Morning Update Stock Market - Kedar Murdeshwar

3rd October,2011 Monday

Nifty opened down with a gap today.Meanwhile Nifty has filled the up gap created on 27thSept,2011.Maybe that was the sole reason for the Nifty to open down with a gap.Today 4827 will act as a Major support.

On the Monthly chart it can be seen that Nifty is continuously falling down for last 3 months.It is trying to take support at 4777.This figure is crucial as it is a 38.2% retracement drawn from the bottom of 2252 (Oct 2008) to the top of 6338 (Nov 2010).Nifty will try to take support at this crucial level.If this Level is breached ie if Nifty gives a close below this level in October,god save Nifty then.

Nifty Morning Update - Kedar K Murdeshwar

26th Sept,2011 Monday

Market Overview as at 11.45 am (Nifty at 11.45 am was 4780)

Nifty looks more bearish as I had predicted on Friday Evening.As of now,I would say 4720 is the crucial support for Nifty and this can be touched either today or Tomorrow.

On the other hand,till date there had been 4 bearish sessions indicating one more bearish session is required to complete the short term downtrend at least as of now on a temporary basis.(based on Fibonacci logic,after a downtrend of 5 days the market can reverse)

I still say that if this reversal happens it can be a 1 or 2 day reversal as the bearishness is spread all over.

The next 1 hour can show some bounce back