Nifty can bounce back?

Yes, my levels are although being hit like a bulls eye, though my judgment of an early bounce back was negated on tuesday 3rd june'08. The level of 4670 got hit on that day itself and Nifty closed at 4707, then today a big correction happened and brought nifty to a low of 4550.
There are three factors right now governing our markets at present, one is the Oil factor, second is the Left Party which is hitting the government from the back, and blackmailing for removing the support to the government if oil price is hiked...although oil price hike is now confirmed,which could be a big relief to our so called NAVRATNA PSU oil companies. Third factor is DOW JONES, which can bring an indirect rally in our markets if some rally comes in Dow jones, and these Dow Jones is moving according to Oil.
Currently Dow Jones is 80 points up as i type, if Dow Jones closes with a good margin up, then we should see a relief rally tomorrow itself. I still maintain that 4950-5000 level can be touched this month.
Overall a rangebound market will be there.

5000 or 4670 which will touch earlier?

We could be heading to a dangerous zone now, with a crucial support at 4820 which if broken and nifty closes below it then worst could hit our mkt and a correction to 4670 is quite possible. A little ray of hope is on the basis of weekly charts,which show that Nifty may touch 5000-5020 before heading downwards, so all in all this month will also be a choppy month and only trend followers will be able to make money in intraday following some strict rules,otherwise be ready for getting wiped out in this risky market!

We could be heading either 5500-5600 or to 4800-4900 levels! read more...

Nifty has shown some good movements since 2weeks, and thanks to some government holidays which also helped the mkt from correcting further as some correction happend on 11th april on friday, when a huge correction wiped of 300 points from Dow jones and on Nikkei around 400 points, and on 14th april there was a holiday here and many traders must have thanked to SEBI,otherwise that day could have been another black monday. Now what i think is that we are on the mercy of Dow jones once again, and if some serious bad news comes out, we should be ready for short selling any day. Nifty has a strong resistance at 5215-5240, nifty should close above it with good volumes, then we can see 5500 very easily, otherwise a correction to the level of 4900 cannot be ruled out.
My view is on the basis of just seeing the charts is that the positive divergence pattern is still there and have not completed yet, this means i am more biased toward an upside than on downside, we might see a small correction but eventually the mkt is headed upwards on the basis of charts, and not considering the volatile and undecided Dow Jones!

Volatility will be the order of this Week!

Weekly chart patterns show that Nifty has still not acheived its lower targets yet, and we might see nifty moving in a range this week too.If nifty touches 4400-4300 levels this week, then expect a good bounce back to 4900-5000-5100 levels by 3rd week of april it self, or this could be acheived this week, only if the under current is still bullish.
I advise people to buy Nifty 4900 April call once nifty touches 4400 level,which could happen soon this week only.
Best Of Luck!

Expect Nifty at 4600 by coming today or coming monday!

Yes this is quite possible now, as weak patterns are being formed by many blue chip stocks and as well as by Nifty index, we can expect nifty to touch 4600 and will be very choppy and volatile.icicbank,reliance,orchidchemical can be shorted in futures .

Nifty could to touch 5140!

I expect a big bounce to a level which very few people might agree with me at such times, but the patterns and divergences i am seeing on nifty show that worst is nearly over and we should see some good times ahead(for those who are stuck at higher levels) and some recovery, cannot be over ruled at these times.
Nifty is showing very strong positive divergences which can lead to an intermediate uptrend till 5120-5140 levels which is a strong resistance range for it currently, we nearly managed to touch the previous low of 4420 on nifty future, nifty touched a low of 4476 on 17th March, and now if this low is maintained then a bounce back in green is not far away.
I would be the first person to buy these stocks tomorrow when market will open and buy around 10:20am, reliance,sail,tatasteel(my tgt is 730-740), reliance energy,acc.

Best of Luck!

Dow Jones, can soon give a bounce back!

I expect a bounce back on Dow jones industrial average very soon as its showing signs of oversold and +ve divergence which may take it back to 12100+ levels, although this bounce will not be very strong and i expect a rangebound to +ve market from here, it may be good for our markets as we need to maintain the current levels to get a bounce back,otherwise will are heading straight to 4400 level on nifty.
Considering that these days DOW JONES is moving our markets and Sensex+Nifty are dancing to the tunes of Dow Jones, we should also see some recovery in coming days.
On the whole short selling is not advised!