Let's recap some of the highlights of previous posts
- The Fundamentals are settling down now, so any dip below 8000 would be a buying opportunity for Investors. One could also look at quality midcaps below that level(i,e, below 8000).
- Nifty is Bracketing in the Intermediate Term, as evidenced by Composite Overlay Demand Curve
- Overall World markets are under pressure, but a retest of recent lows can't be ruled out completely
- If Nifty registers a weekly close below 7590, would go in for a tailspin. Currently the last support is 7537.
- Any bounce would at least carry till 7780 - 7810
- In the current quarter, Nifty's price distribution appears to be bimodal ("double distribution")
- Nifty appears to be finding balance around 7780 - 7810, any sharp reaction on either side, would bring Nifty back to these levels, in the following weeks.
- The test would be 8144. A break of 8144 could confirm an intermediate to long term bottom is in place at 7539.
- If Nifty foes Below 7700, anything selling on NSE would be a good buy.
- FIIs are keenly tracking international markets
And now the notes for this week
- Jen Yellen is America's answer to Raul Gandhi; no wonder that in the middle of an important election campaign, he's visiting the US; probably to mentor her further
- Tinkering with Interest Rates is no panacea for Economic Mismanagement or lack of ideas
- Anyway, if Nifty goes below 7520, it will test 7175 and 6700 below that. Below 7100 all theories and principles would go for a toss
- The Nifty could be probed for a long trade keeping 7520 as a stop. The target would be 8400 - 9400 - 10200
- The world markets are not out of the woods as yet and so is Nifty, but buying below 7762 with 7520 as stop could continue to yield short term gains
- The Outlook for the week is rangebound with a positive bias towards the later part of the week
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