Nifty for 11 Apr 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 can be seen, the down sloping trendline has been retested. The normal weekend profit booking did pull the index down a bit. On the whole the bulls should be satisfied as we have seen a normal bullish day.

The Index is still struggling to break out from the congestion zone, even though the sentiment is turning mildly bullish after this fortnight.

The suggested stops for yesterday have still held, and the short term trend still seems bullish.

I can only repeat myself on what I have been saying all week. I would still retain my declared stance for the market. I would wait to see the short term tops of ~4800, ~4900 and ~4980 to be unequivocally violated, and then declare myself as a wholesale bull. Till then I would remain a cautious hedged bull.

Short term traders may retain their stops at ~4627. Long term traders may also retain their stops at 4627.

Next week is going to be a very short trading week. We may see some heightened volatility. But the trend is still expected to remain bullish.

Trade happy after planning your trade.

Nifty for 10 Apr 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.

Another volatile intraday trading day. The high for today has hit the down sloping trendline bang on as can be seen from the chart. The previous bottom is still holding and we can see the extreme short term trendline inching up.

The suggested stops for yesterday have still held, and the short term trend still seems bullish.

From today’s price movement, it does seem that the market is pausing at the right places and behaving in a technically correct way. The efforts to turn to positive sentiment still seem on. If or when, the short term down sloping trendline is also violated to the upside, it would be a point in favour of the bulls.

It is expected that the whole of April will be a period of consolidation with more traders coming back to the market after some bullish confidence is restored.

I would still retain my declared stance for the market. I would wait to see the short term tops of ~4800, ~4900 and ~4980 to be unequivocally violated, and then declare myself as a wholesale bull. Till then I would remain a cautious hedged bull.

Short term traders may retain their stops at ~4627. Long term traders may also retain their stops at 4627.

Trade happy after planning your trade.

Nifty for 09 Apr 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.

Quite a volatile day on the intraday chart. The previous bottom is still holding and we can see the extreme short term trendline inching up.

The suggested stops for yesterday have still held.

Though the market has not done something spectacular, it is heartening to see that it is indeed making efforts to turn to positive sentiment. If the short term down sloping trendline is also violated to the upside, it would be a point in favour of the bulls.

It is expected that the whole of April will be a period of consolidation with more traders coming back to the market after some bullish confidence is restored.

I would still retain my declared stance for the market. I would wait to see the short term tops of ~4800, ~4900 and ~4980 to be unequivocally violated, and then declare myself as a wholesale bull. Till then I would remain a cautious hedged bull.

Short term traders may retain their stops at ~4627. Long term traders may also retain their stops at 4627.

Trade happy after planning your trade.

Nifty for 08 Apr 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.

Even with a mildly bearish day the market does seem to have made a significant short term bottom on Monday.

In technical terms, today was a nothing day. The suggested stops for yesterday have still held.

Looking at the negative aspects first, if the stops suggested for yesterday are violated, then we may see extended bearishness. The previous swing bottom of 4468 may be tested.

Now looking at the positive aspects. The previous swing tops still to be violated. I would wait to see the short term tops of ~4800, ~4900 and ~4980 to be unequivocally violated, and then declare myself as a wholesale bull. Till then I would remain a cautious hedged bull.

Short term traders may keep their stops at ~4627. Long term traders may also retain their stops at 4627.

Trade happy after planning your trade.

Nifty for 07 Apr 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 was suggested on Friday that … “the Index must make a short term bottom around Monday or Tuesday and should not violate 4468. If it does, then we may assume another extended period of bearishness”.

After today’s price move it does seem that the market does not seem to want to give up its gains of the last two weeks.

From the market action today, it does seem that this is a significant short term bottom.

Short term traders may keep their stops at ~4627. Long term traders may also raise their stops to 4627.

Trade happy after planning your trade.

Nifty for 04 Apr 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.

We had another week of constant bad news from the USA. As a result of which the market is mainly bearish. The trend for the short term still seems to be up, but is now in the danger of breaking down.

The Index must make a short term bottom around Monday or Tuesday and should not violate 4468. If it does, then we may assume another extended period of bearishness.

From the face of it, the market does not seem to want to give up its gains of the last two weeks.

That is because the previous swing bottom of 4628 is intact. From the short term perspective, if 4628 is violated, then we could watch 4468.

Long term traders may continue their stops at 4460.

Trade happy after planning your trade.