So, what does it means? We are going to see Lot more downside?
The pattern has a target of somewhere near 4200.
The target may or may not be reached, but that's the figure that we get if we use conventional pattern analysis.
Quote:
Price Target: After breaking neckline support, the projected price decline is found by measuring the distance from the neckline to the top of the head. This distance is then subtracted from the neckline to reach a price target. Any price target should serve as a rough guide, and other factors should be considered as well. These factors might include previous support levels, Fibonacci retracements, or long-term moving averages.
Is it possible to say when roughly we'll hit the bottom? Before Diwali? Because I am holding stocks like Deltacorp at above 130 (today's close 87.50), Prakash Industries at 170 (today's close 51.95), and Skumarsynf at around 84 (today's close 41.65). In each and every case my money has halved, though the mistake is mine, because I bought them at a time when I didn't know anything at all about the market, and when the stocks fell, I thought if I held them for two years they would give me a good profit when now seems to be the right time to enter.
Deltacorp had looked like it was going to go up but with the whole market coming down, it too has fallen, so if I could get some idea of what to expect in the coming days, I might exit partially at a loss now and buy back at a lower price.
May be you guys would not agree with me but I am seeing Nifty levels of 3100 till end of 2012.
By then market will play hide and sick Happy Investing!
I will be happy if market goes to your predicted level really !
I am a net saver for the last 5 years and will be a investor for next decade or two.
It is good if market remains low when I am in investing phase.
Actually high market levels are not good for investors, but for those who are near their goals and want to exit.
Smart traders should be able to make money in bull as well as in bear markets.
NIFTY closed at 4772. So 4778 is broken. What does this rare triple bottom event indicate for the market?
Actually the support has held today.
Technical analysis is not an exact science and many times stocks do overshoot crucial supports/resistances and then reverse direction.
e.g. 4778 was broken in August for a day and then Nifty reversed its direction.
What I meant was that if a support is hit for the third time, the possibility that the support will eventually be taken out is very high.
Even if market bounces back from here, 4778 is likely to break in days to come.
Note:
Long-term bottoms are spread over time. If a stock hits a support level on three consecutive days and then starts a long-term uptrend, it won't be considered a triple bottom, but the three days will actually be considered a single bottom.
Technically, the Nifty still looks weak and seems to be headed for 4200-4300.
Fundamentally, there is some value in the Indian markets. US stocks look even more attractive.
Eurozone crisis is weighing down on the entire world. As long as uncertainty remains in the Eurozone, I don't think we can have a long-term bull market in either US or the emerging markets.
Technically, the Nifty still looks weak and seems to be headed for 4200-4300.
Fundamentally, there is some value in the Indian markets. US stocks look even more attractive.
Eurozone crisis is weighing down on the entire world. As long as uncertainty remains in the Eurozone, I don't think we can have a long-term bull market in either US or the emerging markets.
We are just waiting for that transitory target.
Later when we will be there then people will start talking more lower targets. That I think quite possible.
Folks I want to mention one thing, I have been noticing that for last 10-15 days only thing that is discussed on e-investing is bonds, NCD issues.
Isn't that contrary signal that market has bottomed or when it will bottom this year it will outperform the bond market?
Retail investor is again too busy with bonds? It will miss out on stock market? If one looks over 2-3 year horizon.
I have bitten this bullet once with Tata Motors, in 2008 when stock was at 300 I invested in their 3 year FD for a return of 11%. We all know Stock in 3 years made 1200, you can calculate the return.
Folks I want to mention one thing, I have been noticing that for last 10-15 days only thing that is discussed on e-investing is bonds, NCD issues.
Isn't that contrary signal that market has bottomed or when it will bottom this year it will outperform the bond market?
Retail investor is again too busy with bonds? It will miss out on stock market? If one looks over 2-3 year horizon.
I have bitten this bullet once with Tata Motors, in 2008 when stock was at 300 I invested in their 3 year FD for a return of 11%. We all know Stock in 3 years made 1200, you can calculate the return.
Sachinjee kindly provide your view on Nifty and bank index technicals. Will the macros of the market pull the technical levels significantly low from here? Thank you.
Sachinjee kindly provide your view on Nifty and bank index technicals. Will the macros of the market pull the technical levels significantly low from here? Thank you.
Nifty has broken down from a descending triangle pattern and has a downside target of somewhere around 4800-4850.
I don't think investors should be worrying about Nifty's technicals right now. If there is anything that investors should worry about, it is the Eurozone.
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