A quick post - STIXi targets post election results

STIXi is 270 trading days old and has been tracking the broader market wonderfully through upmoves and downmoves.





Currently poised at 675.98 (having started of with 1000 on 1st April 2008), as the election results are a strong sentimental positive for the Indian markets, I expect the STIXi to open today much above its 200Day EMA (687.93) and reach 712.22-716.34 levels (50% retracement of fall from Aug08 high on weekly / daily basis) by end-of-day.



The upmove in the near-term may be capped at 769.69, which is the 61.8% retracement on the weekly charts of STIXi for the fall from closing high of 955.55 achieved in the week ending 8th Aug 2008 to the closing low of 468.68 achived in week ending 6th March 2009.





More later.

Cheers and Safe Trading

Happy Birthday STIXi

STIXi completed one year of existence on 31-MAR-2009. And what an year it has been for the Indian stock market, as this chart should tell you.

During this one year, STIXi grew pretty well and as months went by, as part of this growing up process :-) two sets of planned changes were made to the composition of the STIXi - apart from routine changes due to corporate actions now and then and in two separate instances 'no-trading' on those scrips.

The first major revision of index composition was on completion of 6 months on 1-OCT-2008 and the index was made more broad based - the number of scrips was increased to 240 (approximately 20% of number of scrips traded on NSE) and on 1/10/8, their cumulative volume share to total volume of NSE scrips was 83% and in turnover terms, their turnover constituted 91% of NSE turnover. This broad-basing also resulted in weights of exisiting constituents of the index undergoing a change.

The second revision was made at end of trading of 31-12-2008 towards rebalancing of weights and effecting few substitutions. After this rebalancing the number of scrips in STIXi still stood at 240, volume & turnover share vis-a-vis NSE shares volume and turnover stood that day on 80.5% and 90.26% respectively. In hind-sight, one significant change made that day as a result of reduction made to weightage of IT sector in STIXi was the replacement of SATYAMCOMP with TECHM. May be saved the day for STIXi falling into an abyss subsequently due to the free fall in Satyam. :-)

The dividend yield of STIXi (when last checked - about 2 months ago) stands at an impressive 2.25%.

Over this one full year, STIXi has been stable, and as promised and expected, truly reflected the broader market movement more accurately than the frontline indices like NIFTY / SENSEX or even CNX500.

The one year technical charts follow in the next post.

Cheers