Nifty Fifty , our beloved index which took world by storm is all set to hit 50-50. Nifty which hit an all time high in Jan 08 topping out at 6300 levels is going to hit 3500-3600 levels in couple of weeks ( for technical people charts attached).
Whoosh!!! Almost 3000 points decline in a span of 6 months is something amazing which happened. A lot of people might have given all sorts of explanation for this decline. Onset of Bear Market, US Economy... blah blah. I would like to add one more to this..
Do you remember P-Notes? Yes, the reason why we hit circuit not far from now. The govt then had asked the FII's to phase out P-notes in 18 months and the FII's obliged to the govt. Till now they have taken out 27000 crores this year ( ET Link). I am sure not all P-notes will be converted to registered FII's and some will find it difficult to disclose their identity in public. The best they could do was to pull out and this is what they are doing.
Nature has strange way to reconcile things. So we can give it any name Bear Market, US recession, P-notes etc etc. One thing is sure what goes up has to come down ( and afterwards will go UP )
Mull over this chart for time being
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Saturday 12 July 2008
Nifty Fifty - 50 - 50
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