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.
As warned yesterday, we did see some weakness in the index. Unfortunately, many people could not have taken advantage of it, because of the huge 30 point gap down open. At such a stage, a trader is always in two minds, whether or not the weakness will sustain or not.
In any case, the weakness could persist just for a couple of days, and I find support levels for the Nifty at 3913, 3880 and 3855. These levels would be monitored on a daily basis, as they are dynamic, and change with additional market information.
I would change my bullish view only if the previous bottom of 3794 is violated convincingly. Therefore, bears among us could please exercise caution.
Those among us who have exit long positions, could re-enter at lower levels, once any of these support zones exhibit a convincing bounce.
3 comments:
hi dusant
wonderful work on nifty i would be glad to get in touch with you
vikramrmehta123@yahoo.co.in
thanks
reg
vikram
Sirji, Net is flooded with "wise / cunning" brokers, as you would muse !! I take my final positions ONLY after reading ur comments. So pl post them, even once a week will do. I am sure there are lots like me, but would not like to write on public forums, so even for their sake, do post as and when u should - we are reading and gaining !
reg
ketan
Also i must confess, my gut mentality is "bearish" and i have been a victim of "bear traps" for most part of my trading life of two yrs.
But after seeing ur tips to bears, i am becoming "cautiously bullish" (even at 4000 levels!!).
Thank you for changing my rigid, one track mindset.
reg
ketan
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