Followers of this blog would know that I had been stubbornly insisting that the level of 4800-4700 on the Nifty has to come through before we could even talk about upside potential for the Indian markets. Having reached those levels on Friday, what next for the Indian markets? In my June 14th post, we discussed the bullish […]
On Friday, India’s benchmark Nifty saw some brisk selling and markets finished near the lows of the day. The selling pressure reversed 75% of the previous session’s gain and thereby producing the technical pattern known as “Dark Cloud Cover” (DCC) on the daily charts. Questions that come up: (1) was Thursday’s thrust above the medium trendline […]
I’m posting this update on Nifty from my holiday spot in Bangkok, so this will be short. On the charts above, note those small violet squares (you may want to click on the chart for a zoom) that mark the swing highs and lows. This is how waves progress, each move moving beyond the extremes […]
In yesterday’s market action, India’s Nifty breached an important trendline in a convincing fashion. All the corrections since Nov 2009 stopped right at this trend-line (see chart below) and kept the up trend intact. The weight behind this breach was ONGC, which also happened to complete a Head and Shoulders top on its weekly chart. […]
The Nifty has been in the range of 5600 to 5400 for the sixth week and has kept everyone guessing as to which way the range would resolve. As a good trader, one needs constantly play devil’s advocate to your own views. So, here are the charts that present both the bullish and the bearish […]
The 2.3% bump UP for the Nifty on Friday was quite smooth and brought a lot of cheer on the streets but the CRITICAL 5690 level still remains unconquered. Given the smart rise of the previous week, it may not seem formidable after all. Nevertheless, we will have to wait and see what the market […]
When earthquake/tsunami struck Japan on Friday, I’m sure you would have heard in the media how this was affecting the sentiments of the markets. Here are few things one must know : Let us take a look at the powerful Kobe Earthquake that struck Japan in 1995 and caused $102.5 billion damage: It is obvious from […]
In June, I had posted a note on this indicator and wanted us all to keep an eye on it. However, the indicator averted a double top risk and stayed above the previous trough during the May-June correction. Once again its time to keep an eye here. If this indicator dips below the orange line, […]
The readings on NSE India VIX are approaching extreme levels. Although they haven’t yet reached the most extreme readings since its inception but it is at its lowest readings on a closing basis. The current level of complacency is much more than it was during the January 2010 highs. As can be seen from the chart above […]
First post from Singapore – settling down here took a bit longer than anticipated. OK, back to markets 🙂 As can be seen from the chart below, the channel lines are putting pressure on the Nifty. Also, momentum peaks continues to disagree with the new price highs. In my March 8th post, I had projected […]