iCharts Discussions

[psalm]

[apka]

[vinay28]

[manojkc71]

[apka]

ok.

many of the nifty 50 counters are oversold and since few days... but nifty is only 150 points down from high... not sure how it is so

[saumya12]

[skd2012]

[apka]

new high is the new in

when we were 4800 ppl wanted 4000 ... And now new high.. Nobody wants proper correction.

[vinay28]

apka, 30000 cr are required for investment in PSU IPOs and they have to be taken from these markets.

[skd2012]

[pkholla]

In England, a juvenile home is a "correction facility" where the favorite method of discipline is a thin bamboo cane applied to the behind. Unless we are careful, we will be "corrected" by FIIs and Fin Min.
BTW, Fin Min is rapidly doing the intended disinvestment as scheduled. Heaven help us if we caught long after the target is achieved
Cheers, Prakash Holla

[psalm]

Market is trading around 5977 at this point of time after opening around 5988. The high made as of now is around 5991 and the low made is around 5968. For the day, I expect the market to find resistance in the range 5995-6005, above that we may test range 6026-31. But as of now, I don't expect the market to break above the range 5995-6005. So, any upmoves towards that can be used to exit a few longs or initiate a few shorts. I don't expect this upmove to sustin much longer. But there wont be much panic moments today, as there are no significant events or data scheduled for the day.

It is safe to assume that there wont be much action happening in Europe or U.S today. If there something to happen in our markets, it should happen in the second session tomorrow. Till that time, we may be range-bound or may grind towards slightly higher levels. If you consider the last 2 weeks trading, the situation demands caution, I believe. In this liquidity driven markets, just a day's huge buying can change the equation completely. I'm not ignoring those facts. But, till something like that happens, its better to be cautious. I have been saying for the last 2 weeks or so that a correction can set in anytime as the setup is complete for a correction. On monday we saw glimpses of that in Europe. I expect to see confirmation of that signal in the next day or two. U.S. markets are also ripe for a correction. But something happens there, the impact will be much more than Europe or Asia cos the weakness is there in their long term charts. Since the weakness is in the long term charts (monthly) there, its futile to look for a SELL signal on a day to day basis. It may happen this month, or may be next month. The situation is different in Europe, Europe is weak in Weekly as well as in Daily. So, there is chance of some selling in the next 2 or 3 days.

In the asian markets, most of the markets are about to correct in the short to medium term. One exception here is Japan. Its because of the Yen. Yen could go down further from here, though a correction in the "short term" can be expected. Shanghai could make a top within 2 days, I feel. I expect some kinda correction to set in there by tomorrow or from friday. So, overall the markets are looking extremely stretched. The risk-reward doesn't look favourable at all, unless you're a day trader who may not have to consider all these facts. I am aware of the fact that this could just turn out to be some "blah blahs" after two or three days. But I have a feeling that the correction isn't that far away at this point of time. That's why thought about posting this.

Regards,

SAM

[vinay28]

so above what level of nifty will you change your outlook to bullish, sam?

[SP50]

There is no sign or indication that market will fly up past 6000. If market was positive today would have been a good gap up and market would have flied high. So far its drifting down so market not positive. As much as I learned short at every rise here.
I agree with Sam's view.

[psalm]