Nifty for 30 Nov 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.

It has been a week since I posted on my Blog. On my last post for 23 November, it was suggested to maintain a stop at 5394. Since then, it has not achieved that level.

It was also suggested that the short term trend would be termed as up in case the Nifty moved above 5638. In such a situation, it is assumed that readers would still be comfortably long. The stop could be raised to 5596.

As can be seen on the hourly chart, the short term trend is still up. This suggests that the Nifty may achieve higher numbers and the last peak may also be violated. The yellow zone is exerting a lot of influence due to profit booking. Indeed if we just glance back at the chart, it does show that the yellow zone is a hugely significant psychological level. The odds are now favouring this zone to be broken with conviction on the upside.

Trade happy after planning your trade.