Jan 242012
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.
Bank Nifty - Daily Charts
Gravestone Doji are important signals but they need an immediate follow through. We need to see a sell off in Banknifty today too. If it comes through this rally is over.
Indiavix too saw a spike down to 18 day before yesterday. The spike was the lowest level since July of 2011. So there is a good possibility that we have seen complacency extreme for the short-term.
Nifty Resistance: 5065-70, 5100 and 5135. Nifty support: 4980.
13 Responses to “Technicals 24th Jan 2012”
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Jai – what is your call on silver short term? Will it take $35 – any indication of USD get weaker in coming weeks?
hi jai
can u post a brief view with regards to markets after the shoot up, due to rbi policy, how much upside is left in this leg
regards
Dear Jai
Now that the markets have headed past the 5100 levels and Bank Nifty too has failed to confirm the reversal, should we try to short the market or try to wait and buy the next correction that takes place..
Hi Jai,
We have seen market reacting positively to the credit policy, where do u think the upside will be arrested?
Hi Jai,
Just wanted to check, whether after the completion of this wave C, whether the downtrend will resume? what are the odds that we start a new wave trend on the upside? Is their any level on nifty or bank nifty, which once crossed will lead to a resumption of bull market? Thanks
Dear Jai,
Any comments on the credit policy and its implications on the market on the whole.
Ajay
Ok guys,
It does looks like it is case (B) outlined yesterday. To quantify case B – Nifty could stretch to 5275. Will look for quick Jab trades from tomorrow on the long side
Dear Jai
Just wanted to know your view on USDINR trade as well. The dollar has almost retraced 50% from the highs.. Any views on what level can we re enter the dollar trade….
Hi Jai,
Pls let me know your views on USD-INR from a 3-6 month perspective
Regards,
Jayaram/Prateek,
INR should not strengthen beyond 48 if it does my view that 57+ is coming is probably wrong. DXY seems like it would hit 85 by March and much bigger targets in the long term. Correspondingly INR shud weaken.
Best regards,
Jai
Thanks Jai
Thanks a lot Jai
RBI has beeen sellling close to $300 mio a day and if rumours are to be believed RBI is targetting 48.5 by march end.
I guess we should wait till that target is achieved.
Jai,
Can you pls let know some specific thoughts on SBI and Infosys. I have been running short on oth these stocks from yesterday.
Regards