Nifty for 18 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.

As suggested yesterday, the market did try and close the gap. It was unsuccessful, and therefore, we see a sharp spurt up.

The black box overhead is going to be a real challenge zone, both for the bulls as well as the bears. The bulls will try their hardest to pierce that range whereas the bears are going to try and protect it. The odds are at present in favour of the bulls. Monday could be lacklustre as USA is going to have a long weekend.

Traders may continue to buy on dips. The stop may be retained at a close below ~4950 for long positions.

Trade happy after planning your trade.