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.It was suggested yesterday that “With the index refusing to move down, it is quite probable that we may even not see a deep enough correction.”
It is also true that the next move could be really fast and furious. As of now, the possibility of the future direction is changing to up.
For tomorrow, if the high of 4539 is violated on the upside, and if the low of 4452 is not broken on the downside, then we can expect the short term trend to change to up. If none of these levels are broken, then the trend would remain sideways. As of now, the Nifty still seems to be consolidating rather than correcting.
The projected downside target of around 4300 now looks like a low possibility. In any case, any dips may be used to buy in. We must keep our stops to avoid disastrous loss of capital.
The main trend is still up, and trades could be placed in the direction of the main trend.
Plan your trades and trade happy.
1 comment:
sirji, so now a new lifetime high and then what wud be the downside ? 4400 ??
Post a Comment