Nifty for 30 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.

The earlier short term top is marked as the doubt level on the chart.

There is no change from the observations of yesterday. We see good profit booking coming along the ~5400 levels. The previous swing bottom ~5070 could be closely watched for weakness. If that holds, then we could continue to buy on dips.

The market is showing volatility mixed with mild strength overall. In that case, dips may be bought into. Stop losses may be strictly adhered to, to preserve capital.

We have a cycle in time falling tomorrow, that is on 31 January. We could see the Nifty making a short term bottom.

Trade happy after planning your trade.