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Sunday, December 20, 2009
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Dear Friends,
One of the reasons why the Niftyviews blog wasn’t updated last week was that we didn’t want to pre-empt the market movements. On 11th of December 09 markets unsuccessfully tried to crossover its 2009 highs. Last week there was confusion whether the markets would breakout or the index would form a double top. When one uses moving averages as an indicator Nifty has clearly observed the formation of a double top. Traders should note that unless the benchmark index crosses and closes above 5odema taking unhedged long trades could be financially detrimental to your monetary position.
A number of traders asked me about dollex movement and its significance in the financial world.
The US Dollar Index (USDX) is an index (or measure) of the value of the United States dollar relative to a basket of foreign currencies.
It is a weighted geometric mean of the dollar's value compared only with
· Euro (EUR), 57.6% weight
· Japanese yen (JPY), 13.6% weight
· Pound sterling (GBP), 11.9% weight
· Canadian dollar (CAD), 9.1% weight
· Swedish krona (SEK), 4.2% weight and
· Swiss franc (CHF) 3.6% weight.
USDX started in March 1973, soon after the dismantling of the Bretton Woods system. At its start, the value of the US Dollar Index was 100.000. It has since traded as high as the mid-160s and as low as 70.698 on March 16, 2008, the lowest since its inception in 1973.
The makeup of the "basket" has been altered only once, when several European currencies were subsumed by the Euro at the start of 1999.
USDX is updated whenever US Dollar markets are open, which is from Sunday evening New York time (early Monday morning Asia time) for 24 hours a day to late Friday afternoon New York time.
MISQUOTED: -
Enron, WorldCom, Tyco, adelphia, Ntpc, cendant,satyam computer, Indian Railways, Beml.Need I say more? The most vigilant investor cannot control financial finagling and puffed up earnings reports. According to CAG BEML Sales was overstated by Rs.58.88 crore due to recognition of sales in contravention of Accounting Standard-9 resulting in the overstatement of profit of the Company by Rs.3.06 crore. According to NTPC Sales included a sum of Rs.938.30 crore disputed by Central Electricity Regulatory Commission. As the cases were subjudice, the income recognition should have been postponed to the extent of Rs.938.30 crore as per requirement of Accounting Standard - 9. I believe one should be highly viligant with companies outside the purview of stringent accounting measures.
Coming back to Nifty traders should watch for 4937 level on downside followed by 4861. Below 4861 convictions of a trader who have been bullish would be brutally challenged. Traders should also watch whether Nifty sustains below its 50 dema for three days or not. Traders should note that the judgement in RIL:RNRL case has been reserved by the SC bench. Any outcome will affect the markets eitherside.
ALL THE BEST.
Do note Trading without a proper strategy is like swimming in high tide far away from the bank.
NIFTY SUPPORT:- 4937,4860
Nifty resistance :-5041,5182
Bullish and bearish stocks Uploaded every day at
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TSR OCTOBER SERIES REPORT.
PROFIT 48569 = IN 1 LOT
REFER
http://www.future-friend.blogspot.com/
TSR INTRA NIFTY
PROFIT 26050 (521 POINTS IN 1 LOT)
REFER
http://www.tsrnifty.blogspot.com/
TSR OPTIONS PLAN
PROFITS 38305
REFER
http://www.tsroption.blogspot.com/
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HAVE A GREAT TRADING DAY
VINAYAK
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