart-
Dow Jones Trading 100 points up at this moment today but above mentioned down moves are confirm and will be seen in the coming sessions.
Mid-Session Outlook(24-11-2010)
Market recovered nicely but sellling at higher levels developed after confirmation of Congress big defeat in Bihar elections. 5960-5975 intraday resistance.
NIFTY-DEC F&O-1ST BUYING TRADE OF 24-11-2010-COVERING
NIFTY DEC F & O(BOUGHT TODAY)-SELLING SEEN AT HIGHER LEVEL AFTER CONGRESS DEFEAT IN BIHAR ELECTIONS THEREFORE COVER IMMEDIATELY-CMP-5984
NIFTY-DEC F&O-1ST BUYING TRADE OF 24-11-2010-TRADE
NIFTY(DEC FUT-BUY-POSITIONAL)SL-5969-TGT-6064CMP-5994
NIFTY(DEC CALL OPTION-BUY-POSITIONAL)-S.P.FOR CALL-6000,6100-NIFTY(DEC FUT)-RATES ARE FOR SL-5969-TGT-6064 FOR ALL OPTIONS-CMP-5994
NIFTY(DEC CALL OPTION-BUY-POSITIONAL)-S.P.FOR CALL-6000,6100-NIFTY(DEC FUT)-RATES ARE FOR SL-5969-TGT-6064 FOR ALL OPTIONS-CMP-5994
5932 will Decide Match
Pre-Open Market Outlook(24-11-2010)
Long term trend is up,Short term trend is down and Intermediate term trend is sideways.
Wave 3 started from 3919 on 13-07-2009 and could not test its minimum target(6359). Nifty retraced after travelling 2440 points as well as shortened by 20 points to test its minimum target. On going leg started on 31-08-2010 from 5349 and short term correction started from 6339 after gaining 990 points. Short term correction started after good selling formations at higher levels in daily and intraday charts therefore good consolidations required at lower levels
5932 had been strong support and again prooved its strength in last 4 sessions through Nifty not sustaing below it despite 3 times breaking it down. Following 3 formations have also been developed therefore correction completion near 5932 will be considered if Nifty does not sustain below 5932:-
1- Falling channel formation in last 5 sessions intraday charts and it is bullish pattern.
2- Expanding triangle formations in daily charts. It is continuation pattern and showing on going uptrend continuation.
3- Short term indicators are oversold and signalling very short term upmove.
4- Yesterday candle is bullish hammer.
5- Supports at lower levels in last 4 sessions.
1- Falling Channel IN Last 5 Days Intraday Chart-
2- Expanding Triangle Formation chart-
As patterns emergrd therefore explained with this conclusion that 5932 should be watched and if Nifty sustains below it then be bearish for fresh down moves toward 200 Day EMA and if Nifty could not sustain below then crossing 6015 will be correction completion confirmation and first of all maket will be understood range bound within 5900-6330.
Dow is trading more than 150 points down therefore weaker Asian markets expected today morning and Nifty sustaining below or above 5932 should be watched for next move confirmations in the coming couple of sessions. My view is turning bullish after watching mentioned consolidation foemations. Today opening,and closing may be weak but intraday patterns showing consolidations despite weakness will turn view bullish for fresh upmoves.
Long term trend is up,Short term trend is down and Intermediate term trend is sideways.
Wave 3 started from 3919 on 13-07-2009 and could not test its minimum target(6359). Nifty retraced after travelling 2440 points as well as shortened by 20 points to test its minimum target. On going leg started on 31-08-2010 from 5349 and short term correction started from 6339 after gaining 990 points. Short term correction started after good selling formations at higher levels in daily and intraday charts therefore good consolidations required at lower levels
5932 had been strong support and again prooved its strength in last 4 sessions through Nifty not sustaing below it despite 3 times breaking it down. Following 3 formations have also been developed therefore correction completion near 5932 will be considered if Nifty does not sustain below 5932:-
1- Falling channel formation in last 5 sessions intraday charts and it is bullish pattern.
2- Expanding triangle formations in daily charts. It is continuation pattern and showing on going uptrend continuation.
3- Short term indicators are oversold and signalling very short term upmove.
4- Yesterday candle is bullish hammer.
5- Supports at lower levels in last 4 sessions.
1- Falling Channel IN Last 5 Days Intraday Chart-
Dow is trading more than 150 points down therefore weaker Asian markets expected today morning and Nifty sustaining below or above 5932 should be watched for next move confirmations in the coming couple of sessions. My view is turning bullish after watching mentioned consolidation foemations. Today opening,and closing may be weak but intraday patterns showing consolidations despite weakness will turn view bullish for fresh upmoves.
Falling wedge Formations in Last 5 days intraday charts
Bullish hammer Candle in daily chart today and Falling wedge Formations in 5 days intraday charts. Both are good consolidation formations in daily and intraday charts. Just watch 5932 and sustaining above 6015. If Nifty sustains above 6015 in the coming sessions then that will be strong confirmation of correction completion.
Pre-Closing Outlook(23-11-2010)
Sentiment dampened due to Korean war news therefore intraday support at lower levels seen. As per my view there will be no impact on world from any type of Korean war. As sentiments are formed from news channels therefore people reacts and trade accordingly on such type of non-significant news.
Voltality is character of selling markets and that is being seen As well as technical positions reverses in today like huge voltality also. It will be better to watch 5932 for intermediate term trend confirmation and sustainability beyond 5975-6015 should be used for 100% confirmation of next moves.
Voltality is character of selling markets and that is being seen As well as technical positions reverses in today like huge voltality also. It will be better to watch 5932 for intermediate term trend confirmation and sustainability beyond 5975-6015 should be used for 100% confirmation of next moves.
U-Turn of Subramanian Swamy fuelled rally Yesterday
Pre-Open Market Outlook(23-11-2010)
U-Turn of Subramanian Swamy fuelled rally in Indian markets yesterday.
Janata Party President Subramanian Swamy, who is the chief petitioner in the 2G Spectrum case, on Monday told the Supreme Court that there was no malafide on the part of the Prime Minister, Dr Manmohan Singh
In an affidavit filed yesterday, Swamy said: "There was no malafide on the part of the Prime Minister. The Prime Minister was badly advised by law officers, the Law Ministry and bureaucrats."
Earlier yesterday, before filing his affidavit, Swamy said the Prime Minister was sabotaged by his bureaucrats, as the files just kept moving from one department to another.
Swamy had on November 18 said that the Prime Minister should stop acting helpless and take stringent actions against those responsible for the scam.
Last 2 sessions Indian markets moves dedicated to Subramanian Swamy in following manner;-
Swami November 18 statement created PM resignation fear and that led sharp declines on November 19 but as soon as above U Turn news of Subramanian Swamy'stand came out then fear of Prime Minister'resignation wiped out and Rally seen in Indian markets om November 22. Nifty tested top of 1st resistance and closed near it at 6010.00.
Yesterday intraday chart of Nifty from 02:10-03:30 pm wthin 5975-6020 is showing Rising Wedge(bearish) formations and it may pose resistance in the coming sessions. As this bearish formation seen within resistance range(5950-6015) therefore this resistance strengthened. Complete consolidations requires to cross 6015. I told many times yesterday and again repeating today:-
"Watch sustaning above 6015 for upmove confirmations"
Intraday Chart of 22-11-2010-
Nifty traded within 5910-6015 yesterday with buying at lower levels and selling at higher levels yesterday. Nifty will trade within yesterday range(5910-6015) today and coming couple of sessions intraday charts will decide break out or break down.
As good selling patterns at higher levels therefore down moves were seen and breaking down possibility of 5932 can not be ruled out. On the other hand 5932 gave strong support 4 times earlier therefore must be watched and until Nifty does not sustain below it till then its breaking down will not get confirmations.
Firstly trading within 5910-6015 will be seen after weak opening today and interpretations of mentioned range break out are as follows:-
1- Breaking out of 6015 will mean correction completion and market moving into range bound(5900-6339) mode.
2- Breaking down of 5910 will mean deeper correction and testing possibility of 200 Day EMA(today at 5515)
Whole day trading within 5910-6015 expected and finally Red closing expected today. Sustaing below 5975 will validate yesterday Rising Wedge and will give strong indication of break down of 5910.
(Lalit Kumar Dhingra)
U-Turn of Subramanian Swamy fuelled rally in Indian markets yesterday.
Janata Party President Subramanian Swamy, who is the chief petitioner in the 2G Spectrum case, on Monday told the Supreme Court that there was no malafide on the part of the Prime Minister, Dr Manmohan Singh
In an affidavit filed yesterday, Swamy said: "There was no malafide on the part of the Prime Minister. The Prime Minister was badly advised by law officers, the Law Ministry and bureaucrats."
Earlier yesterday, before filing his affidavit, Swamy said the Prime Minister was sabotaged by his bureaucrats, as the files just kept moving from one department to another.
Swamy had on November 18 said that the Prime Minister should stop acting helpless and take stringent actions against those responsible for the scam.
Last 2 sessions Indian markets moves dedicated to Subramanian Swamy in following manner;-
Swami November 18 statement created PM resignation fear and that led sharp declines on November 19 but as soon as above U Turn news of Subramanian Swamy'stand came out then fear of Prime Minister'resignation wiped out and Rally seen in Indian markets om November 22. Nifty tested top of 1st resistance and closed near it at 6010.00.
Yesterday intraday chart of Nifty from 02:10-03:30 pm wthin 5975-6020 is showing Rising Wedge(bearish) formations and it may pose resistance in the coming sessions. As this bearish formation seen within resistance range(5950-6015) therefore this resistance strengthened. Complete consolidations requires to cross 6015. I told many times yesterday and again repeating today:-
"Watch sustaning above 6015 for upmove confirmations"
Intraday Chart of 22-11-2010-
Nifty traded within 5910-6015 yesterday with buying at lower levels and selling at higher levels yesterday. Nifty will trade within yesterday range(5910-6015) today and coming couple of sessions intraday charts will decide break out or break down.
As good selling patterns at higher levels therefore down moves were seen and breaking down possibility of 5932 can not be ruled out. On the other hand 5932 gave strong support 4 times earlier therefore must be watched and until Nifty does not sustain below it till then its breaking down will not get confirmations.
Firstly trading within 5910-6015 will be seen after weak opening today and interpretations of mentioned range break out are as follows:-
1- Breaking out of 6015 will mean correction completion and market moving into range bound(5900-6339) mode.
2- Breaking down of 5910 will mean deeper correction and testing possibility of 200 Day EMA(today at 5515)
Whole day trading within 5910-6015 expected and finally Red closing expected today. Sustaing below 5975 will validate yesterday Rising Wedge and will give strong indication of break down of 5910.
(Lalit Kumar Dhingra)
Pre-Closing Outlook(22-11-2010)
Nifty trading near 6015 and sustaing above will strong indication of correction completion. As SC will give comments on PMO Affadavit tomorrow therefore will be better to wait upto tomorrow and clearing of clouds. SC demanded explanation on CWC chairman appointment issue therefore opposition got another weapon to attack Govt. It will be better to wait upto tomorrow and let things settle down.
Post-Open Outlook(22-11-2010)
It will be decided within next 2 days that How much 2G Spectrum scam will lay impact on PM. SC will give his views tomorrow on PM Affidavit which was filed last Saturday. If any serious comment on PMO comes out then that may lead to PM resignation and only in that situation sharp declines will be seen in Indian markets otherwise Indian markets will move on its own technicals and no impact will be seen. Huge voltality possibility can not be denied in politically uncertain atmosphere.
Positive opening today because US futures trading 50 points up since morning today and scam impact on PM lessened today. Market positive today and:-
1- Correction completion level is sustaining above 6015
2- Correction continuation and more deeper down confirmation level is sustaining below 5932.
Positive opening today because US futures trading 50 points up since morning today and scam impact on PM lessened today. Market positive today and:-
1- Correction completion level is sustaining above 6015
2- Correction continuation and more deeper down confirmation level is sustaining below 5932.
NIFTY-NOV F&O-1ST SHORTING TRADE OF 19-11-2010-COVERING
NIFTY NOV F & O(SHORTED ON 19-11-2010)-COVER IMMEDIATELY,MARKET WILL BE HIGHLY VOLATILE DUE TO 2G SPECTRUM SCAM & WE SHALL SHORT AGAIN BUT FIRST COVER-CMP-5933
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