Nifty for 13 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.

A close study of today’s intraday chart shows that the market is attempting to make a short term bottom here.

But it also shows that there is no trend. We see large hourly bullish and bearish ticks side by side. This suggests that the market may be bottoming here, but is still undecided.

The banking sector is the frontrunner if we are indeed to see a short term bottom here.

The negative sentiment is slowly being weaned out of the system, even though we do not see a full scale positive mood.

Short term traders could buy after a short term bullish pattern emerges from the trading. A stop may be placed at ~4800 for long positions.

Trade happy after planning your trade.