Nifty(5087.3): Markets had a follow through to the hanging man pattern – throwing in a short term sell signal. However the internals of the move still remains a bit ambivalent giving an outside chance of one more rise before turning lower. If Nifty heads higher it may either stop at 5217 or below or head […]
Nifty(5204): Nifty formed a hanging man pattern on Friday, just under the 200DMA. Hanging man pattern needs a follow through sell off else the signal would be rendered void. The first sign that this market starting to correct would be when Nifty dips below 5162. The Euro has come to perfect level for it to […]
Nifty(5127): The negative price action of Monday did not get the follow through and markets continued to rally higher. As can be seen from the chart of India VIX above, the bullish sentiment is swinging towards the highest level since October 2011 and if we include the spike, it has already hit highest level since […]
Nifty(5046): The market is pausing around the resistance of 5065-70 ahead of economic policy. An important signal is coming from the Banknifty – a “gravestone doji” on this index right at the ideal zone of 9500-9800. Gravestone Doji are important signals but they need an immediate follow through. We need to see a sell off […]
Nifty (5048): Nifty’s high on Friday was exactly one point below the resistance of 5065. The pattern on the daily chart is a stalling pattern. Without getting in to the short term technical labeling of the market, there are two possibilities: a) The corrective rally has already peaked b) Or after a mild dip, the sucker rally […]
Nifty(5018): Nifty continued to rally and closed above 5000. Round numbers are not resistances but they help in pushing sentiment to the extremes. Let’s quickly do a check on the positives and negatives. Whats favouring the bearish case? 1) Our proprietary which has a stellar record since 1997 says the bear market is not over. 2) […]
Nifty(4967): Nifty had another up day and pierced through resistance at 4920-50 zone. As labelled on Monday, there was some doubts over the end of the C wave , which is why we had an OR c label and this exactly why we called for some additional patience yesterday. As the market goes higher, it […]
Nifty(4873): Not much changed from yesterday’s price action. The same conditions prevail. Either Nifty’s corrective rally is ending or there is little bit of steam left (see yesterday’s chart). The above chart is that of Reliance – the stock is hovering near its 52 week low and has not even been able to mount a […]
Well I had a nice holiday, hope you all did too. Nifty(4866): Most of the BRIC markets have had a nice start to 2012 and India is up a tidy 4.5%. So, many of you might want to know if things have turned a corner. Here is my prop indicator which signalled the start of […]