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Tuesday, August 21, 2012
Nifty Spot Creates History: Breaks 5400!!
Yes, the inevitable happened, Nifty Spot today crossed 5400, much to penchant of the Bulls. In the morning, the following message was sent: 'Okay, I am now pretty sure that, Nifty Spot (Currently Trading@: 5382) will cross 5400 today..........Let us see......!!'. Now you can ask on what premise, I said this, when most of the Chartists, including, Ashwini Gujaral, were not so much Bullish on Nifty. I do not want to disclose everything in this Free Blog, but then I shall tell you only two of the reasons, so that young analysts can look at these directions, while taking a call:
(i) Nifty's 50 DSMA moved above its 100 & 200 DSMAs (Golden Cross Over). Hence chartically, Nifty was looking very Bullish, through momentum indicators were slightly looking hot. Moreover, MACD and KST were placed in the positive territory on the daily and weekly charts. Also, in the morning trade Nifty was refusing the break important support levels.
(ii) A summer rally was in progress in Europe and the US on the improvement in sentiment regarding the Eurozone Sovereign Debt Crisis. Also, Spanish and Italian bond yields came down well below their July highs after ECB president Mario Draghi said he would do “whatever it takes” to support the Euro. Besides this, of late there has been an easing of worries about prospects for the global economy. Moreover, both the Indian and Chinese Markets had bounced off their lows, even though investors/traders are disappointed at the attitude of the Central Banks of both the countries, in terms of being more aggressive in loosening monetary policy to bolster economy. In India FIIs has been a constant buyer, like it was a constant seller last year.
There are other reasons too, for me to be overly bullish today, which I shall refrain from discussing here. Congratulation and good luck to all those who made money from my Nifty Call and have bought my recommended scrips.
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