Nifty for 06 Jul 07

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, the market has proved me wrong once again. It was expected that the correction may continue for some more time, but I was wrong.

It is quite possible that this Friday rally has been induced by short covering by weak bears, who did not wish to carry open positions during the weekend.

With a new historic top being made, yet again, the pink support band gains more significance. In any case, the cycle in time falling on 17 July still remains, so it will be interesting to see what the market does around that day.

Technically the position still remains … as a suggestion to buy on dips.

Plan your trades and trade happy.