Non Resident Indian Business Forum

Non Resident Indian Business Forum

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  • Raghvendra Narendra Dhoot
    Raghvendra Narendra Dhoot    Group moderator
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    Raghav’s Picks-Weekly Technical Outlook for the BSE Sensex and NSE Nifty – 9th September 2007
    BSE Sensex – Reuters – .BSESN
    NSE Nifty – Reuters Symbol – .NSEI

    The Market Activity in the week gone by, was to a large extent, in line with the outlook presented in this column last week – the near term target of 15590-15600 was attained but the resistance in this zone came into play and the Sensex finally closed at 15590 after touching an intra-day high of 15716.

    Going forward, we will see a lot of intraday volatility. The Raghav’s Picks Sensex Volatility Indicator currently stands at 185, the highest level in the past 42 trading sessions that the indicator has been around for.

    Since the region of 15550-15600 is a big resistance zone, we could see a lot of volatile consolidation as a precursor to the markets touching new highs later in the month. The near term target for the Sensex now stands at 15892.

    The medium term trend will negative only if the Sensex closes below 15000 (4340 for the Nifty), which is a remote possibility as of now.

    For detailed market analysis, investment, trading calls and, advisory services with respect to investing in the Indian Markets, please mail me on raghav@raghavs-picks.com or use the personal message link: http://www.xing.com/go/privatemessage/RaghvendraNarendra_Dho...
    • 09 Sep 2007, 8:40 pm