Nifty for 04 Sep 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.

There seems to be barely any change from yesterday’s analysis. Today was a mildly down day, with intraday volatility.

As can be seen, the Nifty is still knocking at the historical supply line. There has been mild penetration of that line but still the Nifty is holding. Today, both on the BSE and the NSE uncertain candles have registered again. As mentioned yesterday, we see some resistance levels around the 4520~4535 levels, which is a short term price projection.

Therefore, we possibly could see a gap up open tomorrow, and may see the Nifty achieve that target. The cycle in time mentioned earlier of 5 September is upon us.

The market could give bulls another opportunity to buy in the next few days. Readers could be prepared for it.

The main trend is still up, and trades could be placed in the direction of the main trend. The proper course could be to wait for dips to buy. Stops may be placed at the 4220~4230 region where you see the grey support band.

Plan your trades and trade happy.