FTSE Outlook for 9th March 2009

My suspicion is that we are on the brink of a counter-trend rally commencing Monday/Tuesday. One of the prime reasons is that we are very close to a timing line on the Square of Nine chart (green vertical). We tend to see reversal at/around these timing lines. Further, Friday's EOD chart shows a Doji bar. A move upwards on Monday would confirm the bullish expectation. (I hope these are not famous last words!)

Possible Upside Target : 3,635.80
Possible Downside Target: 3,439.56

Bullish above 3,568
Bearish below 3,493

NIFTY Outlook for 9th March 2009

On Friday, at one point, it looked like NIFTY would plunge to new depths. Fortunately, it managed to recover and has climbed back above the rising green diagonal. The fact remains that it is still BELOW the 180 degree line. So, let us treat any bullishness with caution for the time being.

Possible Upside Target : 2,684.55
Possible Downside Target: 2,507.25

Bullish above 2,637
Bearish below 2,603

FTSE Outlook for 6th March 2009

With FTSE moving in and out of the 360 degree line, it's a tough call. However, it can't hang around this level for long and a decisive move should come soon. Perhaps on Friday.

Possible Upside Target : 3,686.84
Possible Downside Target: 3,447.92

Bullish Above: 3,575
Bearish Below: 3,484

NIFTY Outlook for 6th March 2009

NIFTY has found it difficult to stay above the 180 degree line. The downside target of 2594 for Thursday was exceeded by about 29 points.

The index is now at a point where there could be support. However, please trade what you see.

Upside Target : 2,701.37
Downside Target : 2,501.77

Bullish above : 2,593.41
Bearish below: 2,559.98

FTSE Outlook for 5th March 2009

As expected, FTSE put on a good recovery on Wednesday. For now, FTSE has managed to claw its way back above the 360 degree line. Thursday will probably see a bit of a pullback and hopefully, a return to the rally mode.

Possible Upside Target : 3,739.90
Possible Downside Target : 3,465.08

Bullish above 3,684
Bearish below 3,608

NIFTY Outlook for 5th March 2009

NIFTY managed to rise on Wednesday - no doubt to many's relief. Although a buy was triggered, the profit generated was a mere 11 points.

Seeing that the index has managed to crawl back above the 180 degree line, can we expect further bullishness? Quite possibly. However, the danger comes from the red diagonal line. If NIFTY can close above that with conviction, the case for continued bullishness can be made.

Upside Target : 2,681.50
Downside Target : 2,594.00

Bullish above 2662
Bearish below 2629

FTSE Outlook for 4th March 2009

Yesterday, we projected a low of 3490 for Tuesday's FTSE. The actual low the index printed was 3497 which is very close to the projection.

Hopefully, we may be seeing a bounce tomorrow. With all these awful drops, a rally must be around the corner, even if temporary.


Possible Upside Target : 3,741.66
Possible Downside Target: 3,382.48

Bullish Above 3,542
Bearish Below 3,481

NIFTY Outlook for 4th March 2009

The projected low for Tuesday's NIFTY was 2634. The actual low was 2611, exceeding the projection by 23 points. No complaints there, I'm sure!

We were hoping for a bounce at the 180 degree line. Seeing that NIFTY has actually closed below it, I would cautiously continue to be bearish on NIFTY. The key word is caution.

Possible Upside Target : 2,717.77
Possible Downside Target: 2,593.13

Bullish above 2644
Bearish below 2601

FTSE Outlook for 3rd March 2009

Monday was truly a magnificent day for shorting! My downside target of 3680 was comfortably exceeded (and with no complaints!). FTSE is now nearing the 360 degree line at 3541. Fairly sure we will achieve that. A bounce is likely from that level.

Upside Target : 3,898.18
Downside Target: 3,489.66

Bullish Above 3,656.31
Bearish Below 3,595.35

NIFTY Outlook for 3rd March 2009

NIFTY failed to rise as expected. The nearest support is at 2635 which happens to be the 180 degree line. Please note that I have re-anchored the grid to start from a high (which is probably what I should have done anyway for last Friday's chart).

If 2635 fails to hold, then we could be looking at targets of 2552 and 2388 though not in a single day.

Possible Upside Target : 2,804.63
Possible Downside Target: 2,634.57

Bullish Above 2,696
Bearish Below 2,653

FTSE Outlook for 2nd March 2009

Whichever way I look at it, FTSE is nowhere near looking healthy. No talk of "green shoots" here yet. Having anchored the grid at the high of 6th Jan 2009, we can see FTSE has travelled a full 360 degrees on the Square of Nine chart. Normally, we would expect a good bounce at this level and a possible reversal. FTSE appears to have attempted that for a couple of days and given up.

The index has closed below the 360 degree line (3850.77) and that in my opinion does not harbour well for FTSE. I'd want to see it climb back above that line to be convinced of its health. If it fails to do that, I dread to think where the index will go. Possible medium term targets could be 3387 and even 3036! But for now , let us focus on Monday. Given below are certain targets and levels, which I hope will turn out to be of some use.

Possible Upside Target: 3990
Possible Downside Target: 3680

Bullish above 3860.5737
Bearish below 3799.6064

NIFTY Outlook for 2nd March 2009

Friday, we saw NIFTY heading down a fair bit. Amazingly, the rising green diagonal line (highlighted spot) provided support and the index smartly bounced off that line.

There is a fair chance that NIFTY will attempt to rise further on Monday. The closest possible resistance line based on the Square of Nine approach is 2843.68. Who knows, it might actually get there tomorrow!

Starting with this post, I will indicate possible upside and downside targets derived from a totally different approach. So here we go:

Possible Upside Target: 2832
Possible Downside Target: 2674

Bullish above 2779
Bearish below 2748