Thursday, September 15, 2011

NSE Market Review [18-22 July]

It might be too early to give up on this market. Although higher highs are preferred, the current move to lower lows for the NSE-ASI is not strange. There appear to be four resistance points in the markets near term trading pattern; 25,000 (which has been breached); 23,000; 21,000 and 20,000.

Breaching 25,000 should not be a cause for concern. It appears to be the markets favorite point of oscillation. Oscillations can take place above or below the mean, at this time it just happens to be below and the other three resistance points are yet to be breached. Although the technicals are encouraging, the news is not; boko haram, minimum wage, eurozone and now the US’ debt crisis’. Despite this, China continues to accumulate dollars with recent GDP growth rates at above 9.5%. 

The NSE-ASI closed at 23,925.72 +0.036% (-0.0157% in the previous week). Volume for the week was a cumulative 1.156 billion shares (0.938 billion shares in the previous week). 

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