the global mkts continue to be in turmoil.
10800 was a crucial breakdown lvl on the dow jones. current dow jones movement is only a continuation of the pullback from its deep lows of 9800 lvls.
it is restricted within two down candles. broadly it is sandwiched between its 50 and 200 sdma's breaking out neither on the up or down side.
the bearishness after its earlier huge fall makes it remain in sideways with a weakish bias. therefore basically it has become a trader's mkt with no clear direction.
the weakness in US mkts has had a significant impact on global stock mkts particularly emerging mkts and crude which is just trying to hold $70/barrel lvl.
in just 11 trading days the nifty has twice bounced from its 200 sdma, but it was finally broken closing basis yday and downside lvls like 4800/4850 now can be possible. 
(tables above are indicative of the almost continuous and relentless profit booking/selling largely by the fii's in the cash mkt)
it is to be noted that downtrend on nifty remains intact and every pullback is getting sold into.
it is important that it recovers quickly above the 200 dma and sets up some sort of a short to medium term uptrend, when downmove gets over, to keep hopes from the investors point of view. some good buying support may possibly come near the 4700 and 4800 region, if not, then 4675 can be an exit point for investors and would be a cause for worry going ahead. lets see if we get buying support there for the mkt to recover thereafter.
also one can refer to my ew analysis Case I on nifty spot eod given earlier.
-abhay r somkuwar.
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Thursday, May 20, 2010
mkt ahead...20th may 2010...
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9 comments:
putting my analysis for sharing is my hobby:) iam a trader too!
most people on discussion forums know this since many years.
@ Asrani : What is the purpose of running this free analysis blog?
It's nothing but showing his broadmind.. we can learn and earn.
@ Abhay : Thanks :) Is Sensex showing double top in Monthly chart?
Regards
Quote : good buying support may possibly come near the 4700 and 4800 region, if not, then 4675..
Greed??? I am holding one short still but market took support 4800 region or it may touch SL and turn back?
Expecting your views eagarly.
Thanks and regards
sujatha, if monday nifty close above say 4962 then exit short, or if in coming days it closes above 4953 then also exit short as chances of some sort of bounce from there, if not then can hold on for earlier tgts.
...and about the double top query...in my view, yes in sensex monthly chart...the jan high was broken on the upperside in april 2010 but no breakout, not exactly double top, and trend still up.
Thank you very much for your guidance :)
Regards
Guruji tussi great hho, pan kahi vishesh Raag VFM var "na" - yenyasathhi,
God bless u, and hope to see u soon as e-guruji
In bermuda, T-shirt with holes and dirty hankerchief, of course no topi and chappal
Just kidding, keep it up dost
we love ur analysis
ghanshyam sirji, no raag vaag...but iam gone so lazy these days!
u described me very well bas mein chappal zaroor pehnta hoon:)
hope everything is fine at ur end, take care and thanks for everything.
yes AB, all is well at my end and coming to Nagpur onn 7th personal work, if u r free we can meet, my number 9922407651, try to make it.
u know i can crack jokes only on those who can digest, u me and Pan
Get up early yaar , hope to see u like Ilango , daily on your own blog at least.
bye take care
GG
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