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.When the market tanks, fast and furious, it catches traders off guard. However, readers would have been warned to take evasive action yesterday.
It was suggested yesterday that we may achieve 5070 levels on the Index. However, the small expected upside did not happen. It was one way street.
For the short term trend to change upwards, the Nifty should violate 5695 on the upside and not break 5530. It seems the short term bulls may take a short vacation till we have a convincing bullish pattern.
The main trend is still bullish. But we could wait for a bullish pattern to enter long positions.
At time like this, bottom fishers come out in droves and usually end up burning big holes in their pockets. To such potential bulls, I suggest patience, and confirmation. Allow the market to confirm before committing capital.
Trade happy after planning your trade.
1 comment:
an interesting observation - u knew that nifty is going to fall 1000 pts - still u did not suggest to short... just cutting the longs... why u never suggest shorting sirji !
reg
ketan
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