Wednesday, August 27, 2014

Nifty closes exactly at S2(7936)

Today(27th August 2014) Nifty closed exactly at S2(7936), the figure vipanisangeetham visitors have been seeing for the last six years. This figure was anticipated in Medam(April-May) 2015 only ( see the chart above from 2003) but, arrived early on hopes on Narendra Modi becoming Prime Minister with clear majority (or Nifty didn't move to Shadjam in Apri-May 2011 & 2013). In 2009 when Manmohan Singh Goverment was re-elected, Nifty moved past Shadjam(3968) without a pause and revisited the figure on 13th July 2009. Therefore two possibilites arises: Nifty may move further up and revisit 7936 in April-May 2015 or Nifty may decline and revisit 7936 in April-May 2015. We can wait and see what is Nifty's choice. However, avoid longs today as there is Moon-Mars conjunction on 1st September 2014 (Friday is a holiday on account of Ganesh Chaturthi)

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