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.Yesterday, I had mentioned that “we arrive at a cluster of targets between 4374 and 4388.” The low for the Nifty was 4403. After that, it has indeed made a higher short term top. It was not a very convincing move. This makes the short term bottom of 4403 significant.
We have had a scenario of a higher top and a subsequent dip. High risk individuals could use this dip to buy. They could place their stops at 4400, for safety.
The Nifty has also rested on a short term support line, which adds to the importance of the bottom of 4403.
As far as the longer term perspective is concerned, I can only repeat my suggestion of yesterday … technically the position remains as a suggestion to buy on dips. However, patience is now suggested, and we could allow this “bad blood” to flow out completely. Let this fall play itself out completely, and then we may suggest buying afresh. Please keep in mind the bullish setup which is posted on my blog, http://dusant.blogspot.com/.
Plan your trades and trade happy.
1 comment:
GR8 !
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