Nifty for 07 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.

The short term objective of the Nifty has indeed been achieved today. As per our time and price projection, it is just two days late.

It does seem that the mild weakness witnessed during the intraday session on Friday could continue for a few days next week.

The opportunity that bulls were waiting for seems to be coming. With some patience, we could start accumulating from a few days hence. If however, we do lose our patience and do buy at this stage, then it is suggested to keep a stop for a close below 4440.

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

Plan your trades and trade happy.

Nifty for 06 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.

The market just refuses to give up of its gains. With today’s up day, the probability of the Nifty achieving its short term target of around 4533 seems even higher. It does seem that the market is correcting intraday. And not allowing traders to enter at lower levels. At a stage like this, we could only maintain caution, and not jump on the band wagon.

The bearish tri-star like candle pattern of yesterday has not been confirmed today.

It still feels that the opportunity for bulls is coming. With some patience, we could start accumulating from a few days hence. If however, we do lose our patience and do buy at this stage, then it is suggested to keep a stop for a close below 4440.

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

Plan your trades and trade happy.

Nifty for 05 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.

Intraday volatility continues. On a daily basis, we do see a mild crack downwards. Will it continue? The probability is higher that we may go into a downside correction.

Today, both on the BSE and the NSE we have had uncertain candles three days in a row. The candle pattern is quite like a bearish tri-star, which suggests that we may have encountered a short term top today.

As of now, it does seem that the opportunity for bulls is coming. With some patience, we could start accumulating from a few days hence. The next cycle in time falls on 24 September. This falls on the derivatives expiry week. From the time gap, it is quite possible that we may see a short term bottom sometime in early or the middle of next week, and a resumption of the uptrend.

The main trend is still up, and trades could be placed in the direction of the main trend. The proper course could be to wait for dips to buy. Stops may be placed at the 4220~4230 region where you see the grey support band.

Plan your trades and trade happy.

Nifty for 04 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.

There seems to be barely any change from yesterday’s analysis. Today was a mildly down day, with intraday volatility.

As can be seen, the Nifty is still knocking at the historical supply line. There has been mild penetration of that line but still the Nifty is holding. Today, both on the BSE and the NSE uncertain candles have registered again. As mentioned yesterday, we see some resistance levels around the 4520~4535 levels, which is a short term price projection.

Therefore, we possibly could see a gap up open tomorrow, and may see the Nifty achieve that target. The cycle in time mentioned earlier of 5 September is upon us.

The market could give bulls another opportunity to buy in the next few days. Readers could be prepared for it.

The main trend is still up, and trades could be placed in the direction of the main trend. The proper course could be to wait for dips to buy. Stops may be placed at the 4220~4230 region where you see the grey support band.

Plan your trades and trade happy.

Nifty for 03 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.

As can be seen, the Nifty is still knocking at the historical supply line. There has been mild penetration of that line but still the Nifty is holding. Today’s candles, both on the BSE and the NSE are uncertain candles. We see some resistance levels around the 4520~4535 levels, which incidentally is also a short term price projection.

Therefore, we possibly could see a gap up open tomorrow, and may see the Nifty achieve that target. Earlier I had mentioned another cycle in time falling on 5 September.

Readers would now be itching to enter the bull run, afraid that it will run out of hand and they may not have an opportunity to buy at a later date. The market is imploring traders to buy at this time. And as we all know, we should buy when we want, and not when the market wants us to.

The main trend is still up, and trades could be placed in the direction of the main trend. The proper course could be to wait for dips to buy. Stops may be placed at the 4220~4230 region where you see the grey support band.

Plan your trades and trade happy.

Nifty for 31 Aug 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 weekend trading has shaken out some more bears. As can be seen, the Nifty has encountered a historical supply line. There could be mild penetration of that line and then we could witness a correction. Our cycle in time date of 30 August could still have its effect on the market.

As regular readers must know by this time, I dislike giving direction based calls. That places the trader in a mood of complacency. Instead it is always better to plan the trade and then execute it. At this point, the short term up move seems a little stretched. That should allow some profit booking to come in. The main trend is still up, and trades could be placed in the direction of the main trend. The proper course could be to wait for dips to buy. Stops may be placed at the 4220~4230 region where you see the grey support band.

Plan your trades and trade happy.