Nifty for 22 Feb 08

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 again tried to close the gap between ~4950 and ~5050, as was suggested this week. It was expected that we may see a weak day with a bounce up towards the end. However, the expected bounce did not materialise.

The short term bullish pattern which was emerging yesterday has been negated.

As we are seeing almost on a daily basis, the sentiment is fluctuating wildly. Therefore it is suggested for short term traders to buy only after a short term bullish formation is complete.

Longer term traders may continue to buy on dips. The stop may be retained at a close below ~4950 for long positions.

Trade happy after planning your trade.

Nifty for 21 Feb 08

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 tried to close the gap between ~4950 and ~5050, as was suggested yesterday. It was also suggested that we may see a weak day with a bounce up towards the end.

As of today, we do see some change in sentiment. We also see the earlier gap not being closed. Anyway, as of now, a short term bullish pattern may be emerging.

This would be valid if the Nifty breaks above 5242 on the upside and does not violate 5115 on the downside.

Short term traders may wait to buy after this short term bullish formation is complete.

Longer term traders may continue to buy on dips. The stop may be retained at a close below ~4950 for long positions.

Trade happy after planning your trade.

Nifty for 20 Feb 08

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 challenge zone has had its effect as anticipated. As of now, the market seems to be looking to close the gap between ~4950 and ~5050.

Tomorrow may continue to be weak and we may some intraday short covering towards to end of the day. The short term trend may continue to be weak for another week. The bulls would be hoping for some sort of bounce back, but it is expected that they may not be strong enough.

In such a case, it would be advisable to allow the news driven negative sentiment to drive itself out.

Short term traders may wait to buy after a short term bullish formation.

Longer term traders may continue to buy on dips. The stop may be retained at a close below ~4950 for long positions.

Trade happy after planning your trade.

Nifty for 19 Feb 08

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 suggested yesterday, the market has reached the real challenge zone. The black box still is not violated.

A gap open, a sharp retest of the “zone” and a closing of the opening gap. All in a day’s work.

The candle for today suggests a breaking of the upward momentum. It could be wise to be cautious at this stage. Stops may be raised, either to lock in profits or to protect losses, depending on what time frame of trading the reader chooses.

Longer term traders may continue to buy on dips. The stop may be retained at a close below ~4950 for long positions.

Trade happy after planning your trade.

Nifty for 18 Feb 08

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 suggested yesterday, the market did try and close the gap. It was unsuccessful, and therefore, we see a sharp spurt up.

The black box overhead is going to be a real challenge zone, both for the bulls as well as the bears. The bulls will try their hardest to pierce that range whereas the bears are going to try and protect it. The odds are at present in favour of the bulls. Monday could be lacklustre as USA is going to have a long weekend.

Traders may continue to buy on dips. The stop may be retained at a close below ~4950 for long positions.

Trade happy after planning your trade.