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.Also check yesterday's, i.e. 5 February chart. Click here.
There is not much change from the technical position from yesterday. We do see a consolidation today, 6 February. As they say, one picture is worth a thousand words, please check the chart where I have labelled several short term, and medium term levels, which could be useful in determining the mood of the moment. The market is looking toppish for the last two weeks or so, and when there is a sharp downside reaction, people will be very tempted to buy. I could suggest readers not to be led into such temptation.
Today’s chart shows that a short term support was tested and held. The supply line overhead is still not letting the market move freely upwards.
Keep your profit booking stops according to your comfort levels.
3 comments:
SIRji, u have suggested that mkts have become toppish, not to be tempted to buy on sharp dips.
also, sudarshan sukhani suggests nifty can move upto 4500.
nifty lot size will be halved from march series,
george bush visited nasdaq few days back, when technicals were getting stretched and us is hitting all time highs everyday (almost)
are these indications of a sharp upswing first and then a down swing or something else ?
Hello Pandyaketan.
Please remember one very basic but important thing. When you are trading it is your money on the line.
Neither is Mr Sukhani nor Mr Dusant going to compensate you if you lose money. Therefore, everyone should trade according to what their comfort levels are.
Read the analysis, make up your mind, how it is going to be traded, and then execute your plan.
As far as the US Indices are concerned, they have been severely underperforming versus the Indian markets.
Take a look at this link. href="http://in.finance.yahoo.com/q/bc?s=%5EIXIC&t=6m&l=on&z=m&q=l&c=%5EBSESN,%5EDJI"
As they say, one picture is worth a thousand words. So it is not really worthwhile to say what the USA Markets are doing vis-a-vis India.
Dusant
Wow ! thank you sirji ! IF u can also post the indian charts u mentioned earlier (Scams and all) along with bull and bear setup links... ppl will benefit...
reg
ketan
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