Nifty for 28 Jan 08

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.

Yesterday it was suggested that we may see another downside. As was also suggested, we are witnessing huge intraday volatility.

There was a large downside opening gap, and an equally sharp upward retracement. So far the previous bottom seems to be holding.

In such a scenario, we could use dips to buy.

Slightly longer term traders could now watch 5080, and long term traders could monitor the previous bottom ~5000.