The most beautiful thing thing about life is that it always comes with an element of surprise !!!
Today Was such a day. After the morning opening NF not even once looked back and marched ahead to close at the highs of the day. At 5530 I too shorted NF thinking that it may come down to check the supports at 5485 - 5444 But in vain.One thing to point is that today's rise was on average volumes. So a follow up move is required tomorrow to check the mendacity of bulls.As on closing basis NF has given a break out above 5530. Above all in the later part of the day a Massive call covering in 5500 call indicates an up move tomorrow. Global cues too would be watched keenly.
Shifting sideways from market Just got the news in that Crude is going to be traded in other currency and not in euro owing to Egypt problems. If that's the case then at present i can only think that again it will get traded dollars. Implies that the demand for dollar will again move up. Also In Dow the companies producing crude have the highest weightage and the that's the reason that dow is performing great with the rise in crude prizes.So the scenario that i can visualize is that Dollar on Upmove --- Dow on Upmove --- A solid reason for FII to take money from emerging economies and again dump in their home markets.If this is the case then NF would touch 4700 or even much lower. Well this is just an assumption and prizes will tell what is in hold for future.
Coming back to Nifty those who bought today may have raked good profits.Today the momentum was lacking after the break out. For tomorrow too 5545 is the resistance and break out in the morning would give a good buying opportunity for target of 5588 - 5620 . On the other hand break of 5410-5415 zone would again test 5485 - 5445 levels.
No comments:
Post a Comment