Nifty Group · @niftygroup
11th Nov 2010 from Twitlonger
The Nifty is perched precariously. Because the "situation" is indeed precarious :)
The G20 will put out a fudge. Kick the can down the road as they do not agree on what is to be done... in national self-interest conflicts. That means the $$$ slide will proceed, maybe with some hiccups.
The Nifty dips below 6161 and then below 6119, the flood gates will be ripped open. The support at 6090 may hold some hope of slowing it down or arrest it.
The #3 tsunami of QE2 is needed on Friday if the up trend is to be saved.
Either way, the usual pull back is best watched from the sidelines and shorted after it ends. Since the QE2 tsunami cant be predicted, only the run up/pull back can reveal any resumption of UP trend.
And that doesn't look likely to happen. So much for the $$$ flow proponents!
EU worries added, watch the GOLD price!