Finally the most awaited support 4640 is broken in Nifty and managed to close just above it. In my previous article on Nifty I mentioned to short or rise with the levels being 4640 << 4690 << 4740 << 4810 << 4860 in red. Today market respected these levels exactly as mentioned. So what is left with nifty now? Are the doors for the major downfall opened? Let us analyze.
Sensex recorded a 2 year low today after November 3rd 2009.
Nifty closes below psychological 4700 mark for the first time since 2009.
The Sensex closed at 15,491, after shedding more than 560 points from day’s high of 16,068.90. The Nifty shed 94.75 points, to end at 4,651.60. It also touched the 4800 mark at one point.
The Reserve Bank of India kept CRR unchanged at 6%, SLR at 24%, repo rate at 8.5% and reverse repo unchanged at 7.5%.
The capital goods Index fell almost 4.4% today. L&T fell almost 5.5% while BHEL 4%.
The Realty, Oil & Gas , BSE Bank, Power and Metal indices were down 2-3% .
BSE Midcap and Smallcap indices were down 1.6%.
Technically the larger downward channel is down with the lower trendline support at 4400-50 levels.
Trading Levels – 4580 << 4640 << 4690 << 4760
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Hello Priya,
Excellent Analysis. I was bit hesitant in the morning after RBI data. I thought no bad news is good news! but now no good news became bad news. Can we buy puts on Monday if market opens flat/gap up?
Thanks,
Ravi
Thanks Ravi. Yes nifty still in short on rise mode only. so based on the levels, one can short NF or take puts accordingly. coz it is showing seesaw move in both side in the same session. so book it when you are in profit immediately.
excellent analysis sister,
good prediction keep it up
regards,
kovai sakthy
Finally 4580 came with gap down..
Below table shows Nifty gains in December month since last 8 years. On going through past data, that Nifty will be higher on 31st DEC then it was on 30th NOV 2011.
YEAR DECEMBER
2011 ? ?
2010 272 4.64%
2009 168 3.35%
2008 204 7.41%
2007 376 6.52%
2006 12 0.30%
2005 184 6.95%
2004 122 6.21%
2003 265 16.30%
I can say only one thing for this December – fingers crossed but not sure
Nifty broke even 4500. Expected the same below 4640.
Next 4400-4450 is the channel support. It may stop falling till this level.