* RBI policy - change in interest rates
* FED meeting- announcement of further actions
* Coal India listing - refunds credit
* Obama visit to India - IT/ Defense industry related announcements
us dollar index and Indian rupee is also in sideways . quarterly earning season is almost over. liquidity from foreign flows , the major trigger for rally will be decided in coming days . so we may see decisive move after clarity in next week.
decisive break of 19800 can generate sharp dnmoves bcz of tentative inverse head n shoulder pattern shown in chart.
decisive close above 20350 or decisive move above 20450 may indicate end of correction started from 20855 .
fibo levels for reference.
17820 to 20855
38.2 % 19696
50 % 19338
61.8 % 18979
20855 to 19769
38.2 % 20184
50 % 20312
61.8 % 20440
Chances of market going down is more as per my understandings
ReplyDeleteDear Pankajbhai
ReplyDeleteVery good analysis. Thanks for that. I think as per your mentioning we may see 18.9K
LovelyGuy
Hi,
ReplyDeleteofcourse all done as usual :) only two pending OBAMA & coal india credit.., what will happen if they refund the money?? more liquidity will come or market tank atleast for short term??
astro failed this time :P
Dear Manherbhai, Spandanbhai and Sujatha,
ReplyDeleteHAPPY DIWALI to all !
market does not like uncertainity. after correcting from 20855 bulls did not allow market to go below first retracement lvl arnd 19700. and market bounced and bcz of no of triggers it remained volatile and in cautious uptrend. it did not cross resistance zone decisively bcz of major powerful trigger of fed meeting which has capacity to change direction of currencies and fund flows to emerging markets.
rbi policy and fed meeting both were in line of expectations. us dollar index has started its downward journey again below 76 zone. it is convincing to bulls that foreign money will be flowing for more period.
one more factor which was not discussed was US mid term election and they have gone against OBAMA and that may make it difficult for him to take anti INDIAN business proposals. he may have to face stiff resistance from Republicans in House of representatives.that may help our IT cos.
we have made new life time high today on closing basis.
more broad based bullishness may be seen in coming days.
Regards!
Pankaj Shah