Hello Friends,
!~! MARKETS AT YEARS HIGH !~!
NifTiee intra day levels
Close 4892
Supports : 4868 / 4848 / 4818
Resistances : 4919 / 4949 / 4979
Nifty today managed to close above 4888, the level which we were discussing since last 1 week. Yesterday after opening gap up opening markets sustained to trade near 4888 levels as again the range was narrow. An intra day hit & go selling pressure was seen in markets which encouraged many short sellers to come out shout about the weakness & panic but all selling pressure was silently absorbed by the Bulls & after that tested intra day high of 4899.
Provisional Fund flow figures Rupees Crores for 15 Sept 2009 :
Fii +776
Dii +133
Fii (derivatives) +785
Index Futures +295
Index Options -126
Stock Futures +635
Stock Options -20
Fii Open Interest 71k Crores only.
2 days back we discussed with some of our clients that there are generally Four stages in markets :
1. Pessimism : 2500 Nifty
2. Skeptism : 3500 Nifty
3. Optimism : 4500 Nifty
4. Euphoria : 5000 or 5500 or 6000 Nifty ??????
Depending on your Psycology & Sentiments you can yourself judge that where are current markets & where they are headed ????
Generally Euphoria is a stage where generally Stocks which people love see big upside moves as if there is no tomorrow. One may even see non stop upper circuits in such stocks for consecutive days & every day they feel that they missed out the rally in the markets due to greed. Such moves are generally seen in Midcap to small cap stocks which are cheaply priced. Cheap not by fundamentals but by price & most of these are below Rs 100 priced stocks which people hold in large qty & bull run 4 them is felt when all such stocks move up & not by Large Caps or Index moves.
We may see such stage in Markets once Nifty starts to close above 5000 levels. Sensex has doubled from March 2009 lows where as Nifty is yet to follow the same. All Euphoric Views will be negated if Nifty do not close above 5000 levels for 2 to 3 consecutive days.
Regards,
Allies Financial Services
Mumbai, India
Website : http://www.AlliesFin.BlogSpot.Com/
Email Group : http://Groups.Google.Com/Group/AlliesFin
