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Raghvendra Narendra Dhoot Group moderatorThe company name is only visible to registered members.Raghav’s Picks : Weekly Technical Outlook for the BSE Sensex and NSE Nifty – 21st October 2007
BSE Sensex (Reuters – .BSESN) - 17559.98 as on 19th October 2007.
NSE Nifty (Reuters – .NSEI) - 5215.3 as on 19th October 2007.
Raghav’s Picks Sensex Volatility Indicator
15-10-2007 - 357
16-10-2007 - 345
17-10-2007 - 332
18-10-2007 - 297
19-10-2007 - 275
Though I did mention, last Sunday, that the odds are in favor of a small correction/dip to 18200 or lower to 17800 levels, the extent and the magnitude of the actual fall was indeed unexpected.
Going forward the short term trend would continue to remain weak. The Sensex should consolidate in the range of 17200 and 18000.The Sensex movement can be in the form of huge intraday spikes and falls with relatively less volatility. This could possibly continue for a few days after which the Sensex could take a final leap towards 19200+.
On the other hand, a close below 17000 will change the odds completely in the favor of the bears and the Sensex could fall all the way down to the final support of 16200.
This period will turn out to be a great buying opportunity for anyone with a 3-6 months or higher investment horizon.
Continue to accumulate quality stocks at every dip (stagger your purchases over the next few days), without bothering much about the index movements.
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...
Raghav @ Raghav’s Picks
- 21 Oct 2007, 3:08 pm
