A big bull run started from march-09 may have ended..ta is a tool, that can help is identify turning points,but how to identify that which rally has ended ??..there are different portions of a rally..(up or down)..we have seen last major bottom in march-09,since than there have been different segments of the rally..the latest one started from july-09.,now the recent top ,that we have seen was an exact tgt ,i had recommended in july-09,,,observing a few technical tools,i can say that an important top in place..provided nifty cant close above 5109.
now, the question arises is which rally has ended ???,the one started in july-09 or the big one from march 09 ??..frankly its foolish to guess now..
Looking at daily charts of some major stocks like reliance,rel cap.,larsen,rel infra,bhel,icici bank,,auto-it majors,all now have been under some severe selling pressure.
as against hdfc,hdfc bank,bhel,some fmcg stocks are still getting rallies.
Level wise, 4910-4876 are trend decider LEVEL for nifty.
supports will EMERGE from these levels..it will be very crucial to see ,how some weaker stocks behave when nifty takes supports.also ,it will be very very important to see, what sort of a pattern developes from 4876-4910..and ALSO how MY SYSTEM BEHAVES ,in the bounce back.
all in all markets are at a very important and interesting stage ,readers should be very very cautious in creating buying positions at nifty supports.
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