Saturday, June 30, 2012

The Big Challenge

Today I am trying to make all my readers witness for a Challenge between me and my fellow analyst friend, this will give you a good chance to look at a same picture from different angle. This also help you to know, how our mind play important role in deciding market condition and how and why two different person perceive same situation differently based on their previous experience, logic and belief. The challenge is all about predicting the market movement for the month of July 2012
Abusama Shekh:
My fellow analyst who, had correctly predicted about May Month based on two observation, first the old story "sale in May and go away" and second "Market was indifferent towards RBI policy suprise rate slash in April month". for June Month it was a good show for first half of the month and for second month he was bearish which failed.
His views for July month is as follows:
Nifty Direction: Strong Bullish
Nifty Range:     5300 to 5500
Support:           5352
Resistance:       5480
Target(Month close): above 5400
Comment: If market would not perform this month, then still remain bullish for August Month.

My Target (Dhirendra Kumar)
Nifty Direction: Mild Bearish
Nifty Range:     5000 to 5400
Support:           5095
Resistance:       5302 (61.8 retrenchment) and 5390 (21 month average)
Target(Month close): Below 5300
Comment: Market would try to fill the gap created today and 5300 is 61.8% retrenchment

Time will only tell, who will pass in selling his own believe in the month of July 2012.
Note: My further analysis will be unbiased of this challenge