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.
Tuesday also opened with a gap which reflects the excessive bullish sentiment. However, the gap was closed almost immediately, and the Nifty meandered within a tight range throughout the day. From the looks of it, today’s movement seems like consolidation, like the winding up of a spring.
On Monday, we had shown a chart, which showed the Nifty pushing at the rising trendline. That trendline has again capped the upside movement.
For Wednesday, short term traders could place their profit booking levels at the 4060 levels. Intermediate term traders could watch the 4040 levels, and longer term traders could concentrate on 3970 to 3980. If by any chance, we see a crash, then a good level to buy the Nifty would be 3930.
The mood is still bullish. So it is suggested to stay bought.
Trade happy.
2 comments:
Tx for the levels sirji ! These are on the lower side, for buying ofcourse !
i have a feeling u r looking at 4400-4500 on higher side so u r not mentioning ! Correct ??
reg
ketan
No targets ... unless you forgot?
Dusant
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