Even after 20 days or so, Nifty Future has not gone to 6040, without which Nifty (always Future) will correct sharply.
The immediate downside being 5847.
However, Nifty will attempt another up move above 5930 although I will confidently predict new high only above 5965.
Till then, it is still sideways with downward bias.
The 1st breakout to 5930 is expected on Monday (17 Dec) as RBI announcement due on Tuesday so a some front-running by punters are expected. But 5965 only shall be considered bullish.
While the downside to 5847 is a very distinct possibility, confirmation will come when Nifty falls below 5875.
Sadly, this is technical analysis. So wishy-washy. As market remains prisoner to shifting sentiments, which in turn are easily swayed by any event or news, the entire analysis, even if for short duration, remains dependent on the evolving market sentiments. That is why I call this technical analysis just a more sophisticated speculation, suitable for intellectual minded investors and armchair traders.
We all know, if RBI cuts Repo rates even by 25 basis points (quarter percent, a likelihood if Mr Subba Roy has some sympathy for Mr Chidambaram), the up move will come. Only 25 points CRR cuy may not enthuse the market that much. So see, no technical analysts will stick out his/her neck and predict a definite movement or level as the prediction may be totally negated by RBI's move.
Now understand the dilemma of a small investor. Let us say, s/he is holding Bank shares at slight profits. A rate cut will help price zoom on Tuesday whereas status quo will lead to a crash. To book or not to book profits on Monday? So how much help is the conventional technical analysis? ZERO!
Those who want to make serious money should only do for Intraday trading with the New Technical Analysis.
Make R 2/3/4,000 a day and be done with.
The immediate downside being 5847.
However, Nifty will attempt another up move above 5930 although I will confidently predict new high only above 5965.
Till then, it is still sideways with downward bias.
The 1st breakout to 5930 is expected on Monday (17 Dec) as RBI announcement due on Tuesday so a some front-running by punters are expected. But 5965 only shall be considered bullish.
While the downside to 5847 is a very distinct possibility, confirmation will come when Nifty falls below 5875.
Sadly, this is technical analysis. So wishy-washy. As market remains prisoner to shifting sentiments, which in turn are easily swayed by any event or news, the entire analysis, even if for short duration, remains dependent on the evolving market sentiments. That is why I call this technical analysis just a more sophisticated speculation, suitable for intellectual minded investors and armchair traders.
We all know, if RBI cuts Repo rates even by 25 basis points (quarter percent, a likelihood if Mr Subba Roy has some sympathy for Mr Chidambaram), the up move will come. Only 25 points CRR cuy may not enthuse the market that much. So see, no technical analysts will stick out his/her neck and predict a definite movement or level as the prediction may be totally negated by RBI's move.
Now understand the dilemma of a small investor. Let us say, s/he is holding Bank shares at slight profits. A rate cut will help price zoom on Tuesday whereas status quo will lead to a crash. To book or not to book profits on Monday? So how much help is the conventional technical analysis? ZERO!
Those who want to make serious money should only do for Intraday trading with the New Technical Analysis.
Make R 2/3/4,000 a day and be done with.
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