SENSEX CHART AS ON 18 DECEMBER 2007
Timely exit was given around 20300 levels. From there markets are down by more then 1000 odd points today. http://alliesfin.blogspot.com/2007/12/market-view-17-december-2007.html pls click here to know our views tht y we advised to book profits. We had cleary written that fresh buying will come once markets closes above 20500 & 6200 for Sensex & Nifty respectively.
As shown on charts Sensex had very good supports around 19200 - 19300 levels where it halted on 17 December 2007, so we felt tht some dead cat bounce could in markets in early morning sessions of trade on 18 December 2007. The bounce came too from tht levels but unable to survive as Fii's are in mood of selling across the board. There is some buying seen in Mutual funds side but the hammer is coming in huge nos.
Markets have broker important 50 days moving avg of 19200 levels. This is again a sign of cautiousness as this moving avg was not broken even when markets tumbled to 18300 levels for 2 times. Technically if we manage to close below this levels for 2 to 3 days then markets can again test 18800 , 18300 & even below.
This weekend we are few holidays in markets on account of Id & nest week Christmas, so trading sessions for Fii's are less as they are having annual account filling as per calender year.
Next month would be again the result season so markets could rally at that time & only those cos would rally whose good profits nos are expected.
Anyways this all views have to go on by many days.
Later bottom fishing would be advised.
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