Nifty Analysis as on Date 16th June 2010NIFTY AS ON 16TH JUNE 2010 ANALYSIS
Nifty has been closing in Green for 6 continuous sessions, if we look at the FII & DII MAGIC NUMBERS, then we would find that from continuous 6 sessions we have been closing in GREEN but one thing which no once noticed or hardly some people noticed that FII were net buyers but still there is a negative over all figure on FII side and from continuous 6 session DII's have been net sellers.
Still do you think that this rally from 4965 to 5255 levels almost is sustainable & most of People in India are shooting that NIFTY would go for a new 52 weeks high.
Well I would agree upon them, no hard feeling with any one, no open challenges no open threats no comments on any one analysis, as per this is independent country and any one can post and share there views, its upto the person who is reading to follow the person or not, they or I am not forcing them to follow the same.
Here are some images which are showing MAGIC NUMBERS OF FII & DII as on date.....
One can get to see the data and the numbers which they have shown up on screen in the mast sessions as well as the negative numbers in net position of FII's.
Here is another chart which is of nifty with some drawing down by me, hope you would get to know the hidden part of the chart.
Well Nifty has completed its 61% retracement and immediate supports are at 5140 - 5150, which when broken can give power to bears, on the upside 5255 has been a formation of a double top on the cards, if we look at the volume for the past two days, there has been an increase in volumes also, so which shows there is some game which is being planned at current levels.
If one remembers, when nifty was at 4900 4800 levels, I had clearly shouted to buy just 1 mini nifty and hold it with a SL of 3500 Rs for a return which no one could had imagined, and see from 4800 4900 longs we have seen 5200 on the cards, people must have had book profits with over time, but returns were massive, and trend also changed, I also remember as on date, all analysts and India was shouting for 4500 4000 levels and this is a bear market and market wont recover and blah blah, this is rising wedge supports are broken no chance of recovery and what not.
Just ask those guys who were shouting for 4500 4000 levels, that where are there levels, and where are they now, are they still short with loss what was there Stop Loss, if there Stop Loss was hit then why did they ran away, or why are they hiding, well most of them never showed up, many closed there sites, but we were always there to say yes we did a mistake, or even if we win we are there to say proudly that we won, breaking of supports or taking of supports wont help this market ever.
Would Like to cut it short, so here is my view for the coming days. as per there is a jump of more then 5% in just few days without any healthy correction, so in the near term we can see some turbulence and nifty can test out 5180 and 5150 levels in the near term.
Immediate supports exist at 5185 - 5170 - 5150 - 5139.
NIFTY TOP NEAR 5255 SO ABOVE 5255 ONLY CHANCES OF TOUCHING 5300, BUT I PERSONALLY FEEL THAT A NEW HIGH CANNOT BE SEEN IN JUNE.
THIS IS BECAUSE IT HAS BEEN ONLY 1 MONTH THAT WE WERE AT THE LOWEST POINT AND A RECOVERY, THIS MONTH CAN BE A RANGE BOUND MONTH, ON THE UPSIDE 5255 AND DOWNSIDE 5150 WOULD BE WILL BE TREND DECIDERS, WHICH EVER SIDE NIFTY BREAKS WITH VOLUMES WOULD DECIDE THE TREND.
FOR THE COMING DAYS WE MAY SEE A HEALTHY CORRECTION OF 50 - 100 POINTS IN THE NEAR TERM, 5150 WOULD BE THE LEVEL TO WATCH OUT.
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