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Turbulence ahead of result season

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Last week was truncated to a 3 day trading week, but we witnessed huge volatility as markets made a low of 5735 & high of 5930 within a day, a decline once again towards the weekend to close at the 5824 level. After the sharp rally from 5350 markets has closed around the 5800 level for the last three weeks. The  short term trend will be at risk once nifty futures sustain below the 5800 level and the medium term trend could be at risk only if Nifty futures break the 5700 level.

Wild stock specific movement can be expected in next few days and hence caution is advised, as markets experience high turbulence ahead of the of result season. Long term averages are in favor of bulls though very short term indicators point towards a downward move.

Written by Rakesh Gandhi

April 18, 2011 at 2:07 pm

Posted in Market Update

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Markets Today

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Markets had shown a strong pull back after announcement of the IIP numbers yesterday. Critical level of 5700 & 19000 on Nifty and Sensex respectively, was not broken during the volatile period that we have seen in the last two trading sessions.

Formations on daily chart indicates that there is a significant bottom formation seen at the levels of 5700/19000 on the benchmark indices which can prove to be a crucial support if we do not see any further negative news flow.

Today the markets have recovered from intraday lows during the first half but it could not sustain thereafter and gave away yesterday’s gains completely. Volatility has been at peak since the start of this week & I think this kind of volatile moves makes strong case of bottom formation. Nifty future is indicating down trend at this point of time, however, once it crosses 5850 upward momentum will increase.

Written by Rakesh Gandhi

January 13, 2011 at 3:55 pm

Posted in Market Watch

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