My levels of S&P500 did hold at least for the time being at 740. A bounce is possible but will be of weak nature. Dow has broken down and now it should slowly grind towards 6500 and mark my words.....Dow will see 4500 - 4000 in next 3-4 yrs......
Nifty has made a low of 2677 today.....This completes the bearish wave formation and we managed an extremely good 300 points trade. A bounce can be seen till 2740-70 but the threat will come from some big names now. The worst dragger should be NTPC and RIL.....NTPC has been an outperfomer but huge distribution is seen at this level. This suggests a possible breakdown to 166 and then 130 again. The current fall of RIL is strong and if it breaks 1170, it can break its Oct lows quite easily. Educomp, though being an non -index stock, sometimes suggests the possible direction. And now its suggesting a breakdown again. Today, even though Nifty recovered, it failed to do so. Why I am tracking Educomp? Reason is its a stock played by operators and as such a major market sentiment is involved there.
Keep an eye on S&P500. If its closes above 770 for 3 days with higher high formation, then global markets might recover a bit. Otherwise.........
Nifty has made a low of 2677 today.....This completes the bearish wave formation and we managed an extremely good 300 points trade. A bounce can be seen till 2740-70 but the threat will come from some big names now. The worst dragger should be NTPC and RIL.....NTPC has been an outperfomer but huge distribution is seen at this level. This suggests a possible breakdown to 166 and then 130 again. The current fall of RIL is strong and if it breaks 1170, it can break its Oct lows quite easily. Educomp, though being an non -index stock, sometimes suggests the possible direction. And now its suggesting a breakdown again. Today, even though Nifty recovered, it failed to do so. Why I am tracking Educomp? Reason is its a stock played by operators and as such a major market sentiment is involved there.
Keep an eye on S&P500. If its closes above 770 for 3 days with higher high formation, then global markets might recover a bit. Otherwise.........
1 comment:
I agree with you.According to my analysis nifty will go to 2400
in march series.let us see
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