Nifty for 24 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.

The Nifty took support at the grey band, which was as suggested yesterday. It was also suggested that the Nifty might retest the grey band once again. However, it did not happen. Largely due to the announcement by banks about the continuing unchanged interest rates. The biggest gainer in the sector indices has been the banks today.

Unchanged interest rates bode well for industry. Also, from the movement of the Bank Index, it hints to some insider knowledge.

Thursday’s derivatives expiry is just two days away.

For tomorrow, I expect some mild weakness for the 11:00 am tick, and then a resumption of the uptrend. Mind it. I have been wrong several times earlier.

For the time being, it may be suggested that bulls among us now wait patiently on the sidelines. However, extreme short term traders could still utilise a sharp trading opportunity. The 4170 target level, which has been mentioned several times, is fast approaching.

Plan and trade happy.