Equity Market Pundit: November 2006

Nifty Looking very strong

2 comments Posted by BishopGuy at 7:00 AM

Hello People

The Market is on the move and looks like the bears have given away. It was suprising for nifty to gain over 1.5% and close at 3918 levels .

But one should not expect the same to happen the same tomorrow as so speed braker may be ahead..

I thik the level of 3921 was and is important and if ( as it seems ) nifty may cross it quite easily market may however take a breather at 3940 and 3958 levels where the 100% uptrend ends.

Market may however go well above and well reach upto 1.618 times the previous wave which would be 4318.00 levels on the nifty

For the future we may also see a hault at 4040 levels

Nifty is on a move..

0 comments Posted by BishopGuy at 10:24 AM

Nifty is on a move..

Hi People

Yes Guys as told to you earlier in my blog that the target for nifty on the downside could be 3797 and no more and hence it jumped from there and covered most of the losses for the day.

I have earlier pointed out that a new wave of bullishness is suppose to start and market could take reach up to 3940 levels on nifty ( not precise yet )..

So it is time to be long again and people can stay invested till the next level is attended on nifty

The next question would be where will the nifty be tomorrow ..I say nifty should take a breather at 3833 and the next 3857 levels ( these are ofcousre not the points where the correction starts though).

I may have mentioned to some people that this could be the fifth way..but now I think this could be the fifth wave of the third wave of lessor degree and the fifth wave could be extended.

Any views and comments are most welcome.

The Correction is Over for the Markets on Nifty

0 comments Posted by BishopGuy at 8:59 AM

Nifty Headed North ( Is the Correction over ?)

Hi All

With Reference to my las t post in my blog..........

So we saw a steep fall today but you may wonder if it is still going to fall and is that the rally is over.

But in my view the the correction that we saw today was of very short term in nature and a new rally is in the begining that will take us to the new highs and take the nifty to the levels of 3940 as I said to you earlier ..

I do belive that this perticulr level of 3940 shall bring in a major correction that may bring us too the same level as we are today . For the longterm the bullish sentiment is here to say .

I think that we are in the third wave of intemediate term which should atlest go on to the levels of 3940 if not more ( as the third wave is never the shotrest ) The steep fall that we saw in the month of may is still away ( Praobably at the 4980 levels of the nifty which is too far ( We would ofcourse have the midterm correction as we had today and some of the larger degree)

For Monday if we still see a fall it should not exced any below 3821 and the next support level of 3797.

I do invitte the views of people who follow the Eliott waves and the Fibonacci series.

Happy Trading

Nifty Looking Weak for remaning Week

0 comments Posted by BishopGuy at 8:35 AM

Nifty Looking Weak For Remaning Week For Date 171106

Hi All

If you refer to the last blog the resistance anad support ( 3898 and 3868 respectively ) as stated for the day stands tall . Nifty touched the high of 3900.15 and started falling ( pretty near to the target ..right) Then it found support for the day at 3864.55 ( that's close too) But the million dollar question is what would you expect to happen tommorow....

Well if I am right nifty has started following a new channel..now and the upward movement could be restricted for the time being ( which I feel is good for long term). So what for the day traders..Ofcourse the stock specific action and the Banks are going to have a very happy christmas..what say..

So for tomorow I would say a bit of downside is still remaning on the downside we do have a very good support at the 3856-3860 levels. and should see a bounce back if it touches or comes near it..If the heavy correction continues for a day or two we would see a low of 3808-05. But strictly not below it at this point of time

While we may move sideways ( as nifty normally does ) the upside could be halted at the previously stated and proved resistance of 3880-83. In an Bulish tone the market may still find it very difficult to cross 3905.

It will we very important for the scrip to pass the levels of 3880-83.

Happy Trading For The DAY

Nifty Moving Ahead ? What say ?

1 comments Posted by BishopGuy at 8:47 AM

Hello Friends

As predicted in my last blog , ( I said in a pull back rally we could see resistance at the levels of 3884 on the nifty ) the nifty made a high of 3888 which is just four points above the predicted levels. The market still keeps on going ahead and and make few high ( although we had a pretty much of flat market to move on) And Banks perticulary steal the limelight making new alltime highs backed by real estate story and the infrastructure stocks we would like to see where probabaly it is headed.

It seems to be quite difficult to see where one would landup tomorrow if the markets move ahead which seems to be possible ( waiting for some sort of candlestick confirmation too which would come tomorrow) I think moving ahead on an intraday basis we should face resistance at around say 3898 levels and 3907-09...If the market ends with the big white long candlestick we may see the high of 3926 ( this level may even take couple of days to achive).

While for the low side we do have support at 3868 and 3856( we won't be needing this tomorrow)

On the individual stock front ( I seldom track them ) but it seems Mahindra Gesco has broken out and could see a 15-20 % rise on this counter

I do invite the comments of all the analysts and would like to know what they feel.

Happy Trading

Nifty levels as we move forward 151106

0 comments Posted by BishopGuy at 9:27 AM

Hello People

As I had posted earlier in my blog the level of 3881 could act as a resitance for the nifty to move forward. Today nifty made a high of 3883 ( just two points above the target specified, in second attempt to cross the resistance level ) and pulled down, until it found the support at 3851.00 levels.

From here we could see may a down side which could take it down to almost to the levels of 3819-3804 on the nifty. This could be a pretty good correction to move forward. If this happens and nifty toches these points and starts moving up we could see a upside ( A strong bullishness ) to take the nifty up to 3909 or at to the most of 3950 which as I have said earlier will be a strong resistance. to cross for the nifty.

But if tommorow we see a pull back rally and nifty starts moving up ( which is pretty unlikely) , for then the intermediate resistance could be 3884 and then 3905.

I would still suggest people to be vary cautious ( who are for the shrt term ) on the levels of ( 3940-3950 )

Nifty Future levels

0 comments Posted by BishopGuy at 10:54 AM

Hi All
As expected the point the levels of 3851 would posses a bit of resistance to the market as it did on the intraday basis. The nifty however managed to cross this level and close above this. Now the question remains where will it land in future ? Will it sustain its momentum...? Well its time who will answer that questions but we can try to predict the levels...

I think having passed the levels of 3851-3853 we have a upside still remaining and it chould easily touch 3881 which may again be a point of resistance from where the market can slide upto 3817 or may be 3802.

The next level for nifty which would be crucial for medium term would be 3940-49 level.

While I still see the upward target for Nifty to be 4068 and then may be a target of 4417 in a long term but beforre that a correction should come in which may be a bit stronger which may bring the nifty to the 3789 to 3617 levels and we could se this happening at the levels of 4068 at the earliest.

Thank you

Happy Investing

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