S&p 500: As can be seen from the monthly chart of S&P 500, the momentum for the Index has been dropping precipitously with each new high. (The loss of momentum is pretty much the same on Nasdaq & Dow as well). Under the Elliott Wave Model, I see the move from Dec 2018 as start […]
Indian equities have had an interesting 6 sessions of trade. The Sensex dropped below the Aug low while the Nifty barely managed to hold above the Aug low. Chart 1: Nifty vs SensexNifty’s price action of the last week has thrown up a couple of possibilities. (a) Bull case: My interpretation that the Index registered […]
PNB has gained about 19% since the beginning of December. However, the rise from the September low seems to be just a corrective rise within a larger decline.
The monthly chart of PNB shown below sports a distinctive…
Nifty(5178): Nifty on expected lines went below the low of 5165. The bullish interpretation at this point is that the move from 5630 is a corrective decline and the correction got over at 5135. What is in favour of this? The intraday momentum has not been able to clock new lows when price has done […]
Nifty(5429): A dark cloud cover on weekly charts on Nifty – this a reliable pattern but we need to see a follow through to this pattern. Momentum agrees with price so far. So we must look for a corrective decline to 5200 or 5077. IF we see a bounce to 5490-5510 in the first 2days […]
Nifty(5505): Indian benchmark indices saw a key reversal day on the indices (see chart above). A new swing high followed by a strong rejection of the new high. This is usually very bearish but momentum points to an unfinished move. So, we will prefer a corrective decline followed by a another leg up. BUT, if […]
Nifty(5607): The above chart is the ‘case 2’ we had outlined several days back in this month’s morning note. Beyond 5975 Nifty it would be ‘case 3’. We are very close to getting some very important clues as to what the Indian Nifty is going to do. USDINR – cross above 49.8 will be the […]
Nifty(5416): Markets despite being overbought, continues go up on receding momentum. The move from early February is like an automobile coasting on residual inertia of motion even though the vehicle has run out of gas. While this is very unhealthy and the markets will sooner or later drop vertically once the residual inertia is over, […]
We have bullish engulfing candle on USD/INR weekly chart. If you want go long on USD place a stop below 48.5 and hold. IF USD/INR hits 52.2 it would prove beyond doubt that the decline from 54.5 was corrective and a new high way beyond 54.5 is coming. I’ll be looking at the intraday price […]
Nifty(5335) – Resistance 5415 and Support 5300 and 5240 USDINR has found support at previous 4th wave of 48.5 INR should weaken to 50.2-50.6 but we need further evidence from the movement here to signal that a bigger move is beginning for INR. There is a small possibility of one more leg of strength for […]