Nifty 19th March 2010Yet again our Magic levels posted at the earlier article and all the articles have proven us right, time is the biggest factor which is testing the bears as of now, the cup of TEA is is full and as you all know over filling would lead to fall....
If we see the data on an approx note for about 9 - 11 session, we have seen GREEN and bulls have had a grip as compared to bears which proves that when the bears attack back then the number of sessions and the attack would be massive and that would be a surprise to all, I AM REPEATING BEAR ATTACK WOULD BE SURPRISE FOR ALL.....
If we look at the Option Data then 5300 call has the highest open interest and 5100 put has the highest open interest and if we look at the PE Ratio its at 22.32 which is not good for the market as per previous year data highest PE have proven a MAJOR CORRECTION in the market and March Series have been over all BAD and in the hand of BEARS as compared to bulls......
Feb 2000 - PE at 28.47 & in the YEAR 2008 also we went above 28 levels on the card and both the years had proven a MAJOR CORRECTION.........
For the Session
Nifty Important Level – 5246 (Futures)
Nifty can touch - (Futures)
Above the mentioned levels bulls - 5258 - 5271 - 5280 - 5288 - 5301
or
Below the mentioned levels bears - 5237 - 5229 - 5216 - 5204 - 5195
MOST IMP LEVELS - 5187
Bulls Grip above 5277 & 5243
We don't advice to create any LONG POSITIONS at current levels, markets have given a false brake out, we are awaiting for DOLLAR INDEX to pull back and Fii's are buying since one week which doesn't mean that they would not unwind there positions, BE CAREFUL YET AGAIN....
We would like to wish all the Pirates a very all the BEST.
Regards
Treasure Captain
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