Hi friends,
For the first time, (btw its the second time) nifty has moved ahead of global indices.
Well first was the time when nifty booked profit ahead of dow. But today was special
as the rally was well ahead the U.S and other European indices. I've never seen such a rally intraday where nifty has given 200 points infront of your eyes. Seems like days are on for intraday players. Upside was well anticipated given the current scenario but what's interesting is that it broke the trend and moved ahead by the rest of the world. Now people like me are speculating whether Nifty is decoupled from Dow or not. What can I say Yes n No. Reason is the accumulation phase of Dow is well anticipated and Nifty suddenly jumping the can is a bit dicy but can't be ruled out, afterall we are emerging economy. So if things are really developing then we are definitely not the last one to join as the crux of growth lies in our market and not theirs. It will be interesting to see if Dow to join and breaks out from this acculumation phase a bit earlier. But still I think a bit more time should be given at current levels before moving up but you can never guess markets moves as it seems eager to climb every postive news contrary to what it was doing earlier. On fundamental side things will be same Q4 would be paltry and by going through the current sentiments market is most unlikely to give more weight on these results. But it can have some potential to bring some 100-200 points down, but over and all the ball is in the hands of bulls and it will be interesting how we close this month.
btw technicals are working amazingly, the gap and earlier so caller 3150 resistance hold so well today. Add to that 3350 Fibs resistance also hold or rather I say avoided to be broken if bulls had some extra time. I'm hoping for atleast some profit booking in coming days. But times are definitely not good for shorters. Be careful.
Hope you'll always love reading it.
Happy Trading.
Bye.
For the first time, (btw its the second time) nifty has moved ahead of global indices.
Well first was the time when nifty booked profit ahead of dow. But today was special
as the rally was well ahead the U.S and other European indices. I've never seen such a rally intraday where nifty has given 200 points infront of your eyes. Seems like days are on for intraday players. Upside was well anticipated given the current scenario but what's interesting is that it broke the trend and moved ahead by the rest of the world. Now people like me are speculating whether Nifty is decoupled from Dow or not. What can I say Yes n No. Reason is the accumulation phase of Dow is well anticipated and Nifty suddenly jumping the can is a bit dicy but can't be ruled out, afterall we are emerging economy. So if things are really developing then we are definitely not the last one to join as the crux of growth lies in our market and not theirs. It will be interesting to see if Dow to join and breaks out from this acculumation phase a bit earlier. But still I think a bit more time should be given at current levels before moving up but you can never guess markets moves as it seems eager to climb every postive news contrary to what it was doing earlier. On fundamental side things will be same Q4 would be paltry and by going through the current sentiments market is most unlikely to give more weight on these results. But it can have some potential to bring some 100-200 points down, but over and all the ball is in the hands of bulls and it will be interesting how we close this month.
btw technicals are working amazingly, the gap and earlier so caller 3150 resistance hold so well today. Add to that 3350 Fibs resistance also hold or rather I say avoided to be broken if bulls had some extra time. I'm hoping for atleast some profit booking in coming days. But times are definitely not good for shorters. Be careful.
Hope you'll always love reading it.
Happy Trading.
Bye.
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