Nifty for 28 Mar 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.

With the intervening holiday, it was quite natural that we see a gap down opening. It was not too alarming. And the whole day passed almost uneventfully. Except for the mild excitement towards the end.

It is expected to see the short term weakness continuing on Thursday. Of course, with derivatives expiry tomorrow, we could see a lot of excitement towards the end.

Volumes continue to be high on dips. Therefore, we could assume that the trend is going to resume upwards in a couple of days. Quite possibly, we may see another fifty odd points more towards the downside.

These dips could be used to buy.

Trade happy.

Ram Navami

Nifty for 26 Mar 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.

Is the market open to manipulation? The answer is an unequivocal … yes!!! We see a large lower shadow on the Nifty, which could possibly be due to a “freak” trade on one of the Index component stocks. In all probability it could be Bharti Airtel. Just goes to show, what can be done to the market, and how technicals need to be analysed with a pinch of reality.

Friday 23 was a small spinning top candle, which is a precursor of a correction. Today we have seen one such day. In all probability we could see short term weakness continuing till Wednesday or Thursday. After that, we may see the uptrend resuming.

We see on the active futures, that volumes are increasing on dips which are supporting the market up. Therefore, we could assume that the trend is going to resume upwards in a couple of days.

These dips could be used to buy.

Trade happy.

Nifty for 23 Mar 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.

The market is behaving perfectly, giving respect to supports and resistances.

The short term, intermediate term and the long term trend is up. Dips may be utilised to buy. And it does seem that the market may oblige bulls who are still waiting on the sidelines.

On the daily chart, we see a shooting star candle, which normally precedes a correction. On the other hand, we may have seen a minor winding down of short term positions, due to the weekend.

Trade happy.