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23 MAY'12: Do you know that S&P CNX DEFTY is very near to December'11 lows?



Calculation of S&P CNX Defty

(Click on image to see enlarge view)
Computations are done using the S&P CNX Nifty index calculated on the NEAT trading system of NSE and INR-USD exchange rate that is based on the real time polled data feed.

S&P CNX Defty = S&P CNX Nifty at time t * Exchange rate as on base date
                                              Exchange rate at time t


It is very clear that this index is used by FII to judge market which is running near December lows. Weak Rupee can do a lot more damage in term of sentiments. INR is hitting 56+ against USD.  RBI is running short of ideas to handle the situation and things are left on time and market. It is indicating that if above index breaks 2950-4940 kind of levels then it can see more massive fall which can be 10-15% in magnitude.

So one must be careful and prefer to stay away from investment buying in all formats. I am sure that you are aware about brutal price hike of petrol by Rs 7.50/ liter.

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Thanks & Regards,
Praveen Kumar
Mail id – Praveen@viecapital.com
Mobile number – 09893369889
I’m Praveen Kumar, a seasoned Technical Analyst and stock market trader with over 25 years of experience in the Indian equity and derivatives markets. My passion for numbers and patterns led me to a dual career as a Mathematics Teacher and market technician. I specialize in Technical Analysis, with deep expertise in Elliott Wave Theory, derivatives strategies, and market forecasting. Over the years, my analysis and market views have been featured on NDTV Profit as a financial guest, along with published articles on reputed financial web portals, sharing insights on Nifty 50, Bank Nifty, and stock market trends. As a trader and analyst, I focus on interpreting price action, chart patterns, wave counts, and technical indicators to deliver precise market levels and actionable trade ideas. My approach blends classical charting with modern analysis tools to help traders navigate market volatility. Through VieCapital, I aim to share daily market analysis, trading strategies, and educatio…
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