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 minor hitch which was warned about yesterday did happen rather like a shock for traders. This sharp fall would have triggered quite a few stops of extreme short term bulls, leaving them stranded out of the market. The short term rising supply line continues to coincide with the historical rising supply line.
The Nifty seems to be preparing for another assault towards a new historical high. I would continue to remain long, rather than try and pick a top.
The Bank Nifty is trading sideways to weak, but the CNXIT is showing even more strength. It is therefore expected that we may see some profit booking come into this sector. The chart displays the various levels where mental stops could be placed for trading, depending on the trading time frame.
The minor hitch which was warned about yesterday did happen rather like a shock for traders. This sharp fall would have triggered quite a few stops of extreme short term bulls, leaving them stranded out of the market. The short term rising supply line continues to coincide with the historical rising supply line.
The Nifty seems to be preparing for another assault towards a new historical high. I would continue to remain long, rather than try and pick a top.
The Bank Nifty is trading sideways to weak, but the CNXIT is showing even more strength. It is therefore expected that we may see some profit booking come into this sector. The chart displays the various levels where mental stops could be placed for trading, depending on the trading time frame.
It may be suggested to remain long if the close is above 3995. Tomorrow, the Nifty may see resistance between 4046 and 4055.
Trade happy.
1 comment:
YOUR HITCHES AND SUPPLY LINES ARE TAKING TOLL ON SHORT TERM BULLS !!
Sirji !! when will all this volatility end ??
reg
ketan
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