- Markets rallied hard on the second day of the budget. It seems that the reason for the rally was not the actual budget proposals but those many things which were not in the budget. The rallies in the Asian and western markets following the then correction of oil prices after the spike also helped.
Nifty trend was volatile on budget day and made an intraday high of 5477 and finally lost much of the gain and closed at 5333 with slight gain .
JUST recall what our research team has been saying on Friday amidst market panic. Watch yourself today the same analyst who are giving scary targets till yesterday, will now give shamelessly lofty targets for nifty with an artificial smile on this face to cover their shame on blue channels.
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Market is euphoric up one day when all investing community gave targets like 6200, 6500 and panic down the next day, again the same people gave target like 5800, 5500 and so on.
Update on The Ultimate Momentum Signal – 20th Sept. 2010
Nifty futures made a phenomenal rally last week on the back of the relentless buying by FIIs. The market close was near the highs too. Now the question is whether the market will be able to sustain the last week’s run rate in this week too. Even though the Ultimate Momentum Signal system do not involve any forecasting or prediction of targets and it just keeps the positions as such until exited by the application of system rules, let’s revisit the post dated 16th September in which the immediate target was arrived at. According to the good old simple gap theory of the technical analysis, the target remains at the 4950 to 4960 area. And the market may reach the said target in the early part of the new week.
Update on The Ultimate Momentum Signal – 17th Sept. 2010
The RBI announced 25 and 50 basis point ( 100 basis points = 1 % ) hikes in the repo and reverse repo rates. ( Repo is the process through which RBI lends to the banks against collateral of government securities in the very short term and Reverse repo is the process through which banks can keep excess liquidity with the RBI in the very short term. )
Now let’s try to calculate an immediate target to the current rally.
The markets had a stupendous rally in the last ten trading days. In fact the trading range of the last ten days has a span of almost 500 points. Now, the question is whether the time to take a breather has arrived ?
Update for 13th September, 2010
After the runaway rally on Monday, the Nifty futures was expected to spend sometime for consolidation. As expected, the futures opened just above the previous day’s last traded price. It hovered just below the highs of the previous day in a two way trade mode till almost 2.00 PM in the afternoon. Then a recovery from the lower region of the day’s trading range seemed to have turned in to a strong rally resulting in the futures and the underlying index trading firmly above the previous day’s highs. To Read the Full Post Please Click Here