Technical Analyst who called Nifty "Dried Camel Dung" admits he was wrong

Discussion in 'Must-Read Interviews, Articles & News Items' started by Arjun, Jul 6, 2020.

  1. Arjun

    Arjun Chaprasi Staff Member

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    Bulls capture Mount 10800

    Today was a red letter day for the Bulls of Dalal Street because we finally managed to wrest Mount 10800 from the clutches of the Bears.

    Not surprisingly, there was not much resistance from the Bears and they caved in meekly.

    This is because the Bears have so far been deriving inspiration from the sayings of Peter Brandt, a leading expert on technical analysis.

    Peter Brandt has been propagating a number of doomsday prophecies for the Nifty and warned that it is likely to plunge to the depths of 6355, which implies that the Bulls will suffer incalculable losses.

    A few days ago, he also pronounced that the financial outlook of the Nifty is akin to that of "Dried Camel Dung", implying that it is hopelessly overvalued and has nowhere to go but down.



    However, today, Peter Brandt canvassed the theory that the "Chinese stock market has begun its ascent into the sky".



    Some vigilant observers immediately confronted him and demanded to know as to how one could be bullish China and bearish India given that all Asian markets have similar fundamentals.

    At that stage, Peter Brandt gracefully admitted that his analysis about the Nifty had been proven wrong.

    "No way can be I bullish China and bearish India," he declared.

    He also provided a laborious explanation for the change in his stance.

    "Lot's of things can happen in different time frames. China has been in a massive sideways correction to its economic miracle. I had expected India to do same -- and that thinking may have been wrong. The Indian correction from 12400 to 7370 may have been the full extent of fall," he said.

    He also confirmed that "It will be very difficult for India to enter a bear phase against this backdrop", implying that his previous doomsday targets for the Nifty are scrapped.

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    Obviously, this change of stance spells good news for all of us.

    We can now confidently resume our punting activity without any fears of being waylaid by the Bears!
     
  2. OptimSignals

    OptimSignals New Member

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    Sensex, Nifty gain for 5th day in a row. Where are markets headed from here ?

    Infosys saves the day for Sensex. What analysts say on market gain ?


    Indian shares ended a volatile session higher, extending gains to the fifth day in a row - the longest winning streak in a month. Gains in IT and financials helped Indian markets outperform peers.



    Nagaraj Shetti, Technical Research Analyst, HDFC Securities

    "Nifty has been sustaining above the lower support of 10550-10600 levels in the last three sessions. Though, Nifty moved up smartly today, the overall market breadth was negative mainly due to an underperformance in the broader market indices like mid and small cap segments."

    "The short term trend of Nifty is positive with range bound action. On the way up 10830-10900 is going to be a key overhead resistance for the market in the next few sessions. Important supports to be watched at 10600-10550 levels."


    Deepak Jasani, Head Retail Research, HDFC Securities

    Technically, with the Nifty bouncing back smartly and rallying strongly in the last 45 minutes of trade, the bulls are not willing to give up easily. Today's rally has come with the Nifty holding above the 200-day EMA, which indicates that the rally could continue for a while. Bullish bets are off if the Nifty closes below the immediate lows of 10595-10533."

    Vinod Nair, Head of Research at Geojit Financial Services.

    "In spite of negative global cues, Indian benchmark indices gained strength as the day went on, powered by the IT index and Infosys in particular. Infosys reported better than expected numbers and was backed by good deal wins and decent outlook. Ground realities remained little changed, as the virus infections and geo-political tensions created uncertainty on the global economic recovery. Investors need to remain stock specific and the earnings results and commentary should be watched out for."

    Manish Hathiramani, Index Trader and Technical Analyst, Deen Dayal Investments

    "The range of 10550-10850 continues. The level around 10850 is significant as that was the recent high this market made. The trend continues to remain bullish and if we can get past this level, we could be headed to 11000 and then 11100."

    Ajit Mishra, VP - Research, Religare Broking Ltd.

    "Markets remained range-bound for yet another session but managed to gain nearly a percent. The initial upmove was led by healthy buying interest in IT stocks on the back strong earnings from Infosys which later supported by some recovery in banking names in the last hour of the trade. "

    By Livemint
     
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