ASI nears 7200 mark - where is it headed

Light of Hope · 1 ASI nears 7200 mark - where is it headed Thu May 05, 2011 8:28 am

Light of Hope

Vice President - Equity Analytics

Posts : 1014
Equity Stars : 5903
Reputation : 59
Join date : 2011-04-04

I have heard so many theories regarding the ASI 7200 mark. Is it true that this is a strong resistance point? Is there any truth that it will easily reach ASI 6800 mark if this 7200 mark is broken? Please advise

tubal · 2 Re: ASI nears 7200 mark - where is it headed Thu May 05, 2011 9:02 am

tubal

Vice President - Equity Analytics

Posts : 1047
Equity Stars : 6291
Reputation : 243
Join date : 2011-01-27

Someone who wants to show the 7200 mark as resistance will immidiately buy SLTL at 1.00 rupee higher and drive the index back up. And that in fact is exactly what happened at around 2:00 pm yesterday.

On the other hand if someone wants to show that resistance is broken can do that very easily by selling SLTL one rupee lower. Sound rediculous? well the ASI is a rediculous index.

Anyone who doesn't believe this: please compare the intraday charts of the ASI with the intra day charts of SLTL, JKH, BUKI and CARS before replying.

worthiness · 3 Re: ASI nears 7200 mark - where is it headed Thu May 05, 2011 10:06 am

worthiness

Senior Vice President - Equity Analytics

Posts : 2577
Equity Stars : 8954
Reputation : 115
Join date : 2011-04-08

Is it 7200 or 7300 called as support level?

tubal · 4 Re: ASI nears 7200 mark - where is it headed Thu May 05, 2011 11:03 am

tubal

Vice President - Equity Analytics

Posts : 1047
Equity Stars : 6291
Reputation : 243
Join date : 2011-01-27

Worthiness, the support level is at 7200.

As predicted someone bought SLTL at 59 in the pre open but the real sellers were at 56. That gave the ASI a huge boost and gave everyone the confidence to start buying. This is an ideal opportunity to dispose of the shares that you are stuck with. You will surely be able to buy them back at a lower price by this time next week.

Gaja · 5 Re: ASI nears 7200 mark - where is it headed Thu May 05, 2011 11:10 am

Gaja

Associate Director - Equity Analytics

Posts : 3127
Equity Stars : 9692
Reputation : 260
Join date : 2011-01-27
Age : 40
Location : Colombo

tubal wrote:Someone who wants to show the 7200 mark as resistance will immidiately buy SLTL at 1.00 rupee higher and drive the index back up. And that in fact is exactly what happened at around 2:00 pm yesterday.

On the other hand if someone wants to show that resistance is broken can do that very easily by selling SLTL one rupee lower. Sound rediculous? well the ASI is a rediculous index.

Anyone who doesn't believe this: please compare the intraday charts of the ASI with the intra day charts of SLTL, JKH, BUKI and CARS before replying.

I agree