Updating Nifty End of Day Chart for 30 January 2009
Nifty Monthly close 2875 lower then close of last month 2959.
But Nifty gave higher weekly close in last 3 weeks.
As said in many last market updates that Trend reversal levels are placed on lower side if we close below 2725 for minimum 2 to 3 days but the same did not happened as it close below 2725 for jst 1 day & pulled back up sharply. The break down was then just a false one.
On higher side trend reversal was placed at 2855 levels & many times markets tested it & fell sharply. But today was a different day as Nifty managed to close above 2855 for the 1st time in 3 weeks & also 1st close above 2855. If Nifty manages to close above this for few more trading sessions then we may higher levels in markets & test resistances as updated in charts.
We are entering into an Trend Reversal month of Feb 2009 which is 13th Month from Jan 2008 , where the fall in markets started. 13 is Fibo number & in this month we may see high volatile sessions. If markets needs to make bottom or already made then in this month it will make & may hold it for long time & if it wil make new bottom then also its possible.
If new bottom is not made then existing bottom in markets wil provide good support for months to come. So traders need to take care & also remember PESSIMISM PRODUCES PRICES FOR LONG TERM INVESTORS....
Also in coming days Elections dates may be announced & Non Compliance rules wil apply to the Polling parties. May be there wil be presenstion of Mini Budget on time or b4 time. Bankers say that there are chances of possible Rate Cut by RBI & many final steps wil be taken to show glommy picture of Economy & Country. So overall Feb 2009 wil be a month of many Suprises, Volatile.
Last week I happened to be in Ahmedabad, Gujarat & as bad habbit of mine, I liked to talk to many people & make them friends & so onnn.... In that talk I tried to analyse people's mentality about markets.... I got very common word from many people that " Markets are likely to fall & Sensex will test 6500 level on 15th Febuary 2009 & they were so confident that if markets wil not come down then they wil do something to bring markets down " ...... Some times I feel pitty for these people as they say things blindly without understanding what they are speaking up. They may not know that their views may bring Depression to many people who have buying stocks still in portfolio & may end up doing some wrong things in life.
So my humble request is to all this Bears that what ever you know just keep it upto you & we know that since last year you have become very smart too. Remember common men or retail clients are blind & they blindly follow what leaders say as when markets were 18000 - 20000 they say markets will go to 25000-30000 & now this time when markets are at 9000-10000 they say market wil test 7000-6000 levels. Please remember Bulls Rules for 5 years & Bears Rules only for one year or even lesser. Mentality or Human Psychology in India of worldwide is Buy & sell & then earn. You can test this with any business & any persons mentality apart from stock or financial markets as general mentality.
According to my views just study what you are speaking as ur views may be bearish but in your portfolio you wil surely have few stocks bought & you must b hoping that their prices should shoot up too.
Still many things to write & speak up about our ventures , projects etcccc but time does not permit us to do so, We many times PRAY GOD TO MAKE OUR DAY FOR 48 HRS or 72 HRS SO THAT WE MAY WORK MORE for our People.
PROVISIONAL FII FIGURES IN RS CRORES FOR 30 JANUARY 2009
Fii -64
Dii +398
Fii (derivatives) +67
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