TSR NIFTY UPDATES- Week beginning 09.11.09 -Visit www.Niftyviews.com Charts attached
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Dear Friends,
The attached chart clearly indicates the technical condition of Nifty. Nifty is below 20dema and 50dema as of Friday EOD. What is to be noticed is the fact that Reliance after all the hue and cry of Bonus shares Reliance Industry went below its 200 dema. It would be a new experience for any market trader to observe a secular stock market bull run with the most heavy weight stock below its 20dema. I have always maintained post election results that a bull market is one that takes out its previous high by a margin. Even after positive results from Financials,Autos and manufacturing space I am highly sceptical with the consensus view of the 1100 eps for sensex components. To be fair Reliance Industry bounced back within 3 days to levels above its 200 dema. When traders compare the 2003 and the 2009 market movement the basic fact that they ignore is that we are not in the beginning of a major Capex cycle we are almost at the end of one. Credit growth has been in single digit with GDP growth of 6%!! With the advent of the so called Bull run we have an estimated over capacity in almost all the core sectors namely Cement,Cables and Steel.
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