mkt ahead...

there was some hope of a small pullback today but, due to the disastrous dow reaction yday and getting volatile due to reliance supreme court verdict today, which ruled in favour of ril.

the mkt has become more bearish and volatile. thankfully the cut is not as deep as the US mkt.

right now 5000 is being held in intraday.


current near term support seen around 4950 closing basis. its to be seen if it holds in coming days.

mkt ahead...

i had not only given 5400 as short to medium term tgt but also given in what fashion nifty will move and come back down to 5100 etc. not only that i had cautioned on 12th and 13th april 2010 regarding tsl for profit booking for these positions and given 5230 cl sl for those who did not book their positions. after which i had said a bounce will occur and 5187 will hold for near term, and nifty did exactly that and went upto 5350 giving a very good exit to those people who did not book their stocks/nifty short to medium term positions earlier(20th april 2010).

it was said mkt had entered in a bearish zone for short to medium term but deep cut may be utilised for buying by medium to long term investment perspective.

yday nifty came down to below 5150. right now even 5100 looks like not holding and nifty may slide to deeper lvls on account of deep cut in dow and global mkts. when the right time to cover shorts or take cash buying will come we will know, for which we have to closely monitor the mkt in coming days.

here onwards, i am thinking of closing blog or restrict the entry due to weak and disapponting response from readers despite giving very useful views on indian stock market, global stock markets and commodities like copper, gold and crude oil as well as currency oulook, and other info at no cost and even keeping the blog ad free all these years.

mkt ahead...03rd may 2010...

refer to 20th april post. mkt has performed exactly as per view.

there is no change in the outlook, nifty may slide to 5100 area in coming days where short term support and pullback in mkt may be found. reliance had also been weak and has some further downside left, comparatively rnrl and relinfra may perform better. lot of sectors showing exhaustion.

view on dow and s&p500(us) has also been very accurate. now some upside still possibly left in the dow, but if dow continues to correct below 10940 then can even come down about 7-8%. good short term support for bounce is near 10800.

therefore one can use any upsides from now for booking profits/exiting from stocks in short to medium term positions. medium to long term picture on dow and nifty is still bullish and any large dips in mkt can be used for accumulation purposes.

gold is bullish now, long term view on gold already given in ew analysis before(http://valuetrading.blogspot.com/2009/12/my-gold-ew-chart.html).

on nymex crude my view is, its still in bear mkt rally but that does'nt mean it can't go toward the $100-110/barrel mark.