Nifty for 17 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.

Here is what was suggested on Friday. “The probable direction is still bullish, and we may see some small downside.”

So far, the short term trend is still up. We could classify the short term trend to remain up till the yellow band of ~4450 is held up. As of now, it does seem that the 4450 level could be broken on the downside. However, it also seems that the correction may not be very deep.

The much talked about USA interest rate cut on Tuesday, seems to be spooking the market just a tiny bit. However, since the news based event is a non event on the face of it, we could just see that market brushing it aside as a non event.

The main trend is still up, and trades could be placed in the direction of the main trend.

Plan your trades and trade happy.