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Sunday, October 2, 2011

Nifty update

So gap down .And when NIFTY touched 4833, it actually closed the GAP left couple of days back. Technically I would look for a bounce here before a bigger fall. At this point its not possible to tell if we will fall more. So one could put a stop loss at 4833 and go LONG. Targets would be 4920 and 4945. Intraday or may be till tomorrow.

Currently , We watch that channel in 5 minutes.

Got stopped out .  Its very difficult to say when in OVERSOLD condition and bearish sentiments and NEWS overflowing , when a bounce will come . Whether we will bounce from here or after going down 40 more points. The best thing offcourse to do is SIT OUT. Or one can take some risk . My last guess for today .  That channel could be HIT . At around 4810.

Meanwhile BAD data keeps coming from EUROPE.

---Spanish Manufacturing PMI (Sep) M/M 43.7 vs. Prev. 45.3
---Swiss Retail Sales (Real) (Aug) Y/Y -1.9% vs. Prev. 1.9% (Prev. 2.9%)
---Spain tracked against INE man. production. Both output and new orders were down at fastest in > 2 yrs
---Swiss Manufacturing PMI (Sep) M/M 48.2 vs. Exp. 50.5 (Prev. 51.7)

Another pattern . Expanding one.

1 comment:

  1. Dear Jonak,

    A good presentation indeed. Thanx for giving us a clear view on the market. I highly appreciate your work and thought.