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 has sliced through several historic supports. The markets are reacting totally on news based items, emanating from the USA. Which is totally logical.
Braver traders would be bottom fishing. For the time being, it does seem that the negative sentiment has been leeched out to some extent. From the chart, it does seem that the Nifty has made a short term bullish formation.
It is my feeling that the Nifty is retracing part of its losses. In other words, this up move of the last few days is just an upwards correction to the fall. However, I may be wrong.
When the short term trend runs contrary to the main trend, volatility is only natural. To avoid getting burns in the pocket, it is suggested to take buy positions, but hedging would be a prudent course of action.
As of now, we may use the last bottom as a benchmark. 4440 on the Nifty would be a decider.
Trade happy after planning your trade.
1 comment:
Higher highs and higher lows twice, considering today (24th) sirji, so buy now ?
also:
26 jan - mood swings
30 jan - fed
31 - dr reddy !
1 feb - opec
2 feb - reliance power fuses (IPO money 11bn$) returns
does it mean good times till first week of feb ??
reg
ketan
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