iCharts Discussions

[psalm]

Hi All,

New thread for the month of March.......

[psalm]

Market is trading almost at the highs of the day (5724) after making a high around 5728. For this series, 5777-5812 will be the first major resistance for the market to break. Even if it breaks above that, then there could be another stiff one around 5850-5860. So, for any shorts, its better to place a stoploss either above 5812 or above 5860. A break of these levels could trigger fresh buying, I believe. In between 5777 and 5728, the minor levels I'll be watching are 5748 and 5763. By the way, 5652-5654 is the key support on the downside, below that we may test 5597-5588 area, which is where I see significant support exists in the short to medium term. Having said that, if the market breaks below 5590 and starts closing below that on a sustainable basis, then I'll be looking for much lower levels. In that case, I wont be surprised to see the market testing 5200 odd levels in a few weeks from here. As of now, I expect the market to find support around 5593 on a daily closing basis. That means I have plans to book out a few shorts there, if we do reach there later next week or so.

Global picture hasn't changed much. Europe is around their weekly resistances now, while the U.S. markets are yet to be broken though looking a bit tired. Looks like all time highs in the U.S markets (especially Dow as I don't think S&P500 will make a new high easily) could be possible soon and then only, we may see the much anticipated correction. There was some discussion regarding what will happen to us, if the global markets also start going down. I don't think we'll be too much affected, cos the general opinion is that the money which will be taken out of Europe and the U.S will flow to the Emerging Markets hoping for better growth and profits. In that case, the emerging markets could out-perform in the next year or two. I'm not saying that there will be decoupling happening soon. But there will be lot of protection for our markets even if there are sell-offs across the globe. We may still experience some correction in short term, but in the medium to long term picture, we may well outperform our peers. But this is stock market where the analysis and levels could go wrong within a matter of few days or weeks. So, let's wait and see what's in store for us in the next few weeks.

[SP50]

[apka]

shall I post here, in pkholla's march thread or create my own new one?

[SP50]

[psalm]

[skd2012]

If we sustain above 5737 NF, then we can move 5780 NF I feel. but options may force a range bound day. Let's see.

[SP50]

Chances of a fall below 5700 is only post europe opens, but by the look of it shorts will earn only next week,

Banks have to come out of their bear clutches for any chance of Nifty to regain 5800 .

[apka]

INFY will drag us down

[SP50]

[skd2012]

[skd2012]

[Vikas91]

Banks recovered from steep falls in the previous session as analysts say the 2013/14 budget was unlikely to have as big a negative impact as investors had first anticipated.

Fin min statement: nothing new has been done on tax residency certificate for foreign investors that was not there last year; current treaty on double-tax avoidance with Mauritius holds pending talks

The uncertainty over the tax residency certificate spooked markets yesterday; fin min has issued a clarification today

Conclusion: Hopefully markets will close on a positive note after the fin min clarification

[SP50]

[SP50]

I want to see a bullish comment from Vinay here now, I am sure he is enjoying now that he was bottom fishing yesterday,