iCharts Discussions

[vinay28]

I just get a feeling that market is trying our nerves. It may wait for major quarterly results to come out. We know that companies' margins are under pressure and results won't be generally good. Market is waiting to see how bad they will be to decide extent of reaction. If it does not sustain above 5700 in coming week, major reaction may follow soon thereafter.

I surely intend to keep at the back of my mind my innermost feeling that july to sept or even nov may be horror.

[vinay28]

When everyone on the street was nervous, market gave a break-out. Now the same everyone is talking about 5950, 6250, etc.

It is better to have two contradictory thoughts in mind and be cool enough not to be confused by them. I am yet to master that. It's like veerappan says "keep your head/heart out of the trading room".

[amolmails]

I think veerus next number is coming in this breakout ... lets see IF close above 5745 i.e 200 days DMA

[yogpac0804]

NF trend is bullish from 5370. If NF closes above 5695 for 2-3 days, next short term target is 6030.

[grizzlybull]

[vinay28]

Good observation. But for that nifty to has to go down to sub 5200 in two months since this time it has taken twice the time as compared to 2009.

[vinay28]

While it is good to brood about it, there is also a difference in the two scenarios in that, in 2009, market had come down severely from a very high value.

[grizzlybull]

[chandrujimrc]

Dear Friends,

Inspite of so many negative happenings like inflation,lokpal threat,2G and Black money case etc market bounced from 5200 to 5740 to trap shorters.Now longs should take care because this Manmohan sing govt started with big bull rally very soon this govt will end with very big bear rally.Because this govt slowly loosing its strength.First 2G now black money case taken over by supreme court.Any time supreme court will ask CBI to probe congress part in 2G then only g main film will start,so far 2G trailer only going on.Not only corruption cases,inflation willbe main enemy for mkt.So longs be alert.

chandru.

[grizzlybull]

[vinay28]

The negative news items mentioned by chandru.... are known to everyone. What about those we don't know and will start cropping up if and when market starts crashing?

Sometimes I wonder whether there is any one genuine good news about India. All these years, we were copying the west, in everything. But today the west is copying us in what we have been the masters for centuries and that is corruption.

[skkundra]

inspite of all turbulence in the international markets,DOWa and FTSE and other main indices are near 52 week highs. Nifty is no where near to that.Even yesterday,although the job data in U.S was horrible,yet DOW slipped only .50% after a 5% rally.That confirms the present mood of the markets.When large number of investors are thinking of 5200 levels in nifty, the market may surprise everybody and have a roller coaster ride to 6700 by the end of the year.But it is not intended to make one complacent.Stop losses in accordance with the depth of one's pocket must be maintained.
it appers,5200 may not be touched in immediate future.

[vinay28]

Here's one interesting observation. If one were to go by the symmetrical triangle theory (and if I understood it correctly), the triangle appex is at 5550 and will be reached by end Aug/early sept if nifty remains within the triangle till then.

Note that it has crossed twice below the lower trend line and once above the upper trend line in the last month or so. If it finally crosses the upper or lower trendline decisively, theoretically, a major up or down move of 1200-1300 points is posible. If it waits till triangle appex is reached, it means 4200 or 6800 after that.

Hopefully I will attach the pictures by monday.