GOOD MORNING!!!
INDICES SCALED TO THE NEW HIGHS OF 32 MONTHS IN THE EARLY TRADE EXTENDING ITS RECENT SURGE BUT LATER EDGED LOWER AFTER A SEVEN STRAIGHT SOLID SURGE ON PROFIT BOOKING. THIS HAS SNAPPED THE WINNING STREAK IN THE MARKETS, THIS WAS MAJORLY TRIGGERED BY WEAK EUROPEAN STOCKS AND US FUTURES WHICH HAS WEIGHED ON INVESTORS SENTIMENT TO BOOK PROFIT. THE VOLATILITY DURING THE TRADE WAS IMMENSE MARKETS HOVERED IN A BROAD RANGE BAND. MARKET BREADTH TURNED WEAK. BANKING, REALITY SHARES ROSE AFTER THE RBI SIGNALED ALMOST A PAUSE IN ITS CURRENT TIGHTENING CYCLE. METALS STOCKS DECLINED TRACKING DECLINE IN METALS STOCKS IN LME. IT STOCKS DECLINED ON FACTORS OF SLOW ECONOMIC RECOVERY AROUND THE GLOBE. ALL IN ALL THE MARKET BREADTH WAS WEAK AND MARKETS CLOSED ALMOST ON THE LOWER LOWS OF THE TRADE.
TODAY IF NIFTY TRADES BELOW 5826 THEN LIKELY TO DIP DOWN TO 5793 AND BREAK BELOW THIS POINT WOULD TAKE NIFTY TO 5760 LEVELS AND ANY CLOSE BELOW 5793 IS CONSIDERED TO BE A NEGATIVE CLOSING IN THE MARKET AND ONE CAN SEE FURTHER DECLINE AND DOWNSIDE RALLY MAY CROP IN WHICH MAY NOT BE VERY AGGRESSIVE BUT WOULD BE ON THE RETRACEMENT FRONT AS INDICES HAVE SURGED ALMOST BY 560 POINTS IN LAST 12 TRADING SESSIONS SO EVEN IF THE MARKET IS ON THE RETRACEMENT FRONT WE MAY SEE NIFTY TO TOUCH 5784 AS A FIRST TARGET AND THEN 5704 SO WE CAN EXPECT NIFTY TO TOUCH 5704 LEVELS IN THE NEXT FEW TRADING SESSIONS, WE MAY SEE NIFTY TO TAKE SUPPORT ON THE DOWNSIDE IN INTRADAY AROUND 5784 LEVELS AND THEN AT 5704 LEVELS. ON THE UPSIDE IF NIFTY TRADES ABOVE 5867 THEN LIKELY TO MAKE AN UPMOVE TO 5890 AND BREAK ABOVE THIS POINT WOULD INCH HIGHER TO 5920 LEVELS AND ANY CLOSE ABOVE 5900 WE CAN SEE NIFTY TO SURPRISE THE MARKET ON THE UPSIDE.
TODAY IF NIFTY TRADES BELOW 5826 THEN LIKELY TO DIP DOWN TO 5793 AND BREAK BELOW THIS POINT WOULD TAKE NIFTY TO 5760 LEVELS AND ANY CLOSE BELOW 5793 IS CONSIDERED TO BE A NEGATIVE CLOSING IN THE MARKET AND ONE CAN SEE FURTHER DECLINE AND DOWNSIDE RALLY MAY CROP IN WHICH MAY NOT BE VERY AGGRESSIVE BUT WOULD BE ON THE RETRACEMENT FRONT AS INDICES HAVE SURGED ALMOST BY 560 POINTS IN LAST 12 TRADING SESSIONS SO EVEN IF THE MARKET IS ON THE RETRACEMENT FRONT WE MAY SEE NIFTY TO TOUCH 5784 AS A FIRST TARGET AND THEN 5704 SO WE CAN EXPECT NIFTY TO TOUCH 5704 LEVELS IN THE NEXT FEW TRADING SESSIONS, WE MAY SEE NIFTY TO TAKE SUPPORT ON THE DOWNSIDE IN INTRADAY AROUND 5784 LEVELS AND THEN AT 5704 LEVELS. ON THE UPSIDE IF NIFTY TRADES ABOVE 5867 THEN LIKELY TO MAKE AN UPMOVE TO 5890 AND BREAK ABOVE THIS POINT WOULD INCH HIGHER TO 5920 LEVELS AND ANY CLOSE ABOVE 5900 WE CAN SEE NIFTY TO SURPRISE THE MARKET ON THE UPSIDE.
