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SHASHANG's ENTRY & EXIT - NIFTY (JUNE 23rd to JUNE 27th) |
shashangan
Green Belt
Joined: 12 Jun 2007
Posts: 1321
Location: Bangalore
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Post: #1  Posted: Sun Jun 22, 2008 11:08 pm Post subject: SHASHANG's ENTRY & EXIT - NIFTY (JUNE 23rd to JUNE 27th) |
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As I predicted in my previous posting, mkt going perfect on my view overall, though just missed to reach the exact upside correction target. Check my previous post for the continuation of the trend.
This week i expect due to the political crisis at the centre, which will be adding fuel to the inflation & oil price crisis, the Monday & whole week's mkt seems to be a bit gloomy.
Sorry for all longs, all i can say is, if you have sufficient stong fund backing to top up your margins, you can hold with patience, but be cautious before you add new longs.
I think Nifty spot will easily test my two lower targets mentioned in my previous post, the first 4305- 4294 around (strong support) possibly could test at the Monday open itself, followed by the second major lower support between 4268-62 around. ONLY IF THINGS ARE SORTED AT THE CENTRE (Looks bleak though) & IF WE GET ANY POSITIVE NEWS expect a correction up to min 4505-12 area followed by possibly around 4655-62 area from this level.
Looking at the Mayawati BSP withdrawing support & the delimma of govt falling & re elections, it's difficult to say the 4268-62 level will hold for a upside correction, so i keep possiblity of (spot basis) 4161-57 area target open. Anyway if it's a direct fall down to this 4160 levels, i strongly feel, it should take a support here for a good strong pull back, but again these are technical targets, If the political crisis gets worse, cant say where the mkt will stop, but for now i shall keep 4160 area as a area to watch as a good bargain buying level for a upside correction to 4420-30 area followed by 4590-4600 area.
It depends on the intensity of the crisis & how soon things are sorted. I can further update seeing the development of how things shape up before the end of june.
Anyway these are my personal view based on my analysis, i could be wrong, check with me if any confusion or before you do anything on my views mentioned. The whole world mkts are definitely jittery & volatile, see that you stay cautious & take entries only if you can risk. Play mini if you cant take big risks or just stay out.
Good luck,
Gautham Shashangan |
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