Nifty made a down move as we wrote this probability of its going down in our earlier post. Now as per the Dow theory as long as Nifty is able to trade above 5300 the bull market remains intact . Nifty going below 5300 will be a sign of reversal of uptrend on weekly charts . If this happens then then the long term trend line on Nifty weekly charts will be violated and the markets will be in bear phase.
Lets see how the events fan out in the coming week. Rising Inflation is already priced in. Geopolitical tension is likely to subside and back home the focus will be on budget session.
Pharma , Fertilizer and IT stocks will be on our radar .
Kiri dyes and chemicals offer a good buying opportunity for long term investment of one year horizon. One should buy in small quantity by buying 25 % at a time.
Monday, February 7, 2011
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