Nifty for 04 Mar 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 have reached precariously close to the ~4800 level which could give us a hint of the intermediate term trend.

In fact, tomorrow, i.e. 5 March 2008, we come across a major cycle in time, from a long term perspective. In all probability, we could see the index bottoming either today or on 5th.

If indeed it does form a short term bottom, bulls would indeed be relieved. However, it is not that we are our of the bear woods. There are many strong resistances built up over the last two trading months, which would be exerting their influence. The first major level would be the black box zone ~5400-5450.

The previous bottom of around 4450 is still alive, which is circled in blue.

Volatility could remain increased all through this month.

Trade happy after planning your trade.