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Nifty showing good signs...

Naveen at 05:53 PM - Jan 29, 2007 ( )

Nifty is showing good signs of creating new highs. I expected a correction to 4090 levels today, but it did well to minimize the amount of correction. Buy Nifty above 4150 till 4195 levels without any difficulty and greater heights during the course of time. Sell Nifty only below 4055. Nifty 4 quarter trailing EPS is up from 194.4 to 197.3 in one day thanks to Indian Oil. The PE ratio on Nifty has come down from 21.4 to 20.8 without any corrections. Thank you INDIAN OIL. Hoping that BP and HP will take the Nifty EPS beyond 200. The EPS for Nifty companies according to their weightage is expected to reach 215 for FY 07 year end. Earnings are definately not disappointing the Bulls. We definately look like creating new highs this month. A bigger correction can happen if the Budget disappoints us from March 1st week. If not, the correction will be postponed by a month.

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Amit Sharma at 01:46 PM - Dec 19, 2010 ( )

a lot of old posts are being opened, smthin fishy

Ashok Tainwala at 01:44 PM - Dec 19, 2010 ( )

SV, the relation between your current update and this four year old post of NAVEEN ? Pl throw some light.

Siddharth V at 11:02 AM - Dec 19, 2010 ( )

The National Stock Exchange Nifty struggled around its short-term moving average throughout the week, and eventually managed to close higher than it’s short-term (20-day) moving average on two occasions on the daily chart. The Nifty somehow held on its short-term (20-week) moving average, which is currently at 5,850, a break of the same could spell trouble for the markets.

On the positive front, the Nifty has formed a hammer pattern on both daily and weekly charts, which indicates that the bulls are strengthening. Hence, a possibility of an upside is higher than that of a downward move.

The daily chart also indicates congestion in the 6,030-6,060 range. So, the Nifty will have to break past this range for a clear cut direction. Till then, we may continue to see range-bound movement.

However, the weekly chart shows fear for investors, as the index has been taking support around its short-term (20-week) moving average for the last four weeks. If the Sensex closes below 19,470 during the week, we could see heavy bear pressure, with a possibility of the index falling to 18,300 odd levels.

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