Mkts end strong ahead of expiry day

The markets surged higher on the back of short covering in the second half of the trade, after witnessing volatility throughout the session ahead of F&O expiry day. More or the less it was a positive day for the markets, barring few blips during the day. The Sensex crossed the 9700 level during the day while the Nifty closed below the 3000 mark.

The 30-share BSE Sensex has touched an intraday high of 9,706.47, before closing the day at 9,667.90, up 2.08% or 196.86 points. The 50-share NSE Nifty went up 1.55% or 45.65 points, to settle at 2,984.35, after hitting a high of 2996.50.

We continue to be in uptrend as far as Nifty closes above 2950.But 3000 is a strong resistence if we manage to hold above that level then the uptrend will gather momentum.Use all dips to buy.Tommorrow bieng March series F&O expiry markets could remain extremely volatile.Tommorrow also happens to be a time cycle date, if we have already topped at 3016 then the sideways consolidation would continue for next few days.

At the time of closing of Indian equities, European markets were trading lower. The FTSE was trading at 3,889, down 22 points. The CAC was trading at 2,867, down 7.5 points and the DAX was down 16 points, to 4,172.

However, the US futures were trading marginally higher. The Dow Jones Futures were up 35 points, to 7,655 and the Nasdaq Futures were up 5.75 points, to 1242

Markets end flat after a volatile session

The benchmark indices ended marginally weak, after giving up all the gains in the last half an hour of the trade. The markets were volatile ahead of the F&O expiry. Both the indices had started on a strong note following positive Asian markets and rally in US markets. However, the markets tumbled in the second half of the trade due to profit booking mild profit booking in European markets and US futures.

The 30-share Sensex shed 228 points from an intraday high of 9,699, before closing the day at 9,471.04, up 0.5% or 47.02 points. However, the 50-share NSE Nifty shut 2938.70, down just 1.2 points or 0.04%. It lost 78.7 points from day's high of 3017.40.

Nifty corrected sharply in the second half of the day.Since it had run up almost 200 points from fridays close the correction was overdue.Since this is also a bear market rally, they always turn out to be very sharp rallies and sharp corrections.Till we close above 2825 we continue to be in a uptrend.We have a time cycle date of March 26th which coincides with the March F&O expiry, which could turn out to be a top.I would assume we would consolidate before moving up again.This uptrend is not over yet.

THE LARGE UPMOVE HAS COME, NIFTY 2950 TARGET REACHED !!!!

It was a spectacular session for the benchmark indices on the back of huge buying in oil & gas, metal and banking stocks. Strong global cues helped the Nifty to close the day above 2900 mark, important psychological level while the Sensex shut shop above 9400 level. Today's surge in the markets was on the back of strong volumes.

There was news that the White House is expected to announce bank bailout plan today, which was the reason that helped all global markets to post good gains. Long only funds were buyers across the Asia today. Incremental flows were positive on good volumes while there was a lack of selling pressure at FII desk.

The 30-share BSE Sensex touched an intraday high of 9,454.69, before closing the day at 9,424.02, up 5.1% or 457.34 points. The 50-share NSE Nifty surged 4.73% or 132.85 points, to settle at 2,939.90, after hitting a high of 2949.75. All sectoral indices finished in the green.

The targets mentioned in the previous blog of 2950-2970 has been reached,Nifty made a high of exactly 2950 today.The large upmove i was mentioning has begun.If nifty sustains above 2970 then its headed for 3050 plus.I remain extremely positive on the markets.Enjoy this rally.

Consolidation continues with sideways movement

Markets had a flat trading day yet again.Nifty closed at 2807 ,almost the same as thursdays close.Sensex closed at 8966 losing 35 points.We should see this consolidation continue next week.This consolidation period is a part of the large next coming upmove.Once this consolidation is complete markets should start moving up again.Next week we have a time cycle date on March 26th which also coincides with the March F&O expiry.I would assume we should move up from this time cycle date +/- 1-2 days.Nifty is bullish above 2836 and bearish below 2750.Traders can wait for the breakout and then take positions.If it breaks on upside that is above 2836 then nifty is headed for 2950-2970.Watch out for the levels.