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    Tuesday, August 4, 2009

    market ahead...

    finally 4700 and more done in style with a breakout closing. so where is nifty headed to now. technically many tgts you may be reading from various people e.g., 4800/4850/4950/5100/5300/5500 and neither will they give any logical or technical explanation for the same:)

    as previously put we are entering a cautious zone for investors 4650-4700 to wherever it goes. on p/e basis around 4900-4950 it becomes expensive if this is bear mkt rally, even if its a bull mkt upmove that is a good profit booking lvl.



    nifty spot chart showing negative divergence. also, the breakout has been on low volumes. currently rsi facing resis on the line shown which was marked in previous posts. in my view better way to ride the upward momentum is by following a good trailing stop.

    (chart courtesy: www.icharts.in)

    Posted by abhay r somkuwar at 7:51 AM

    3 comments:

    Sujatha said...

    Good suggestion - "to ride the upward momentum is by following a good trailing stop" Chart with your comment and marking is very helpful.

    Can't expect nowadays any logical/ technical explanation..who's giving (ex)ordinary targets... me too can give levels and calls lolz.

    But the question is Dow is just below 250 points for its 38.2% retracement level coming around 9400-50? Will it halt there or any chance to move up? Please post your opinion, cos here almost all good news r over election,budget, impt results etc., Now we r depending only on globel cues...(i think)

    Thanks in advance

    August 4, 2009 at 10:36 AM
    abhay r somkuwar said...

    well sujatha, as u know the global rally in commodities and equities is fuelled by dollar flows, so till the flow reverses these can rally on. and nothing suggests(nicely uptrending) any bearishness at this point on charts to halt dow jones movement to reach 38.2% ret lvls, on reaching near/there that ret or any peak nearby we have to watch the reaction (on closing basis) to draw some conclusion.

    regards,
    abhay r somkuwar.

    August 4, 2009 at 11:05 AM
    Sujatha said...

    Thank u

    Regards

    August 4, 2009 at 11:08 AM

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