#65 Nifty Update

🙂 🙂 :)….you all might be wondering why i am happy even though market was down??? Its just because what i predicted NIFTY’s target has been achieved today.. 5330. Market opened up with some profit booking but that was as a said to fill up the gap which was created yesterday. Market closed at 5331 down 73 points. Global cues are like a gloomy picture and they are not clear which way to go which is affecting the emerging markets such as China and India. Indian markets are very choppy at this movement as nothing good on fundamental side. If you study all sector personally you will find that none of them has anything new or extra-ordinary to say…rather they are degrading in existing business….question arises where is all money going??? Answer is 1)gold/silver and 2) blocked in real estate. People since 2008 has been investing in commodities and real estate because high returns and safe better over equity market. But now real estate market has been cooled down and i feel investors liquidity is blocked and on other hand who has invested in commodities market feel it a better place then equity and why not ??? You will surely get your cost price in commodity if not today then tomorrow but its difficult in equity market. World has to go on and so will each market but intensity of market will change…Next decade is for commodity market. Technically speaking today Market FILLED up my gap at 5330 which i have been mentioning since last one month. Now you might see market bottoming out around 5200-5300 levels. But if its broken then it may take support at 100% fibonacci retrenchment support at 4800. RSI and all indicators are bearish. Strategy is yet sell on rise on NIFTY with SL-5472.
NIFTY levels for 4th August:-
R-5382                  S-5280
R-5416                  S-5253
R-5442                  S-5190

R-5472                  S-5156

Leave a Reply

Your email address will not be published. Required fields are marked *