Index Outlook : “ The ocean waves were foggy in December Mr. Nandkishor Patil (Np) short term Index outlook (article published 11 am ) Indian Equity markets are now on a sell mode , It was a expected sell off almost near to reach our basic downside Nifty Index target 8059 and bank Index i believe more more to come bellow 17920 expecting 17175-17200 also As expected and mentioned time to time in past some articles about USDINR Bullish Breakout On Short Term Charts In last blog was mentioned sharp move above 61.80 will impact as selling in equities and Indian Markets USDINR breaches significantly on upside now feels once again dollar ready to enter in new bull market range for dollar 61.87 - 64.40 for Couple of weeks , Breaches the 62.30 level yesterday as expected, but the subsequent bearish push was much weaker than expected. the soft support of 62.30 held firm, with prices subsequently rebounding higher and breaking the Channel Top resistance , suggesting that a bullish breakout is in play currently. there are signs of a strong bullish push in the making - the initial bearish reaction after the rising trend line has been tagged was mostly muted which averted a bearish cycle signal from the Stochastic indicator. The bearish cycle signal did appear subsequently, but currently momentum has swung in favor of the bulls, with Stoch readings making a sharp turn pointing higher. This increases the likelihood of a sustained bullish push above the rising trend line in the S/T and, with 64.40 an estimated bullish target based on the space afforded before Stoch curve enters Overbought regions.but surprised it come too early as we expected sharp correction from 2nd week of current series and expected to end at the end of 1st week of Jan 2015 The disappointment in Domestic industrial production numbers for October raise the finger once again is there really any growth picking up on ground level and the sharp Sell off in US equity market with the some foggy uncertainty in oil prices as OPEC continued to pressure oil prices lower, sending Nymex crude to $58 leads to pressure on earnings of oil companies or countries such as Russia whose primary exports are oil products. There are also concerns being expressed about possible debt default by these countries. fuels to current global sell -off Global Economic data has not been so impressive but on domestic front fall in consumer price inflation( CPI) and contraction in industrial production Indicates there is some hope for rate cut in before the end of current financial year - march 2015 Nifty Immediate support to watch is at 8,059. Traders with short positions should watch out for a reversal from this region. Fresh short positions are advised only on close below this level. The next target is at .7911 and 7820 Rebound from current levels will face resistance at 8,167 and 8230-8244 Inability to move above the first hurdle will be the cue for traders to initiate fresh short positions with stop loss at 8,230.-8244 Bank Nifty Immediate support to watch is at 17920. Traders with short positions should watch out for a reversal from this region. Fresh short positions are advised only on close below this level. The next target is at 17175 and 17144 Rebound from current levels will face resistance at 18143 and 18544 Inability to move above the first hurdle will be the cue for traders to initiate fresh short positions with stop loss at 18544 Note - From Today started article series for daily view and weekly view on Index with some stock specific views Fallow official webpage npstocks, blogger, LinkedIn, official facebook pages for daily update Disclaimer - The views and investment tips expressed by Np investment are own expectations , website viewers or facebook/blogger, LinkedIn viewer consult first with their certified financial adviser or broker before take any buy or sell position We advise users to check with certified experts before taking any investment decisions. You are responsible for your own investment decisions. If you dont accept this responsibility for yourself, then you should not use this information / article wwwnpstockscom.blogspot.in/2014/12/index-outlook-ocean-waves-were-foggy-in.html
Posted on: Tue, 16 Dec 2014 10:35:35 +0000
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