After a long time I write this blog post.
Now the nifty is at 5139. World economy is in deep trouble. Greece future is uncertain as of now. Election results are expected tomorrow. If Greece is out of EU then major problem unfold on the world economy. As far as India's position, RBI credit policy is a decisive event. Expecting the repo rate cut Indian markets rallied for the past two weeks. Even if RBI cuts repo rate markets have to leap up slightly but has to corrects further. Political spectrum is bad until 2014. Rupee depreciation results further problem to our GDP. No major indications from Business groups regarding the expansions. Means no major run up of markets in the medium to long term.
But technically speaking the nifty is at bullish on daily charts and ready to turn around to bullish on weekly charts too, if nifty crosses 5130-5150 zone.(crossing 50 line on weekly charts and stochastics is turning up from over sold zone.) Then the immediate target is 5300. But correction may be expected to down side for F&O settlement for June month. If for the next month nifty crosses further to 5300 then target is 5700 for July settlement.
If nifty won't crosses 5130-5150 zone on next trading day on closing basis then the nifty downward journey aligning with fundamental view to 4200 starts and settlement for June may be at 4800 or below.
SO THE FINAL TREND FOR THE YEAR- TO- LONG TERM WILL BE DECIDED ON TOMORROW'S TRADING.
