Nifty for 12 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.

What more can a person say that the Nifty is behaving perfectly, technically. A gap up open should hearten bulls, who are waiting for the ~4465 potential target for the Nifty.

The results season is now starting and as can be expected there would be intraday volatility.

The total traded volumes are also rising. In fact, we may see the potential target achieved within a few trading sessions. It is noticed that the market tends to pause at these types of potential targets. Further, the cycle in time falling on 17 July, which has been mentioned earlier too, also is fast approaching. It is now the time to be cautious.

Technically the position now changes … the suggestion to buy on dips would remain valid only for very short term traders. Others may tighten stops and allow the market to exit us from the winning positions.

Plan your trades and trade happy.

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.

Nifty for 09 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.

As we can see, trading can be boring for bulls. With no fresh triggers in the market, the trend continued on low volumes. It is at times like this, that the market is at its most vulnerable.

A sudden gush of high volumes and the market cracks. However, our job is not to predict tops, but to trade the market. And as is always prudent, keep raising our stops, so that we can lock in whatever profit we have earned.

With a few mathematical rules applied, we can see that the Nifty is giving us a short term potential target of 4455~4470. It is normally observed that the market tends to pause at these projected levels.

Questions were asked as to what exactly will happen on 17 July. Frankly, I wish I knew. If I did know, I could have made a killing on the market. It is quite possible that the 17 July may see a short term top or bottom. Who knows?

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

Plan your trades and trade happy.