The Markets gained 0.1 pc for the week and formed a Doji on the charts. A Doji is usually formed when the markets are indecisive. The markets are continuing the correction started from 5815. Let us see how deep the correction can go.
1. In Elliot terms, we are in the third leg of the upmove started from Dec'11.
A was 4532 - 5629
B was 5629 - 4770
C is 4770 - 4829 and ongoing
C can have targets of 5867, 6174 and 6544.
C is sub-divided into,
Wave 1 4770-5348
Wave 2 - 5348 - 5032
Wave 3 (i) 5032 - 5448
(ii) 5448 - 5216
(iii) 5216 - 5815
(iv) 5815 - 5637 and ongoing
I expect the correction to halt at 5586, 5515 or 5444.
2. RIL results came and were disappointing. I have put up a detailed analysis at the below link:
http://investmentsfordummieslikeme.blogspot.in/2012/10/is-it-good-time-to-enter-ril-post.html
3. The global markets are correcting and I expect our markets to continue to correct. October months are notorious for lack of movement.
We are -0.3 pc for the month so far and I expect a dip till this expiry and then a pullback to finish the month marginally in the red. The coming week is a truncated week with a holiday on Wednesday and expiry on Thursday.
4. TCS and HCL Tech results were good and they again reiterated the fact that Infosys is falling back. TCS had greater client addition as well. In terms of profit margins also, Infosys is falling behind TCS. Once upon a time, Infosys used to claim much superior profit margins.
5. The Corporate results season is on in full swing. There have been a few standout performances like ITC and TCS. Some like RIL have disappointed.
In a nutshell, this is a buy on dips markets till there is no global trigger. Use every dip to accumulate good stocks.
1. In Elliot terms, we are in the third leg of the upmove started from Dec'11.
A was 4532 - 5629
B was 5629 - 4770
C is 4770 - 4829 and ongoing
C can have targets of 5867, 6174 and 6544.
C is sub-divided into,
Wave 1 4770-5348
Wave 2 - 5348 - 5032
Wave 3 (i) 5032 - 5448
(ii) 5448 - 5216
(iii) 5216 - 5815
(iv) 5815 - 5637 and ongoing
I expect the correction to halt at 5586, 5515 or 5444.
2. RIL results came and were disappointing. I have put up a detailed analysis at the below link:
http://investmentsfordummieslikeme.blogspot.in/2012/10/is-it-good-time-to-enter-ril-post.html
3. The global markets are correcting and I expect our markets to continue to correct. October months are notorious for lack of movement.
We are -0.3 pc for the month so far and I expect a dip till this expiry and then a pullback to finish the month marginally in the red. The coming week is a truncated week with a holiday on Wednesday and expiry on Thursday.
4. TCS and HCL Tech results were good and they again reiterated the fact that Infosys is falling back. TCS had greater client addition as well. In terms of profit margins also, Infosys is falling behind TCS. Once upon a time, Infosys used to claim much superior profit margins.
5. The Corporate results season is on in full swing. There have been a few standout performances like ITC and TCS. Some like RIL have disappointed.
In a nutshell, this is a buy on dips markets till there is no global trigger. Use every dip to accumulate good stocks.
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