These are my personal musings. These are not in any way meant to be trading advise. To view the full chart, right click here and open in a new window.
A new high looks like becoming a routine.
However, with every new high, profit booking is rearing its head. As a result, we are not seeing any sustained follow through buying. Let the profit booking happen.
For the longer term player, it could be the best possible thing to happen.
The Bank Nifty seems to now have given up its support, and may witness some more weakness. As mentioned earlier, this sector churn could lead to some volatility in the Index.
If we just step back, and see the chart, we do not notice any major weakness in the index, as of now.
The technicals still suggest that we could expect a short term target of 4120. The fib extension target posted earlier still holds at 4170. I would raise my “mental” stop to 3980, from where the Nifty bounced strongly.
Subscribe to:
Post Comments (Atom)
6 comments:
Thank you sirji ! so 3980-90 it is !
Pls add few line for the next day possible levels and possible trading stategies, after giving a commentary of what happened, since what happened is always known after the event,
Sirji, a while back someone was talking of SENSEX futures. I dont think any broker is offering it... if it starts, what will be the impact on Nifty futures ??
reg
ketan
Hello Anonymous,
I do not offer day trading strategies, as you would become more and more familiar with my blog.
If you would please take the trouble of going through my archives, you would notice that I do provide definitive levels, and suggestions on the direction of the market, and how to trade it.
It makes a trader anxious, and look for reassurance that his or her trade is correct, and hence, seek advise daily. Actually if the trader has planned the trade, then this anxiety can be eliminated.
Dusant
Hello pandyaketan,
The BSE actually has, (to the best of my knowledge) a Sensex future.
But unfortunately, the BSE took a laid back attitude towards futures, and did not promote it as aggressively as the NSE did. As a result, the NSE has swamped the F&O market with their proactive attitude.
Even is Sensex futures are reintroduced aggressively, the trend has now been established, and people are really comfortable with trading the Nifty and its derivatives.
Nothing earthshaking is going to happen. This is my humble opinion.
Dusant
THank you sirji, very comforting to note, just hope media hype does not shake up the bulls and give jerks !
And thank you for all those day trading tips also (though they are more in sync with the TREND also) - so i have been able to preserve capital and also remain focussed !
reg
ketan
Post a Comment