It was a difficult journey for the markets last year with Nifty opening 6177 (1 Jan 2011) and closing 4624 (30 Dec 2011) a total loss of 1553 points or 25%. For most investors this was a nightmare and for few others a boon. For me it was a blessing as I liquidated all my personal investments on 12 Oct 2010, much before anyone sensed what was in stored. It saved me a lot of cash and the pain later.
Nifty continues to trade lower even as we enter the new year and the fear of another major sell off looms large. None of the charts show any signs of reversal yet and I see more pain in store.
Nifty view for the current week -
Nifty faces serious resistance at 4750-4770 zone and thereafter at 4850-4880 zone. This second zone remains the ultimate top for Nifty for the short term.
On the downside expect Nifty to show 4580/4550/4500/4470 this week. Any up move close to 4700-4750 must be used to create fresh short positions with a stop loss @ 4800. Short positions must be covered below 4500 as some bounce can be expected here.
No long positions are recommended as of now and any attempts to go long can be suicidal.
Wish you a Happy New Year 2012.
No comments:
Post a Comment