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Dear Friends,
Market movements were synonymous to our expectations last week. Interested traders can watch last week charts posted at www.Niftyviews.com .It was precisely mentioned that unless the Pre-Budget rally takes off we would see a Head and Shoulder formation in Nifty. In one week markets not only formed the H&S pattern but also broke the trendline support of the same.
The million-dollar question now is what’s ahead for the markets? There are two probable outcomes of the market movement now. The former being that the H&S pattern plays out and Nifty swifty drifts to a target of 37XX .The other probable formation is that we haven’t retraced the entire 61.8% of the 2008 January down move. We might see a surprise rally which takes us all the way to 4793 odd level. I believe it is premature as of now to be bullish. I would rely on the indicators to give me the indication for the next move. The selling witnessed in Nifty in last 20 minutes indicates two vital probabilities. One is selling will continue and the other being formation of a panic bottom in short term.
Two more important events lie ahead for the markets. One is the result season and the latter- a more important one is the 100 days vision policy of the government. The markets have discounted poor Monsoon news. Unless something dramatic happens we wont see any major move due to monsoon.
I have a trade for people who believe there will be a poor monsoon based on El-Nino developments. The only Monsoon immune sector in the economy is I.T. One should take some Infosys in the portfolio if Monsoon continues to be dull.NIFTY SUPPORT:-3729,3945
Nifty resistance :-4059,4220
Bullish and bearish stocks Uploaded every day at
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TSR JULY SERIES REPORT.Month till date format.
PROFIT IN JULY 19827 = IN 1 LOT
REFER
http://www.future-friend.blogspot.com/
TSR INTRA NIFTY
PROFITS IN JULY 7750
REFER
http://www.tsrnifty.blogspot.com/
TSR OPTIONS PLAN
PROFITS IN JULY 15900
REFER
http://www.tsroption.blogspot.com/
More then 78% accuracy in June series in Intraday calls.Check day by day sheet at http://www.smscalls.blogspot.com/ .
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