Recent market rally has not lived up to expectations to the point of being able to turn the generally uncertain and bearish inclined investor sentiment around. In fact, it is now fairly clear that investors are actually “Selling in June and Walking Away”. However, there are still pockets of strength in the market that are actually buying into each dip as we saw on friday as Index dropped Intraday Lows of 36,726 rebounded and closed 37,251 points.
However, with all the fundamentals and technicals against the market right now, such pockets of strength only serve as exit points for the more savvy investors. Indeed, I have no doubt that this is the beginning of the huge intermediate correction that I have been talking about in recent months.
| Ticker | Date/Time |
Previous |
Price |
%Change |
Weekly |
Yearly |
| NSE |
06/14/2013 |
37406.67 |
37251.19 |
-0.42 |
-5.85 |
32.67 |
| NSE 30 |
06/14/2013 |
1787.4 |
1779.74 |
-0.43 |
-5.86 |
33.21 |
| NSE BANKING |
06/14/2013 |
421.86 |
415.77 |
-1.44 |
-7.23 |
22.42 |
| NSE F&B |
06/14/2013 |
1058.51 |
1056.12 |
-0.23 |
-7.05 |
25.88 |
| NSE INS |
06/14/2013 |
143.51 |
143.45 |
-0.04 |
-2.87 |
21.07 |
| NSE LII |
06/14/2013 |
2775.98 |
2653.73 |
-4.40 |
-7.21 |
50.01 |
| NSE O&G |
06/14/2013 |
178.24 |
179.77 |
0.86 |
-5.82 |
17.56 |
Technicals
The Daily Chart of the NSE ASI has established 2 Fibonnaci levels of 61.8% 35,914.72 & 50% of 36,833.58 for support and rebounded.
The real test of integrity will tell us if this is a reversal pattern or just a continuation pattern of the Downward Staircase formation.
For now market remains Bearish in Short-term, Overbought in MID/LONG-TERM
Happy Trading week!
NSE ASI DAILY
NSE WEEKLY
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Continue reading here:
TRW WEEKLY WRAP UP FOR JUNE 14 2013




