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Posts Tagged ‘high octane

Markets Rise & Fall

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Markets have been extremely volatile since the last few days as investors are trying to fathom out the bottom in the near term. A quick look at the technical picture of our markets depicts key supports placed between the 100 and 200 EMA, which has a very important significance. Importance of 5700 and 19000 on Nifty and Sensex respectively, is now turning out to be ‘high octane’ stuff for the markets, judging by the reaction of the markets at these levels. Today the benchmark indices made a low of 19003/5695 & after inflation numbers it is now trading at 5830/19440 rising by almost 2% from the lows. On the negative side, breaking 5690/18950 on the downside will increase the intensity ‘southwards’.

Technical pattern formations on daily charts indicate that there is a significant bottom formation seen at the levels of 5700/19000 on the benchmark indices, which proves to be a crucial support for the market, in the absence of no negative news flow thereafter.

Written by Rakesh Gandhi

January 15, 2011 at 9:34 am