Mar 122012
Nifty (5333.55): Ok, let the chart speak.
Nifty- Hourly charts
Look for resistance to kick in at 5403 or 5460. A very remote chance of 5520. To get here Nifty could take today's entire session and possibly a little of tomorrow's session too. But once resistance is in, a fast decline should start, be it a C wave or wave 3 - both have similar characteristics. Remember, it will not be a straight decline though as shown by the dotted line but rallies will be small.
11 Responses to “Technicals 12 Mar 2012”
Sorry, the comment form is closed at this time.
Dear Jai
when u said 5403-5460 do u mean it on futures or spot..
prateek sinha
Always spot the reference.
hai jai
pls tell me can i buy Jaiprakash Asso at current level
Keep it strictly for trading.
Jai,
Based on your SMS, is it a good time to short Reliance ?
Regards
If it is a expamded flat, it will exceed 827 but not 860. If it is wave 2 of 3 it will NOT exceed 827. SO, the risk now is 827 but less than 860, as per my view. I would prefer to short when there a negative reversal bar. But if you want to preempt the market sell with a stop abv 860 spot or buy some OTM puts.
Cheers,
Jai
JAI
The nifty has opened into the zone u had mentioned (5499). Any chance we can go short here or do we wait for a confirmation before going short.
Prateek Sinha
no new view nothing to do
Dear Jai,
On CNBC you said that the nifty may go up to 5630 from current levels which is very much contradictory to the levels of 4960 you have advocated on this site. Pl clarify as we have taken positions based on the levels of 4960.
Ajay
Dear Ajay,
CNBC staff are bulls – they will pluck out anything from the interview to make it sound bullish. Their headlines itself is contradictory – “One more leg up, stay in cash” 🙂 If you read the transcript of my interview or listen to the interview. I’m more nuetral to bearish.
The most importing thing though is how we position ourselves – we are buyers of puts on Nifty, Reliance and sellers of the Indian currency. So what does that make us? 🙂
Best regards,
Jai
PS: I’ve sometimes seen headline of an interview bear something an analyst has never said – nowadays they are well past that.
Dear Jai,
I like that very much …. what u said about CNBC …and about your interview……:) U know its true sometimes u dont need to reveal everything you are feeling about the markets…
Regards,
Vipam