Wednesday, January 25, 2006
In nse we were waiting for cross of 2912 which again happened with a gap.
The first target I had was 2943 which was exceeded intraday
2985 is next. (more targets can open up).
2920-2925 which was earlier peak should provide support now while nifty tries to achive higher targets.
Under 2920 we have 2912 as support.
Falling under 2875 would mean serious damage to up trend.
If nse is really powerful we would not crack even the first support.
In the last 5 trading sessions we had
4 up gaps
1 down gaps.
The dump in Nifty in last 15 mins would have jittered a lot of traders. This is normal month end derivative settlement drama. Look at sensex, it was relatively calm. Donot read too much into the fluctuation of nse during that time.
Earlier we discussed ONGC could go to 1350. Today it went close to 1300.
The danger HS formations in HLL and ICICI got some relief. We can rule them out even now.