The markets rose this week but the FIIs continued to sell. Amy upmove will remain shortlived till the FIIs do not begin to buy again.
1. The year end NAV dressing took the markets up. FII settlement played a key part in the up move. Now, is the up move just a corrective up move or is it a fresh rise.
2. As per Elliot 50 pc retracement is 7891 and 61 pc is 7650. The previous corrective up move we could have said 1 leg was pending if 7916 was not broken.
3. What seems likely is the corrective up move ended at 8274 and a fresh down move has unfolded and we are correcting the fall from 8274 to 7893.
4. 8250 to 8300 has many resistances and one needs to watch out these levels.
5. Every dip is a buying opportunity.
6. Considering Gold prices, very long term investors can consider buying a bit of Gold in their portfolios.
The New Year has begun and from Monday the picture will be clearer where the markets will go from here. The Budget is 1 month early this time on 1st of Feb so a pre budget rally may soon start.
Modi has given the indications of a populist budget, let us see if it cheers the markets though populism seldom cheers the markets.
1. The year end NAV dressing took the markets up. FII settlement played a key part in the up move. Now, is the up move just a corrective up move or is it a fresh rise.
2. As per Elliot 50 pc retracement is 7891 and 61 pc is 7650. The previous corrective up move we could have said 1 leg was pending if 7916 was not broken.
3. What seems likely is the corrective up move ended at 8274 and a fresh down move has unfolded and we are correcting the fall from 8274 to 7893.
4. 8250 to 8300 has many resistances and one needs to watch out these levels.
5. Every dip is a buying opportunity.
6. Considering Gold prices, very long term investors can consider buying a bit of Gold in their portfolios.
The New Year has begun and from Monday the picture will be clearer where the markets will go from here. The Budget is 1 month early this time on 1st of Feb so a pre budget rally may soon start.
Modi has given the indications of a populist budget, let us see if it cheers the markets though populism seldom cheers the markets.
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