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The chart above shows the path where nifty was to head through the speed lines. the R2 which was at 3250 could not be crossed , R3 is at app. 3700 .Onthe way down it breached 3085-2860 and halted at 2780 zone to close higher due to short covering.kindly note from the chart that BOLLINGER BANDS have turned and are flat as of now , meaning that any deeper falls below 2780, will get good support beyond 2631 area at 2536 and 2424 zone.Right now we have filled 2 gaps of the 4 which were created in this rise up from 27/10/08 till 12/11/08.Any breach of the 2 levels of bollinger will rocket us to old lows and lower in the the zone of 2000-2100 area. Please take your direction/positional/ trading call for the next 4-5 trading daysas you feel fit .....cheers.
Nature likes symmetry. Look at the current set up. Every bar has a counterpart. To take this idea further, we may very well go down the same way we came up - fast and furious! The end will be a green candle? Ha ha ha.
This is the first time I am writing this post wherein I am suggesting not to buy anything now.
Market is going to give us more time to buy and average stocks where one have bought high.
Just be on the sidelines.Me seeing more pain coming.We may break the previous low of 7600 and even go to as low as 6500.
These are all my assumptions and I may go horribly wrong but things are not looking good as of now.As I have written only after June 09 we can see some good stabilisation.Price correction has happened and still more to go for certain A gr stocks and hence they can still go down and hence we can see sensex at 6500 and maybe below that.
These are scary views but then I must write it here.Time wise our patience will be tested and that will start from June 09.There is not going to be a V shape recovery.
These are pessimist view but the countries like Russia ,Ireland,Zimbabwe, Pakistan and many more are facing rough time for their currencies and the major impact has been because of Oil going down vertically.
Commodities down turn is affecting Brazil.Can anyone imagine Korea and China's stimulous pacakage is of almost same amt?That is what happening and that is making me nervous.
Cash gr stocks are already battered and hence nothing much to lose here but A gr stocks are still to get hammered.FII's are holding big stake in Ril Ind, SBI,L&T, Tisco, LIC Housing and many more like that.So they will still sell those which can take our Sensex to 6500 and even below that.
FII wants to still sell whatever they have and hence we are seeing still unabated selling of around rs 700 billions each day average.They are not over.
Every rise will be dealt with selling who has got trapped at higher prices at whatever good price they get.
This will go for months and hence the recovery is not going to come soon.
But at the end I would again like to iterate that our market will and should make a come back.We should be back at 2003, which I have written in past here.I am talking of Int rate and infaltion..
1. Morgan Stanley: GDP growth rate for FY09 to 7% from 7.5% and for FY10 to 5.7% from 6.5%.
2. Goldman Sachs: GDP growth rate for FY09 to 6.7% from 7.5% and for FY10 to 5.8% from 7%. Massive downgrade.
3. Fitch Ratings: GDP growth rate for FY09 to 6.3% from 7.8% and for FY10 to 6% from 6.8%.
4. Prime Minister's Economic Advisory Council: GDP growth rate for FY09 to 7% from 7.7%.
5. RBI: GDP growth rate for FY09 to 7.5-8%.
This is the first time I am writing this post wherein I am suggesting not to buy anything now.
Market is going to give us more time to buy and average stocks where one have bought high.
Just be on the sidelines.Me seeing more pain coming.We may break the previous low of 7600 and even go to as low as 6500.
These are all my assumptions and I may go horribly wrong but things are not looking good as of now.As I have written only after June 09 we can see some good stabilisation.Price correction has happened and still more to go for certain A gr stocks and hence they can still go down and hence we can see sensex at 6500 and maybe below that.
These are scary views but then I must write it here.Time wise our patience will be tested and that will start from June 09.There is not going to be a V shape recovery.
These are pessimist view but the countries like Russia ,Ireland,Zimbabwe, Pakistan and many more are facing rough time for their currencies and the major impact has been because of Oil going down vertically.
Commodities down turn is affecting Brazil.Can anyone imagine Korea and China's stimulous pacakage is of almost same amt?That is what happening and that is making me nervous.
Cash gr stocks are already battered and hence nothing much to lose here but A gr stocks are still to get hammered.FII's are holding big stake in Ril Ind, SBI,L&T, Tisco, LIC Housing and many more like that.So they will still sell those which can take our Sensex to 6500 and even below that.
FII wants to still sell whatever they have and hence we are seeing still unabated selling of around rs 700 billions each day average.They are not over.
Every rise will be dealt with selling who has got trapped at higher prices at whatever good price they get.
This will go for months and hence the recovery is not going to come soon.
But at the end I would again like to iterate that our market will and should make a come back.We should be back at 2003, which I have written in past here.I am talking of Int rate and infaltion..
Sell ABAN Below 876, tgt 840.95, sl 893.50.
Sell ABB Below 461.50, tgt 443.05, sl 470.75.
Sell Axis Bank Below 523.10, tgt 502.15, sl 533.55.
Sell Jindal Saw. Below 344.50, tgt 330.70, sl 351.35.
Sell NDTV Below 90.00, tgt 86.40, sl 91.80.
Sell Sobha Below 98.90, tgt 94.95, sl 100.85.
Sell Guj.Narmada Below 56.70, tgt 54.45, sl 57.85.
Sell Tech Mahe. Below 311, tgt 298.55,
India’s GDP growth rate is at 9% in the last financial year.....Will It Continue...See the Changes...
1. Morgan Stanley: GDP growth rate for FY09 to 7% from 7.5% and for FY10 to 5.7% from 6.5%.
2. Goldman Sachs: GDP growth rate for FY09 to 6.7% from 7.5% and for FY10 to 5.8% from 7%. Massive downgrade.
3. Fitch Ratings: GDP growth rate for FY09 to 6.3% from 7.8% and for FY10 to 6% from 6.8%.
4. Prime Minister's Economic Advisory Council: GDP growth rate for FY09 to 7% from 7.7%.
5. RBI: GDP growth rate for FY09 to 7.5-8%.
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