These are my personal musings. These are not in any way meant to be trading advise. To view the full chart, right click and open in a new window.
Again, there isn’t much to add from Friday’s chart. I have just stepped back a little, and shown where the Nifty was receiving resistance. I have marked out the zone and also the specific points.
The bulls are doing their best to keep the Nifty from correcting downwards. They do not want the “fence sitters” to now enter at lower levels. The “fence sitters” have still not entered the market in a buying frenzy.
In due deference to the 400+ points rise from 24th, I would suggest that those among us who have indeed entered at lower levels, could tighten stops, to lock in profits. That would allow us to keep the market from taking out our profits back.
Unfortunately, from all the messages I am reading on various blogs, groups and websites, I perceive that traders are getting more and more engrossed in day trading, rather than stepping back and looking at the larger picture.
The Nifty has come out from a huge resistance zone between 3170 and 3200. Which could imply more confidence on the bullish bias.
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