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.Wednesday was almost like Tuesday. The Nifty moved within a tight range throughout the day. Consolidation seems to be continuing.
The Nifty move which is pushing at the rising trendline seems to have failed, at least for today.
For Thursday, short term traders could place their profit booking levels at the 4060 levels. Intermediate term traders could watch the 4045 levels, and longer term traders could concentrate on 4032. If by any chance, we see a crash, then a good level to buy the Nifty would be 3935.
The mood is still bullish. So it is suggested to stay bought but keep tight stops.
Trade happy.
4 comments:
Dusantji,
When do you expect Nifty to retrace and fill the gap up opening on 12/1/07, from 3952 to 3993.
Ulag
Hello Ulag,
As is very obvious, the Nifty is showing remarkable strength. But the candle pattern for the last three days is showing contracting volatility.
I had initially expected the down-side correction for the Nifty to begin either on Wednesday 17, or Thursday 18.
And if I am not mistaken ... I had posted such an expectation, on Monday's post http://dusant.blogspot.com/2007/01/nifty-for-15-jan-07.html
yes, you had mentioned a minor correction after the big upmove...
reg
ketan
pandyaketan,
A "minor correction" cannot be quantified exactly. If I knew just the quantity of the "minor correction", I would be holidaying perpetually on the Andaman and Nicobar islands. .... hehehe
Dusant
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