Dear Friends,
Before I start some changes await you at www.Niftyviews.com. Be online in market hours to note the same.
The Five days 16th April 23rd April 30th April 7th May 13th May are the dates when the votes will be cast for the five phased election to the Indian Parliament. The reason why I have mentioned the same in my mid week review is that tomorrow is 7th of May and we have the fourth phase of elections.
On 15th April Nifty saw an up move. On 16th of April Nifty saw an equivalent down move. Both were of a magnitude of 3%. On 22nd of April Nifty saw a downmove of 1%. On the 23rd of April Nifty saw an Upmove of approx 3%. On 29th of April Nifty saw an upmove of 3%. Market was closed on 30th of April due to elections. When it reopened on 4th of May it went up by 5%. Today Nifty was down by approx 1%.It will be interesting to see whether market moves by 3% up or down tomorrow or the market has something different in store for us.
On the political front I believe the change of the guard at the center is now a formality. The recent statements of Rahul Gandhi vis a vis the Left front simply means that the Grand old party of the Indian politics has conceded defeat. What else will prompt the general secretary to reach left and Nitish kumar before elections in Bihar and Bengal? I had presented in my last post the movement of the markets in 2004 general elections. I received queries from people asking why I have asked people to remain with light positions. My only reply is that light positions are advised both on Long and Short positions. Ask people who had bought may puts early in the series and are now seeing losses of approx 75% of base value. Better luck next time.
Coming to Nifty I expect weakness near 3820 odd level. This level will retrace the entire nifty downmove from January 8 th 2008 to October 2008. This is a level to watch for in coming days.
Will Simply post resistance and support levels over the weekend with important events for the week ahead.
WEEKLY CALL UPDATES:
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BUY CALL ON APIL GIVES PROFITS OF Rs. 33..LOT SIZE 1200
REC Hits Target but didn't come to the Buying range missed entry by a buck 104 low and 113 hit
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VINAYAK
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