Ocean of LIFE!

24th Dec 2007 

The support between 5675-5750 seems to be quite strong and there is further support at the 5600 level. The market could easily bounce back to 5950. But it’s likely to be stuck within the zone of 5650-5950 until the settlement at least.

We are in  expiry week, short-covering may generate enough impetus to drive the market close to Nifty 6000 but there will be massive selling pressure above 5950.

Weekly/daily Charts patterns suggest that the 6,350 target will be reached in couple of weeks, however on daily charts there is a negative bias. 

17 th Dec 2007          

The market is likely to range trade between 5,950-6,250 in the next week with slightly lower volumes. This would be a normal consolidation after a breakout. In the  intermediate to long-term ( 6-8 weeks), we can look forward for 6,350 for the Nifty.

The short-term trend is negative, the intermediate and long-term trends are positive.

Weekly/daily Charts patterns suggest that the 6,350 target will be reached, but, the past two sessions also suggest that it will take several sessions to absorb selling pressure between 6,050-6,250. On the downside, 5,950 will provide strong support.  

3 Dec 2007

November series closed at 5635, however the month ended with a bang at 5763. Month to month Nifty has lost some 137 points however week to week Nifty is on a run.

Momentum seems strong on the technical charts, in case Nifty continues its gain from the week end, it has an upward bias & likely to cross 5950 & on the downside 5700 shows strong support.  

Volatility is low on the last three trading sessions, front runners are back in action. Last week Mid caps given a run for the money. 

 

18th Nov 2007

Nifty had fantastic last week ended almost 400 points up at 5906, crossing 5950 in the process (Pls refer last post). On the daily charts once again all indicators are in the positive zone which gives me confident that Nifty surely cross the 6000 level this week comfortably & march forward.

11 Nov 2007

Its  evident from the technical chart shown below that the Nifty has bottomed out around 5600- 5650, unless its break that support  it has chances to test the earlier highs  & tendency to  go up. Similar  formation could be seen on the chart around late August at 4100 levels, that all is history now  as Nifty has moved from that level to 5900-6000 once in late October & likely to reach the same level or more once again  with one exception that the market is overbought this time compare to earlier.