See Nifty upside at 4K, downside at 1600: Daryl Guppy

Daryl Guppy of guppytraders.com expects markets to breakout based on newsflows. He sees upside for the Nifty at 4,000. The Nifty faces resistance at 3,600. We also see downside for the index at 1,600.
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Dec 12, 2008, 12.42 PM | Source: CNBC-TV18

See Nifty upside at 4K, downside at 1600: Daryl Guppy

Daryl Guppy of guppytraders.com expects markets to breakout based on newsflows. He sees upside for the Nifty at 4,000. "The Nifty faces resistance at 3,600. We also see downside for the index at 1,600."

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See Nifty upside at 4K, downside at 1600: Daryl Guppy

Daryl Guppy of guppytraders.com expects markets to breakout based on newsflows. He sees upside for the Nifty at 4,000. "The Nifty faces resistance at 3,600. We also see downside for the index at 1,600."

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Darryl Guppy (more)

, Guppytraders.com | Capital Expertise: Equity - Technical

Daryl Guppy of guppytraders.com expects markets to breakout based on newsflows. He sees upside for the Nifty at 4,000. "The Nifty faces resistance at 3,600. We also see downside for the index at 1,600."

Here is a verbatim transcript of the exclusive interview with Daryl Guppy on CNBC-TV18. Also see the accompanying video.

 

Q: In the short-term, is it looking like a breakout to you? Specific to the Sensex and Nifty what would you watch?

 

A: Itís certainly not looking like a breakout. What we are seeing about the Nifty and the Sensex is development of a symmetrical triangle, which is a pattern of indecision. Itís not a pattern of consolidation or breakout.

 

If there is positive news today then the breakout forms a symmetrical triangle and would move upward. If the news is negative then the breakout will be downwards. If you are looking at the Nifty, then the upside target for breakout is around 4,000. But there is a strong resistance at 3,600. But the downside breakout in the Nifty sets a downside target near 1,600.

 

Q: Is there a timeframe on that?

 

A: There is no timeframe. But generally what happens is when you get a breakout from a symmetrical triangle on good news it tends to move fairly quickly. So you could see those targets of around 3,600 being achieved within two-three weeks.

 

Q: What shares are likely to lead that?

 

A: What they are looking out for is some news coming out of the United States. We will be looking for some positive or negative news from the US.

Q: What Indian shares are likely to lead that rally to 4,000, if it should go there?

 

A: It is difficult to identify sector breakouts at this stage. What we are looking for is initial movement taking place in the Nifty or Sensex and then looking for leading share groups that will developing at that time. I think it is not useful to try and pick sectors at this stage. It is better to wait for movement to start and then join the momentum run.

 

Q: What are you seeing happening on some of the commodity charts?

 

A: We are seeing a tremendous pullback in oil. We see support sitting at around USD 40 per barrel and an upside resistance at USD 48 per barrel. If it falls below USD 40 per barrel, we are looking for support at USD 32 per barrel. In the long-term, there is strong support sitting at USD 24-25 per barrel.

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See Nifty upside at 4K, downside at 1600: Daryl Guppy

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