Thought for the day
"There are only two families in the world, my old grandmother
used to say, the Haves and the Have-nots."
-Miguel de Cervantes (Spanish, 1547-1616)
Word for the day
Twittery (adj)
Tremulous; shaky.
(Source: Dictionary.com)
Malice towards none
Out of the
two performances on Saturday - one at Red Fort, New Delhi and the other one
near Galle Fort, Sri Lanka - which one was better?
NIFTY: preparing for a rendezvous in 8620-8850 range
On short term charts Nifty has successfully defended a triple
bottom last week and recovered smartly, filling two material downside gaps
created on 8th and 27th July 2015.
With most short term momentum indicators supporting an up move, it
is poised to test the right shoulder of a 3month H&S pattern at ~8600.
A successful negotiation of this level (close above 8620) would
establish Nifty in a tough resistance zone of 8620-8850.
At this point in time there are virtually no indications to
suggest that Nifty will be able to cross this tough resistance zone in next
2-3months.
However, if it does manage to close sustainably above 8850 in next
3months, it could move past its previous highs and even closer to 9480 levels
in no time.
On the reverse side, failure to cross 8850 in next 3months and a
fall below 8280 will lead it to much lower levels than.
The most likely outcome for now however appears to be a rendezvous in
8620-8850 range in September before it corrects back to 8320-8650 range.
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