Nifty CMP : 4529
Still everyone is saying that it is a bear market rally. But the Global situation improves far better
than previous days. Also Our market discounting all the negative factors even in this oversold zone
and still holding its hard earned gains.
Some Positive Factors
1) Dow Rallied 300 pts last friday
2)Crude Oil Fells to $115/barrell
3)SGX Nifty Closed at 4595
4)Yen Weakens to 110/Dollar
5)Rupee Weakens to Rs41.95/Dollar
But Currently Nifty is facing some intermediate resistance near 4613 where the 20 day EMA and
200 day EMA merges as witnessed from the weekly charts. Monday likely to be a testing day
for the bulls to close above the 20 day EMA. And Tuesday is IIP no's are going to be released
so IIP no's are going to decide the direction of the market. Sentiment may remain cautious in the forthcoming week, as the market regulator Securities & Exchange Board of India (Sebi) meets on 13 August 2008 to review the rules relating to issuance of Participatory Notes (PNs) by foreign portfolio investors, which it had revised in October 2007. A review of securities lending & borrowing mechanism, know your client (KYC) norms for FIIs and status on launch of currency futures are likely to be discussed in the meeting.
This whole week is going to be the testing week for the nifty to remain sustained above 4613
Regards,
Rajandran
Author – Marketcalls
Related Readings and Observations
NewsAction – Financial News Aggregator for Indian Markets Newsaction is a simple, mobile responsive & light-weight financial news aggregator engine and provides a single page overview to keep traders up-to date on latest happenings in financial […]
Nifty Bull operator Game Starts Now the operator game is to save nifty and manage to close above 3800.I guess you remember their last games to save nifty to close above4200 and 4000.If we are still to be in bear market […]
Little Market Wizards : Jay Chandran – Market Profile Trader So to help my very enthusiastic followers take a step ahead of others, I plan to interview successful traders across the globe so that we get to know the path they have traveled to reach […]
What to do When the Panic is Over? Generally Panic events trigger strong emotional reactions that often results in ending up catching the trade at unfair price zones and makes too much cognitive bias which will not allow a […]
Falling wedge Pattern Formation in Bank Nifty Bank nifty has gave breakout of falling wedge on hourly chart .11420-30 is an resistance zone as per line chart which is comfortably above 200dma. above which it can face resistance at […]
Multi Timeframe Signal Dashboard for Supertrend Indicator launched Marketcalls - Multi Timeframe Signal Dashboard launched for live Supertrend - Signal charts. Currently the signal dashboard is added for 5 min, 15min, 30min charts so that viewers can now […]
Leave a Reply