Nifty for 20 Apr 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.

We see the Index again retest yesterday’s high, this time successfully. And more importantly, it has moved up with a rising window. The implication is confirming the bullish nature of the market. It has also broken out of the grey resistance band, which we have been carrying for almost three months.

I had expected the short term trend to change to down, from Thursday, but the market proved me wrong. In any case, the longer term trends are still up, so I could suggest the bears to sit on the fence for the time being.

The next cycle in time falls on 26 April, which incidentally is also the Thursday coinciding with the derivatives expiry. So watch out.

Plan and trade happy.

Nifty for 19 Apr 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.

Oh well … the market did as was expected. The world markets news flows made the Nifty open with a large downside gap, but it displayed enough strength to recoup all the losses of the gap. Today has been a minor cycle in time, and the market has shown enough resilience to claw back up. This confirms my belief that we are into a volatile stage of the market.

Further, it could be noticed on the chart how the price is moving, respecting all the various support and resistance levels, which we have been seeing for almost two months. I still have not been able to understand how the collective wisdom of millions of people influences the order in the market.

We see the Index again try and retest yesterday’s high, unsuccessfully. This suggests that our analysis of yesterday may stand the test of time. Yesterday could be a short term top. We could see a short term down trend leading to the derivatives expiry on 26 April.

Plan and trade happy.

Nifty for 18 Apr 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.

I am not posting the chart here. However, suffice to say, that today, the Nifty Future also hit a minor predefined level, which the Nifty Index hit yesterday.

This reinforces my belief that we are heading into a volatile stage of the market.

Further, it could be noticed on the chart how the price is moving, respecting all the various support and resistance levels, which we have been seeing for almost two months. I still have not been able to understand how the collective wisdom of millions of people influences the order in the market.

As suggested yesterday, today was a very interesting day in the scheme of things. The market did move above yesterday’s high but was not able to sustain. Today could be a short term top. We could see a short term down trend leading to the derivatives expiry on 26 April.

Plan and trade happy.

Nifty for 17 Apr 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.

We had an exact hit on a minor predefined level. The Nifty reacted downwards from there. Therefore, in all probability, we may see a small downside move. Why small? Because of the fact, that normally when the market tests a predefined level, it tends to retest it.

If the retest fails, then we can expect some more downside. However, the amplitude of the correction has not been very large, so we could see a continuation of the up move from mid day tomorrow, and the Index may attempt a retest of today’s high.

Tomorrow would be a very interesting day in the scheme of things.

Plan and trade happy.

Nifty for 16 Apr 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.

What can one say when the market opens with a rising window? The trend is bullish. Even though the intraday move was not very significant today, the market has moved through significant levels. This short term move may terminate at a short term level of around 4068/4070.

I repeat my earlier statements. The next cycles in time falls on 19, 26 and 29 April. So we may expect some volatility around that time. Keep utilising the dips to buy. Until we see a bearish pattern on the intraday charts.

Plan and trade happy.

Nifty for 13 Apr 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.

It has been some time since I last posted. Some friends did ask me why I have not been posting regularly. It seems redundant to repeat the same thing over and over again. Use dips to buy.

A new short term top indicates that there is enough strength in the market to push it further up. There has been volatile sector rotation because of the news based reactions. Even so, we see earlier resistances being broken with regularity.

More significantly, today a long term supply line has been broken, which was lending psychological levels both for support as well as resistances. This bodes well for the bull market.

The next cycle in time falls on 26 and 29 April. So we may expect some volatility around that time. Keep utilising the dips to buy. Until we see a bearish pattern on the intraday charts.

Plan and trade happy.