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.
Oh Well, it was expected that there would be volatility today. On an intraday perspective the volatility was non existent. For derivatives expiration day, today could take the record for the least volatile day.
My stop has still not been triggered, so I still remain long, and now I still keep my stop at 3565. I actually expect that my stop would be triggered tomorrow. And I am prepared for it. My objective is not to try and beat the market, but to take my slice of the action.
The market is not yet giving any signs of weakness, so why buck the trend and go short? Only brace yourself for opportunities to go long.
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.
The purists among us will be extremely angry that the Nifty did not achieve the 3610 target. Does not matter. After all, the high was just 7 points away.
I am keeping a trailing stop of 3565 on the Nifty for long positions, as that coincides with two techniques. One is the 3568 intraday low, and the other is the rising trendline. Again people could question me saying that if I am so bullish on the market, then why keep such a tight stop?
Two reasons … one is that my short term target is achieved, and the second is … nothing prevents me from going long again at higher levels. For the present, my prime objective is to lock in my profits.
And take a new look at the Index, once this derivatives settlement is over tomorrow.
I am also marking out the stops which readers could adopt, depending on their own trading styles.
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.
The Nifty did give us a scare, and for some time, it seemed that our objective of 3570, mentioned in my analysis of 18 Sep 06, and again on Friday, will not be achieved.
Normally, a target is overshot, and this time, the Nifty has come out of a two day sideways consolidation pattern. Therefore, in all probability, this time too, the target of 3570 will be overshot handsomely.
After all, the 3610 target is not far away. And the way the Nifty is behaving, it looks like even this 3610 target will be overshot handsomely.
Obviously it may not be one way. But brace yourself for a nice ride.
