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.Today was a weak day. But so far, the Nifty is still displaying a consolidation pattern, without any signs of breaking down. However, we still see signs of profit booking in lower rung stocks, with the index heavyweights propping it up. Therefore, it is suggested to trade with caution in the second and third rung stocks.
The target of around 5400 is still open, and quite possible, we may not see it achieved in a hurry.
The market seems to be throwing all the “rules” out of the window as of now. All I can deduce from a longer term perspective, that there is a HUGE amount of steam left in the Indian stock market. I detest making predictions, but I can confidently say that this short term top which could occur or already has occurred around ~5250 is not the ultimate peak.
Plan your trade and trade happy. Suggested to keep the trailing stops intact, and enjoy the ride.
1 comment:
More Vertigo for ppl afraid of dizzy heights like me !!
Sirji - i know u wud not like to give targets, but PL PL do post some long term projections so that atleast till such time bears-turned-bulls can hold their shorts....
like u say, its all in the mind. and the mind of a bear needs targets so that he can hold his shorts till then (and not lose money)...
reg
ketan
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