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.Is the much awaited correction coming? Well, I do not have a crystal ball to gaze into the future. But here is what I could do.
I could maintain my stop for long positions at a close below 4547. Tomorrow being the expiry of the derivatives cycle, we could see some dramatics, with a large opening gap and last minute stops being run. In fact, if we do see weakness, we quite possibly may have the short term trend turning down.
When the long term trend is up, and the short term trend turns down, it presents a possibly ideal opportunity to buy. Timing the buy becomes important in this scenario. I suspect that we may have a short term bearish setup, as explained on my blog. Here is the link once again. Right Click here and open in new window
From a larger perspective, technically the position remains as a suggestion to buy on dips. However, we may possibly see some correction for about 200 odd points.
Plan your trades and trade happy.
1 comment:
What wud we hve done w / o u sirji ! probably washed a few dishes...
such clarity ! such wisdom ! such humility !
reg
ketan
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