this is interesting, a salute to dr raghuram rajan

the rajan rally

as per previous post a downside support zone was marked in dotted rectangle and a movement upto 6350 was expected possible, after which I could not update market views.

nifty found base near 6900 and saw a major recovery to 8800.

there is bullishness on long term charts.

current view is support around 8300, max downside around 8000 i.e 6% from here.

long term upside is as given before i.e around 10500 i.e 22% from current nifty level.

therefore risk-reward ratio is still very good for long term investors buy on correction or market dips.

the possible nifty support zone

nifty can possibly take support near 6350 although testing of 5900-6000 not ruled out.

update on ew

since nifty spot has gone above 8100 and stayed, the previous ew count third wave down has been negated and 5th wave down deemed to have completed.
 but any breach below 8050 prev wave count valid with modified downside tgts.

my latest nifty ew counts 06th sep 2015

nifty futures chart

nifty futures.

eod price chart.

maybe moving in an expansion diagonal in a bull market.

current resistance zone, as marked by rectangle, and the supports and resistances offered and formed by the two trendlines as shown on the chart.

crude oil long term chart

monthly crude oil futures chart

 

 

crude oil broke below 95$/bbl and continued a sharp downmove.

 

crude oil futures may be approaching levels between 30-40$/bbl.

 

after bottoming out there a pull back expected.

 

mkt outlook 21st jan 2015

as said nifty reacted around resistance levels(refer previous posts) last time and came down and tested support levels, bounced from there and again came back to 8700-8800 levels now.

longer term support/sl for nifty 7850.

resistance around 8800.

if nifty stays above 8800-8850, expecting more upmove and the next resistance around 9250-9300 in the intermediate to long term.

short term support expected near 8600.

hope everyone had a cheerful joyous and fun-filled Diwali.

 

so just as given in earlier post here, nifty first bounced off the first given support and then from second strong support marked by the two green-coloured ovals as shown in the two charts, though there was a brief temporary breach of the support line. Now nifty is looking strong again climbing more than 500 points from the second mentioned support zone.

The bullish view for nifty continues and the intermediate support levels have now shifted upwards. nifty support levels are roughly around 7900 and 7800 below which it turns weak. the resistance/target levels now are just above 8500 and 8780, few points here and there. With the positivity on the Indian economy, funds flow and earnings upgrades these target levels should not be difficult to achieve in the medium term to intermediate term. we are already very close to the first target of 8410 or so, so any large profit booking in days to come will again be a good buying opportunity in the market towards the above mentioned second target.

my long term target stands at above 10000 for the  nifty but with a sizeable or meaningful deeper correction first.

wishing

and all friends, followers and visitors of valuetrading.BlogSpot.com,

a very

healthy,

happy,

and prosperous

DIWALI 2014 !

have a safe and green Diwali.

the cnx nifty projected support zones

the cnx nifty projected support zones.

nifty view for next two months

nifty spot support1 6300 support 2 5800, above 6300 tgt1 6600 revised tgt2 7000

ab tak...

Rupee falls below 56('chappan' in hindi) to a dollar in today's trade crossing 55.55 and tgting lifetime spiked lows below 57 as given before !

'ab tak chappan'(hindi movie) means 56( encounters) till now...thats how much the rupee got hunted down to by the US dollar.

nifty p/e graph...23rd May 2012...

my nifty p/e graph is as shown below with various tgt lvls on both the downside(supports for investing) as well as upperside(resis for exiting mkt) as per different investment time frames based upon its current and latest earnings picture. figures depicted are subject to change with any change in mkt scenario.

lvls marked with squares are for long term.

opinions/views/figures expressed are for illustration purposes only and are not an express recommendation to buy or sell. as such the author hold no responsibilty for any actual loss arising out of any trading/invstmnts acting solely based upon the same.