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Nifty Is On The Back Of BULL Sheekha
| From : Sheekha Sanghavi at 10:52 PM - Mar 07, 2010 ( ) |
Share it on FacebookAs I am still carrying my LONGs & will carry those till nifty touches 5300 level. Nifty may touch 5390 level also.
So BEARS................Be Aware!
Do NOT carry or average your SHORTs!!
I will NOT open any new thread till nifty touches 5300 level & will post my views in this thread only!!!
Show will start from 08/03/10
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Today's Nifty's Intra Day Chart is suggesting GAP DOWN OPENING Tommorow if Opened Flat to Mildly Positive of Global Cues will again see profit booking from 5150 levels like today......As Long as 5000 on Nifty holds Bulls have a chance to Reverse this Downtrend that Nifty started from 5310.......now why Important Support Level has been Moving Up so fast like now its 5000 & what are the Technicals that are supporting this level, why does 5000 level becomes so important........
1) 5000 PE Open Interest Suggest People Holding Open Positions are more Bulls than Bears & they don't see Nifty going below 5000 level anytime soon
2) 50 SMA is now 5021 & 100 SMA is now 5012
3) Budget Day we saw Major profit booking coming around 4990-5000 levels Nifty fell to 4911 almost 2% from this level so it becomes major Support/Resistance after such a major event
4) Most important of all if Nifty even spends 2-3 days closer to 5000 level 50 SMA will Breach 100 SMA from above " VERY VERY BEARISH SIGN" last time 50 SMA Breached 100 SMA from above was way back in Feb'2008 & i don't think any1 wants to get Reminded what happened there after.
5) 200 SMA now stands @ 4777......moving up very fast..
Jawed....$ index is just one of the parameters...you can not judge market only with it. Check what FIIs are buying & then you will understand why i am so bullish....this is FII & government driven market.....And both are in good mood i guess!
I think at higher level we should be cautious even there is no bad news globally but according to Dear Bhikka the dollar index again unfavourable and this can create an obstacle for further movement we can expect a range bound movement between 5050 to 5150 in this weak in any case if market sustain 5150+ level for 2/3 days we may achieve the 5300 target in the coming sessions.On other-side as per data FII are continuously buying and DII selling which is very positive signal for bull movement.So we are in a mixed environment and it is very tough to say anything because weather is still cloudy
I am in Bull's Boat ? i never said that nor i intend too.....i will Short Nifty around 5150-5180 as i have said with maintaining a STOPLOSS @5200 level...... there the Risk Reward Ratio is Favorable .....Shorting at 5140-5130 i don't see to much gains.... Option Data is also suggesting Bull's will try to Defend 5000 level with full force ...just like Bears will try their Best to keep Nifty Below 5150-5180 level
Thanks Girish....but would love to know your views also....
Means Bhikka...you are in my boat....hey do not make BULL's boat too much heavy...it will sink!
Sheekha Dear........ break above 5150-5180 levels...Nifty is heading to break previous high 5310 is my belief...reason My StopLoss is 5200 on Closing basis
Bhikka...at the moment i am feeling to much harm in SHROT.....will surely SHORT at 5300+....Still my longs are not properly hedged but will do that work in coming days.
Jawed...of course i will need your views also...keep updating me...
Thanks Badshah.....5068 is ur stoploss nut nifty is not ready to go below 5100 also..good thing for us!
Just gonna Wait & Watch.....at the most will do Intra Day Trades...cause nothing changes as long as Nifty remains in the Range of 5000 - 5180....... but do have Convinction to Go Short rather than Long.... i need Technical Signs to Change My View which market has'nt given since Late January ......its practically done as i have expected it to do so far......
If Nifty not fall below 5068 level ..........we r in Bullish trend...............and tgt. would be the same as given in this thread earlier.................
So Bhikka? what is your expectation exactly? Still with BEARS or in my boat now?
SBI, ICICI are good bets as per me.......they will also lead this rally
Kamal...DO NOT buy in hurry now....wait for tomorrow...if you are also with for the target of 5300 then surely you can buy now...up to you!
Sheekha my wish is Nifty to touch desired level 5300 in current month but according to my expectation there is some thing wrong in the market Any way if market maintain upper level close above 5150 (the most important hurdle) we can expect to achieved 5300 level.
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