Gap-down and then trade in negative territory for the day; VIX again shooting above 27 [almost 28 actually at one point of time] and the volumes were pretty much unchanged from yesterday. Premiums still pretty high on Nifty futures and price fluctuations exactly as described by Raghuji earlier this week!
5177-5196 band has survived for the 35th consecutive session and IMHO, bears should treat this as the floor for the next 20 odd sessions [as mentioned yesterday, markets are uncertain but nevertheless, we need to keep this in mind; on the other hand if 5150 breached on downside on closing basis then next halt around 5032-5092 zone! Close below 5032 can reverse the entire rally from the lows of December but with so much liquidity around, it seems unlikely at least for March series]
Such pauses and profit-booking sessions are good and even at 5200, it is just a 400-odd point retracement from the meteoric rise of almost 1100 points. [38.2% is pretty common after such large upside movements]
The poo-poo about no QE from US is just a distorted noise!!![come on it is obvious that Uncle Ben and Senor Draghi are playing a concerted game with regards to liquidity injections, and mind well they are good pals right from university days; it was wishful thinking on part of markets IMHO to think that ECB liquidity will be matched with optimistic QE3 comments from Uncle Ben on the same day!! As long as possible, as much as possible, IMHO they will take turns one at a time for providing liquidity injections, thereby enabling dollar and euro to grind against each other and collapse slowly - they are both falling not rising!]
Nevertheless coming to Nifty maiya, critical levels and outlook remain unchanged; consolidation is happening at a slightly lower level than expected; [5408 to 5532 was the expected consolidation zone]
5408 is a level that bulls need to conquer asap which brings resistance around 5450-5480 [the zone towards the high of Monday's long candle and yesterday's high; this is a zone where a lot of shorts will jump for cover if momentum on upside is convincing] A close above 5450 will almost certainly invite a retest of 5532 and may go upto 5580-5608 also.
[HHHHHHH - does that mean Nagi, the bear has turned bull - no I am still bearish over the longer time frame but for the short term, price, volume, time are indicating that the scale is tilted in favor of bulls - 35 sessions in a row without breaching 5200 is a significant achievement on part of bulls]
And here, I must quote what Raghuji keeps reminding us from time to time; Jo Dikhta Hai Woh Hota Nahi - Jo Hota Hai Woh Dikhta Nahi :D
5177-5196 band has survived for the 35th consecutive session and IMHO, bears should treat this as the floor for the next 20 odd sessions [as mentioned yesterday, markets are uncertain but nevertheless, we need to keep this in mind; on the other hand if 5150 breached on downside on closing basis then next halt around 5032-5092 zone! Close below 5032 can reverse the entire rally from the lows of December but with so much liquidity around, it seems unlikely at least for March series]
Such pauses and profit-booking sessions are good and even at 5200, it is just a 400-odd point retracement from the meteoric rise of almost 1100 points. [38.2% is pretty common after such large upside movements]
The poo-poo about no QE from US is just a distorted noise!!![come on it is obvious that Uncle Ben and Senor Draghi are playing a concerted game with regards to liquidity injections, and mind well they are good pals right from university days; it was wishful thinking on part of markets IMHO to think that ECB liquidity will be matched with optimistic QE3 comments from Uncle Ben on the same day!! As long as possible, as much as possible, IMHO they will take turns one at a time for providing liquidity injections, thereby enabling dollar and euro to grind against each other and collapse slowly - they are both falling not rising!]
Nevertheless coming to Nifty maiya, critical levels and outlook remain unchanged; consolidation is happening at a slightly lower level than expected; [5408 to 5532 was the expected consolidation zone]
5408 is a level that bulls need to conquer asap which brings resistance around 5450-5480 [the zone towards the high of Monday's long candle and yesterday's high; this is a zone where a lot of shorts will jump for cover if momentum on upside is convincing] A close above 5450 will almost certainly invite a retest of 5532 and may go upto 5580-5608 also.
[HHHHHHH - does that mean Nagi, the bear has turned bull - no I am still bearish over the longer time frame but for the short term, price, volume, time are indicating that the scale is tilted in favor of bulls - 35 sessions in a row without breaching 5200 is a significant achievement on part of bulls]
And here, I must quote what Raghuji keeps reminding us from time to time; Jo Dikhta Hai Woh Hota Nahi - Jo Hota Hai Woh Dikhta Nahi :D
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