On 18.03.2009 we had given the following forecast :
Today the market may bounce back in the morning as the bears cover and the bulls buy. Be cautious at the midsession between 12.02 and 14.57 when sharp reactions and volatility may be seen.This is a period of fire crossing petrol and water simultaneously.
The market remained bullish till 12.02 and exactly at 12.02 showed the signs of coming
weakness by reacting from 2825 to 2809. It then tried to come up and in fact gave the
impression that the market would be going up by reaching to 2830 at 13.40(by momentum
change indicated from 13.28). But we had warned of the period from 12.02-14.57 as fire crossing
petrol and water simultaneously(which in technical parlance is a dojee formation) and by 14.57 nifty was trading at 2772 , below the opening level of 2780.This again proves the wave theory. Under the influence of this wave the marketsof Europe and U.S also went into red exhibiting the universality in the application of this theory.
Today the sentiment is expected to be weak in the morning session and better in the afternoon with a likely trading range of between 2730-2836 for nifty.
Momentum changes of the markets are seen at 11.04,11.27,12.59,14.13,15.00 etc.
Today nifty supports are seen at 2779,2752,2737,2710,2668 etc and resistances at 2810,2817,
2836,2850,2878,2920 etc.
These forecasts are given for general information only.The markets can behave contrary also
due to unforeseen forces.All market actions will be at the individual's own risk.
We may not be giving the forecasts from tomorrow.Regrets the inconvenience to all.
Vidyabhaarati
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