Nifty for 02 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.

On the intraday chart, the Nifty seems to be consolidating. It has also established a fresh support range. This support range is more significant especially when the Nifty had paused thrice around those levels. Further, it had broken out of that range with a huge gap. That gap has been closed today.

The only discomfort which I can point out is that the overall traded volumes on both the exchanges were not too heavy. That could put a slight shadow of doubt on the recovery of Friday.

Other than that, nothing deters me from suggesting my anthem … buy on dips.

Trade happy after planning your trade.

Nifty for 29 Oct 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.

Sidelined traders may still be rubbing their eyes in disbelief when they see a new top established by the indices. It only seems yesterday that we were looking at the near 5000 levels, and today we are almost near 6000.

The gap through the previous historic top also indicates the bullish frame of mind the market has finally come to terms with.

I really wonder how many readers would have had the guts to buy at these stratospheric levels, even though they have been reading for months on end … “buy on dips”.

That is exactly what the market is all about. When we do not have the guts to buy, the market moves up. When we finally muster up the to buy, the market is ready to shed its weight. The 5700 levels become more significant because of the fact that it has been tested several times, and has finally broken its shackles with a gap.

Trade happy after planning your trade.