The markets closed the week flat to end the month of August with a fall of 4.7 pc. Let us see what is in store for the month of September.
Since, fundamentals do not change every day or every week to a very large extent, this week, I tried to capture the trend lines in 3 different time frames.
1. Daily Timeframe:
We are very close to breaching the down ward sloping trend line from 6093. Breach of this upwards means the whole down move may be over and we may be in for some large retracemnt of 6093 - 5118.
The targets could be 5490, 5605, 5720 or 5898.
2. Weekly Timeframe:
Above 6000, this entire down move will be over and we will head for new highs.
3. Monthly Timeframe:
Since October 2008, we are trading in a narrowing range. The break points are 5300 and 6300. A break of either sides will give a 1000 point fall or rise.
Breach of 5300 will lead to 4300 and breach of 6300 gives us 7300.
The month of September has given large moves in the past, and hence we need to be careful. 5000 or 5800 could be the targets.
Since, fundamentals do not change every day or every week to a very large extent, this week, I tried to capture the trend lines in 3 different time frames.
1. Daily Timeframe:
The targets could be 5490, 5605, 5720 or 5898.
2. Weekly Timeframe:
Above 6000, this entire down move will be over and we will head for new highs.
3. Monthly Timeframe:
Since October 2008, we are trading in a narrowing range. The break points are 5300 and 6300. A break of either sides will give a 1000 point fall or rise.
Breach of 5300 will lead to 4300 and breach of 6300 gives us 7300.
The month of September has given large moves in the past, and hence we need to be careful. 5000 or 5800 could be the targets.
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