15 December, 2006

NIFTY


We have retraced 50% of the fall ,we could pause here before any attempt at 61.8%. Will it be there at all.Resistance at 3872 could restrict this upmove.
prash
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4 comments:

Anjum said...

What a week it has been ! Unless we crack bigtime on monday, this has been one of the best laid traps I have seen in the recent times ! 350+ points down on the Nifty ... and then a sharp reversal to recover 225+ points .. 61.8% retracement of the same, all within a space of a week .. almost 600 points intra-week !
If this was a shakeout, then we can expect to see 4000 again, as long as the recent bottom of 3660 isnt breached. 3795 would be my warning bell ... till that rings, I wouldnt be too worried.

15/12/06 4:17 pm
Anjum said...

Nifty was on a swing today, all right ! A 60 point nosedive in the first hour and then a spectacular bounceback to recover the intraday losses and then break the barrier of 3910 and reach within touching distance of 3945 !
Close above 3945 tomorrow will turn the trend again and we should be good to test 4050 once again. Sustaining above that should see Nifty target 4170-4250. For now, 3795 remains the warning bell, which I would raise to 3815 once we close above 3945. Enjoy !

19/12/06 12:27 am
Anjum said...

Nifty looks to have formed a triangle and infact, friday's close looks to have broken the falling trendline drawn from the alltime high. 3935 is the immediate resistance for Nifty and as suggested before, close above 3945 would target new highs. Enjoy !

25/12/06 9:28 pm
Anjum said...

Nifty has been exhibiting some weakness in the last two trading sessions. Although 3962 has been providing strong support intraday for the past few trading sessions, it looks more than likely that Nifty could well breach it on tuesday. The gap at 3940 created on 27th Dec remains to be filled and that would be the first target for Nifty once it breaks support of 3960. Below 3940, support exists at 3933-3918. With many of the frontline scrips lacking momentum, expect to see some weakness in the first couple of trading sessions of 2007.

31/12/06 7:07 pm

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