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.
Aah … the pleasure of being on a vacation.
I have been following the Nifty for the last month, but have not really hammered out the various levels. The fact is that the Nifty has been consistently making higher tops and bottoms since the last week of July. Therefore, it is easy to make a blanket statement that the mood is bullish. Since late July, for the first time, it has made two lower tops. And a lower bottom since its previous swing low. This action would put a lot of doubts in traders’ minds, whether or not, the mood is going to remain bullish or not.
If we see a higher bottom respecting an earlier significant bottom, we should conclude that the mood is indeed continuing bullish, and the Nifty is attempting another foray at clearing the 3480 hurdle.This conclusion also comes from the fact that most Nifty components are not displaying much weakness, and in fact, the banks seem to be gaining in strength.
2 comments:
Welcome back sirji !! Hope u had a great vacation ! (Even mkts were having while u were away with Udayan !!)
Thank you, Ketan.
The markets were behaving pretty organised, even in my absence. And there is a major difference between me and Udayan. He gets paid for his appearances on TV. I do this blog Free. :D
Dusant
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