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.From a trading perspective, today was a non event. With a flat sideways movement on the Index.
The earlier target at 4170, which was providing support, has turned into a short term resistance. From expectations, it does seem that this short term resistance will be violated on the upside, in due course. When it would be, is a question of uncertainty. Simply because we have a trading event of significant importance coming up on Thursday.
The short term bottom of 14 Feb, also remains significant. So does the gap between 4060 and 4080.
From the behaviour of the Index, we could see the market remaining strong right till the first week of March.
It does not harm to remind readers to please consider trading with caution during the last week of February, due to the expiry of the derivatives settlement and the news flows about the budget.
2 comments:
Sirji, why say thurs is of significant imp, coz of lower open int rollover, boj today or a decisive breakout after consolidation on mon, tue and wed ??
also, can mkt fall upto 4100 after reaching 4250 again ??
reg
ketan
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why say thurs is of significant imp
Significant because the price has bounced from that level with a gap.
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coz of lower open int rollover, boj today
Whatever the reasons may be, what is the price telling us?
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can mkt fall upto 4100 after reaching 4250 again
If I knew that, I would be God. And I have never professed to be God.
Keep in mind, the market can do anything. How we trade it, makes the difference between profit and loss.
Dusant
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