Nifty for 29 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.

It makes no sense trying to analyse the market when sentiment are being driven from minute to minute by the news. However, it does seem that the market has not received the Annual Budget too well.

It would take another two or three trading sessions for the MBAs of the Financial Institutions to work out the implications of the Budget and devise their strategies towards the market. Therefore, it is suggested for the reader to stay away rather than risk capital. Short term traders could now place their trailing stop at 5090.

Allow the news to be assimilated and let the market tell us what it feels. Then only it would be prudent to enter the market, either way. So far the short term trend is still up, while the intermediate term trend is sideways.

Trade happy after planning your trade.

Nifty for 28 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 seems to be making another try at the black resistance zone overhead. Today has been a damp squib as far as an expiration day is concerned.

There is not significant change from the technical position as of yesterday. Short term traders could raise their stops to a close below 5170.

Trade happy after planning your trade.

Nifty for 25 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 was suggested yesterday, the Nifty did try to close the gap. The bounce back up is also very evident on the chart. It suggests that the bulls have an upper hand as of now.

The short term bottom which was formed today may turn out to be significant, if we see a short term bullish pattern emerge today. The short term correction seems to be over, both in terms of time as well as price.

Therefore, I suggest bulls to be prepared to take advantage of this.

On the flip side, we have been seeing the sentiment has been fluctuating wildly. Therefore it is suggested to adhere to s strict trading plan. Short term traders may retain ~4990 as a trailing stop for long positions.

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.