Nifty for 27 Apr 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.

At this point in time, I can only say one thing, with great humility. I am indeed gratified that readers could have made some profitable use of my personal musings.

As of Friday evening, I can only repeat what I said yesterday … “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.”

The Nifty could stop at around the 3950 levels. But please … I can only suggest not to rush and buy at that level. Wait for a confirmation of a short term bullish pattern, and then buy. For new readers, here is the link once again (click here).

Wait for a bounce, allow the market to confirm the bottom, and then buy.

Plan and trade happy.

Nifty for 26 April 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.
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.

Nifty for 24 Apr 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 took support at the grey band, which was as suggested yesterday. It was also suggested that the Nifty might retest the grey band once again. However, it did not happen. Largely due to the announcement by banks about the continuing unchanged interest rates. The biggest gainer in the sector indices has been the banks today.

Unchanged interest rates bode well for industry. Also, from the movement of the Bank Index, it hints to some insider knowledge.

Thursday’s derivatives expiry is just two days away.

For tomorrow, I expect some mild weakness for the 11:00 am tick, and then a resumption of the uptrend. Mind it. I have been wrong several times earlier.

For the time being, it may be suggested that bulls among us now wait patiently on the sidelines. However, extreme short term traders could still utilise a sharp trading opportunity. The 4170 target level, which has been mentioned several times, is fast approaching.

Plan and trade happy.

Nifty for 23 Apr 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.

So far nothing seems to have changed. A huge gap opening was met with selling pressure, which is only normal. The gap was closed immediately, and the Nifty took support on a minor level. I expect that this minor support which is near today’s close, will be re-tested again. I also expect that the previous high, which is shown by the grey band will also be retested.

I had already warned readers about the Nifty approaching several clusters of cycles in time, which could contribute to volatility. As of the technical position now, I could still suggest readers to buy on this dip for a short term peak on 26 April. As the legend on the chart says it all … “could this current move terminate when time and price meet?”

Thursday’s derivatives expiry is nearing fast. Be careful.

Plan and trade happy.