Nifty for 22 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.

The market again tried to close the gap between ~4950 and ~5050, as was suggested this week. It was expected that we may see a weak day with a bounce up towards the end. However, the expected bounce did not materialise.

The short term bullish pattern which was emerging yesterday has been negated.

As we are seeing almost on a daily basis, the sentiment is fluctuating wildly. Therefore it is suggested for short term traders to buy only after a short term bullish formation is complete.

Longer term 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.