India ready to move up

 
 
 
 
 
 
We had extreme negative events surrounding the markets, but OCT lows remain unbroken. In both SENSEX and NIFTY, prices did not even retest OCT lows and held above our anticipated gap levels 8,551 and 2,536 respectively (WAVES.IND 121108). BSEOIL just like SENSEX and NIFTY also held above open gaps near psychological levels and pushed higher.
The question regarding market strength seem unequivocal. Terror could not take the markets down, as we explained last time. Markets bottom take time. The time factor starting OCT low also seems to be addressed as market has taken more than a month to base. Momentum is also turning up on the intermediate time frame (multi week) for many BSE 30 stocks and Indices. CNXIT, the INDIAN TECHNOLOGY index has already broken above previous highs. And if this all was not enough, we have the DOW pullback from 7,500 levels till 9,000 levels.
We have carried a new intermarket cycles case of BSEOIL vs. SENSEX. The pair has an average cyclicality of 9 months. BSE OIL has hit a cycle underperformance low against SENSEX. This means that heavyweights like Reliance might find bottoms and turn up. Our positive preferred case remains valid.
Enjoy the latest WAVES.INDIA
ORPHEUS INDIA RESEARCH

WAVES.IND. is a perspective product published on Monday and Wednesday. The report highlights Indian Stock Market top sectoral Indices and Sensex (BSE 30) viz. BSEOIL, BSESC (Small Cap), BSEMC (Mid Cap), BSEHC (BSE Health Care), BSEPHARMA (Pharmaceuticals), BSECG (Capital Goods), BSEBANK (Banking), CNXIT (Technology), BSEFMCG (FMCG), BSEAUTO (Auto) etc.. The product also covers all the 30 Sensex components. The product highlights Primary (Multi Month) and Intermediate (Multi Week) price trends. The report illustrates key price levels, price targets, price projections and time turn windows. The product uses Elliott waves, traditional technical analysis tools, sentiment indicators and other alternative research tools like INTERMARKET to spot outperformers.
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