The markets lost about 2 pc to fall down to 7781. The markets are poised at very critical levels with 7700 being the key support levels. Let us see where the markets can go from here.
1. The GST bill has there has to be some headway in the coming week. With the FED meeting poised for 16th December, a movement forward on the GST has the potential to take the markets forward.
2. The key resistance for the markets comes to about 8100. It needs to clear 8100 to make some headway. The next Resistance would be 8400.
3. The markets as per Elliot should touch 7200 or 6800. TA is a an art and not a perfect science. The numbers may not be exactly hit but the trend is usually correct.
4. FIIs continue to sell and that is what points to the markets being lower.
5. In 2009 and 2011, the markets had hit a bottom in December and rallied. There is always the November Feb rally which takes place.
6. Gold prices have hit a nice bottom. I would start accumulating for the long term.
7. The cash stocks have rallied and the Value based stocks are giving a good entry point. I am churning the portfolio.
All in all, it is a very calm Sunday before action packed 2 weekends of GST, Fed Rate hike and lot of news flow based events. Usually, it is a sell on news kind of market.
1. The GST bill has there has to be some headway in the coming week. With the FED meeting poised for 16th December, a movement forward on the GST has the potential to take the markets forward.
2. The key resistance for the markets comes to about 8100. It needs to clear 8100 to make some headway. The next Resistance would be 8400.
3. The markets as per Elliot should touch 7200 or 6800. TA is a an art and not a perfect science. The numbers may not be exactly hit but the trend is usually correct.
4. FIIs continue to sell and that is what points to the markets being lower.
5. In 2009 and 2011, the markets had hit a bottom in December and rallied. There is always the November Feb rally which takes place.
6. Gold prices have hit a nice bottom. I would start accumulating for the long term.
7. The cash stocks have rallied and the Value based stocks are giving a good entry point. I am churning the portfolio.
All in all, it is a very calm Sunday before action packed 2 weekends of GST, Fed Rate hike and lot of news flow based events. Usually, it is a sell on news kind of market.
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