Re: [Technical-Investor] Where are you going Miss Nifty??

 

If the market had to go up, it could have done that today, with lot less pressure from FIIs, but then it moved down. I understand it could have done that for testing the support.
By the way FII were net seller today also. (not much given only 1.5 hrs of trading).
The DOW futures actually moved down after the market closed in US. The DOW futures is showing a reading of -43.

Check out this link
http://www.cnbc.com/id/35258021 - Portugal passes a bill to INCREASE deficit.
Because of this there will be some impact on Euro weakening.

I am not sure if we will cross 4880 on the upside.

On Sat, Feb 6, 2010 at 4:57 PM, Abhijit <ap19632000@yahoo.com> wrote:

 

I strongly believe, we have seen a bottom at the low of Friday - how long it will hold is something no one can say.

 

Why do I believe this -

 

-    Hourly stochastics are near 5.

-    Positive divergence on RSI

-    Positive divergence on MACD.

-    the 200 dma was almost touched (not necessary to actually touch it)

-    S & P bounced hard from the 200 DMA last night.

 

So guys, wake up early at 5.30 am on Monday and start tracking Nikkei, then Hang Seng which will tell you whether we open flat, gap down, or GAP UP ABOVE 4790, and then start tracking Nifty on SGX till 9 am.

 

But assuming a short  term bottom is in place the first hurdle is the trend line which is near 4830ish.

 

-  Very likely

 

A close above this TL can take Nifty to the first retracement level (38.2%) near 4930.

 

- Likely

 

A close above 4930 will take Nifty to the 200 HMA near 5107 - of course, by then this 200 HMA would have come down a bit, and will not remain at 5107.

 

hmm....Not impossible.

 

A close above 5107 will take Nifty to the final hurdle 5180 (61.8%), and beyond this the parallel channel top can also be a target - 5400 - 5450!!

 

- Difficult to believe!!

 

It is all happening on a screen in front of you next week - stay tuned...:)

 

All the above can be options for a POLL?  ....hehehe

 

AP

 

 

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