Sunday, September 21, 2008

Nifty again in Sudha Rishabham

On 19th Sept 2008, Nifty moved up steadily and closed the day at 4245, the level Nandi anticipated in his yesterday’s post. The movement of Nifty during the week passed by was very swift and unparallel. On 12th Sept 08, the last Friday, Nifty’s close was at 4228. Due to the turmoil in the financial systems of USA, from Monday onwards it started to climb down and at the opening on Thursday (18th Sept 08) the low of 3800 (3799.55 exact) which was anticipated in Nandi’s post dated 3rd & 8th Sept 08 was touched and thereafter moved up very swiftly and closed the day at 4038. On Friday the 19th Sept 08, Nifty started with a gap up opening of 140 points and moved further upwards (63 points) to close the week at 4245. That is, a fast 873 points movement within a week.

In Sanskrit “Rishabham” means “Bull” and Nandi feels that as far as Nifty maintains the lower limit of Rishabham band width ie. 4100, the Indian market is in Bull phase. From 4100 to 3800 it is Shadjam a neutral zone. Unless Nifty closes below 3770 and enters the earlier Carnatic scale, it can not be termed as a Bear phase. In both July and September 2008, the level 3800 was held strongly and refused to let Nifty move below that level. Another interesting fact is that, there is no “Bear” in Carnatic Music. Animals and birds linked to Carnatic music in Sa RI Ga Ma Pa Da Ni order are Peacock, Bull, Goat, Crouncham, Kuil, Horse and Elephant. Nandi felt happy as he heard Shri. Rakesh Jhunjhunwala, the well known Indian personality and prominent investor saying that the Indian market is in Bull phase it self, as it supports the view taken by Nandi. In this connection Nandi is of the opinion that the ill fated bull erected in front of the Bombay Stock Exchange, Mumbai be replaced with “Nandi” the vehicle of lord Shiva not only to have a link to our 5000 years old tradition but also to get beneficial effect to the stock market. Whether you noticed or not, after entering to “Vipani Sangeetham”, you might have chanted “Namashivaya” openly or mentally at least three times which is beneficial for India and to the world in general.

The next stage Nifty is expected to move now is crossing of midpoint of Sudha Rishabham & Chatusruti Rishabham (4348) and to Chatusruti Rishabham (4464).

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