Nifty for 23 Apr 07

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.

So far nothing seems to have changed. A huge gap opening was met with selling pressure, which is only normal. The gap was closed immediately, and the Nifty took support on a minor level. I expect that this minor support which is near today’s close, will be re-tested again. I also expect that the previous high, which is shown by the grey band will also be retested.

I had already warned readers about the Nifty approaching several clusters of cycles in time, which could contribute to volatility. As of the technical position now, I could still suggest readers to buy on this dip for a short term peak on 26 April. As the legend on the chart says it all … “could this current move terminate when time and price meet?”

Thursday’s derivatives expiry is nearing fast. Be careful.

Plan and trade happy.