NIFTY: "My time, My Rules"

NSE:NIFTY   Nifty 50 Index
Rules are blurred, game changes. Credit goes to the "Ground" reality. Four wickets in one over, no hattrick, but history is made. 50 looks like double century. Stunning Performance of a century by Siraj, a loss to both who spared time to watch, and those who failed to watch. Clearly, Siraj said "My time and My rules". Japan's increasing worries of Chinese aggression. North Korea cosy with Russia, just a week after China Visit to Russia are some uneasy moves. China says, not to use nuclear weapons is an outdated promise. Bulls here say, "My time and My rules". Clearly many important messages, but no peace for bears. Cues are negative, who cares them though. Crude is 90 plus, 10 Y yields cross new high. Data from US Michigan 5 Year expectation softens, but this inflation will remain higher for longer. Europe crude crosses 100 mark. Dollar remains elevated to the discomfort of the bulls. Our own trade deficit widens, one eye on the rupee is once again needed. Looks the resolve is to hold the range, as the last State Elections are around. Controversy surrounded about the economic data, whether it is based on income or expenditure, MOF gives clarifications. It's difficult to gauge the mood, as the Retail continues to buoy the economy though concerns remain on the path ahead. With tomorrow being holiday, today close is vital as that would confirm the robustness of the move ahead. It is one thing the Index moving up, it is altogether different if the mid and small caps give back or climb up further. Clearly the Index stocks are relatively positive than the NIFTY500 basket. Not suggesting a softer tone, but profit taking would remain the mantra. With the third week posting strong gains, it is important to look at the shape, size and space. Shape is strong, with relatively small upper and lower wicks, Size is large, Space is new High. The PIP graph shows the last half hour profit taking, the open cues can bring some more, but ideally should be bought. 20060 is the new base while this holds back to 20280-330 is the expectation. Tread cautiously, nothing to jump and pump. Broad range for the day remains 20080-20280

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