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.
On Wednesday, I expected some mild weakness for the 11:00 am tick, and then a resumption of the uptrend. Thankfully, the market respected the analysis.
On 4 April (click here), on 5 April and again on 13 April, (click here), it was suggested that the market could possibly make a new high around 4170 on 26 April. These estimates were when the market was at the 3750 levels. So a buy and hold trader could have captured a possible 420 points on the Nifty, so far.
I feel grateful to the market for having fulfilled our estimates.
Then a question again is asked … what next? Frankly, I cannot answer that question now. However, I can just state what I expect. I think that Monday, 30 April will show us a short term bottom, and the uptrend is going to resume up once again.
Plan and trade happy.
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