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 potential target zone which I have been carrying for the last few days seems just around the corner. Is it going to be a case of so near yet so far?
Today has been a classic case of overall profit booking on most sectors while the IT sector has witnessed buying interest, which is propping up the Index. Today’s move also validates the support zone which has been carried on the earlier charts. Even though today was a weak day, it still does not show a short term bearish bias on the Index. Therefore it would be prudent to stay long with a stop at a closing below 6220.
However, due to the overall profit booking mood, it does seem that we may see a downside correction for a few days. We notice that during the last three months, all the corrections have been shorter in nature than the earlier ones. It may be expected that this overall trend continues. However, please do not initiate any trades on assumptions but on cold hard facts. Look out for a short term bullish pattern before initiating any long trades.
Trade happy after planning your trade.
1 comment:
Sirji ! day after day us is falling hard, is that hot money from there coming here for few days ??! can we completely ignore us on a daily basis ??!!
reg
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