Nifty for 06 Feb 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.

We seem to be back to square one. A huge gap up one day and a larger gap down the next. The extra bullish scenario which we talked about just yesterday has been nullified.

The other blue circled supports still stand good. It is some measure of the volatility, where online trading brokers do not allow intraday trading. In fact, maybe because of that very reason, the market is unable to seek its true price discovery.

Short term traders could well stay out, while longer term traders could monitor the previous cluster of supports around ~5100 for signs of strength or weakness.

Trade happy after planning your trade.