Nifty for 26 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 was suggested yesterday, we did see a gap open and intraday fireworks, with a huge amount of bears stops being triggered in the last hour.

The job of the market was to sideline the bears temporarily, which it has done. As a result, we may see some profit booking in the next few days.

Here is one classic example of how an intraday trader would really suffer from heart jitters, but if we step back and see the larger perspective, nothing really has changed. I would now raise my stop to a close below 4554.

From a larger perspective, technically the position remains as a suggestion to buy on dips. We may possibly see some correction for about 200 odd points.

Plan your trades and trade happy.

Nifty for 25 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.

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.

Nifty for 24 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.

Small steps. Large Steps. It all depends on how you look at it. The last month has shown the Nifty taking small steps right from the 4300 levels, towards its ultimate destination. Where is the correction? … people ask? The hourly chart shows lots of corrections, even though the daily chart would be one smooth ride.

Enjoy the ride while it lasts.

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

Plan your trades and trade happy.

Nifty for 23 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 short term weakness of Friday was brushed aside. The “hoped for” weakness did not materialise. It does seem that the market does not want new bulls to enter at lower levels.

The Nifty has broken out from yet another price projection level, like a hurdler on steroids.

The totally traded volumes are not too strong on both the bourses. It reflects the lack of conviction of the market of this rise. Further, it is noticed that during the last fortnight or so, there has been profit booking in quite a lot of stocks. It may be assumed that there has been interest mainly in the Index stocks. Further it could also be attributed to pre-earning season jitters.

All said, we could see a surge back into the lower rung stocks at a later date.

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

Plan your trades and trade happy.

Nifty for 20 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.

Two things could have contributed to the weakness on Friday. One is the weekend factor. The second is that there seemed an extra dose of exuberance at the opening. This bullish enthusiasm made the Index open with an upside gap. However, the gap was closed with a couple of hours.

It is has also tested the supply line, which was mentioned on Thursday. It was also mentioned ... "So very simply, bulls should remain alert. With the weekend around the corner, there again would be some volatility." On an intraday perspective we may have a 50 odd point downside. This could be used to buy in.

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

Plan your trades and trade happy.