Nifty for 11 Jul 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 is still moving in a well defined channel. Today’s down move is very strange as it has been accompanied by more advancing than declining volumes. In terms of labelling, the short term trend is still up, and this may be a correction.

As we can see, the market is in the process of shaking out weak bulls, who cannot sustain sudden pressures of sharp falls. The short term trend is still up and will remain so till 4310 is held up.

The total traded volumes are also decent. We may see the market moving on its up trend from Friday.

Technically the position still remains … as a suggestion to buy on dips.

Plan your trades and trade happy.