Sunday, March 28, 2010
Almost two months back..when nifty was trading around 5250 ,i suggested we may have hit the major top at 5310...i was right for the short term,,wrong for the medium term.
Nifty crashed from there on to 4667....struggled in 150 points range pre budget, around 4800.
and on 24th just two days before the big event,,i said MY SYSTEM has given a buy call on daily charts.t was at 4830.at that time for me 4915 was the decider level..i suggested this level to my paid clients, very early too.
Next ,on 14th march i said that we will see 100-150 nifty points upmove within 1-3 days if 5119 doesnot get broken on closing basis.by wednesday nifty touched 5267.
last thursday, i suggested a target of 5320 once above 5229.we almost reached that level too.
now what ???
here , are few charts of major pivotals, with comments on charts.
first,,,we are at exact double-top situation..earlier high was 5309, yesterday was almost the same. nifty can easily find some resitance here.
but, i have obsereved that on last 3 occasions , after markets have seen some heavy selling pressure, when they resumed their upward journey..nifty has breached the earlier highs by some 100+ points.
5419 being one fibbonaci level, this rally should atleast reach their.5180 on the closing basis, can only negate this possibility.
another important observation is the lack of euphoric and frenzied buying interest at the higher levels,,suggests that we are yet to see a major top.
we will observe what nifty does around 5398--5420...after if it finds some corrective drop from here on.