Dear Members,

This week was an important week and so I am taking the liberty of sharing the Thursday copy of our Premium "'Nifty daily'' with you. This post went out from my mobile even as I was not in front of a screen, it maps the clear roll over that was taking place. Enjoy. I think its about time for those on the sidelines to consider getting onto these daily updates as volatility rises and keeping abreast of market trends will be important. Follow the links at the bottom of the mail for Indiacharts Insiders. I should soon publish the Long Short Report with our Macro market analysis as well. 

Rohit Srivastava

The Truth About The Markets

Nifty  The highest top higher bottom structure remains in tact as the 10044 swing low was not broken. Prices fell to the second channel support at 10060. Till it holds wave E maybe developing some final distribution pattern. Momentum indicators have not confirmed a trend reversal yet either even as breadth deteriorated.

Nifty Small 100  The daily Momentum for Midcap and Smallcap Indices ended the day in sell mode. Prices did not break the blue line holding a distribution pattern but once it does selling should intensify. The broad market is leading the way.

Bank Nifty  Bank nifty dipped intraday below its previous swing near 24791, but did not close below it. Largely the bank index did not go above the August high. Doing so the wave counts have not been violated. The bounce is wave 2 into the right shoulder. Once momentum indicators confirm look for wave 3 down below the wave 1 low.

GSEC yields  With US yields jumping Indian 10 year government securities saw yields jump as well. Slow but steadily progressing in wave 3 we have a long way to go.