NIFTY..!
NIFTY (5704), Nifty in last one month has been one of the best with 8 per cent return, now Nifty range would be 6150 on higher side & 5200 on lower side. Market if it fails to cross 5850 in next few days can see profit booking and October has normally been negative month in last 10 (Ten) years on a average.
NIFTY normally near Diwali makes low / high every two years which is observed in last four years, in 2008 Low of 2252 was made around Diwali & high of 2010- 6338 was made on Diwali day, will this Diwali make any market mark.
Market would be range bound till March 2013 with odd correction, post which, India’s Bull rally would start from March 2013 where we have a target of 13500 to 15000 by 2016 to 2017.
SENSEX..!
SENSEX- (18793) has outperformed Nifty, and has almost 4pending gap-up out of which few can be closed if Sensex doesn’t cross 19970 which is very crucial levels to negate all negative built for 2 & 4 year cycle correction.
Sensex which was bullish last month now has made bearish harmonic pattern. Sensex 20 Dec 2011 Low = 15135 and rally till 18523 22 Feb 2012 which is 3388 Points and then we corrected 4 June /2012 made low of 15748 and till now high made on 05 October/2012 is 19137 which also gives 3388 is ABC Pattern and if we correct below 18400 on closing basis then correction can be disturbing.
PICK of the MONTH - BASF
by A.K. Prabhakar
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