Nifty for 28 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.

As was suggested for the whole of this week, the Nifty indeed seems to be on a sound footing now. The trend seems to be heading up now, slowly. There is no certainty in the market, or else I would have said slowly but surely.

The only apprehension I have at this stage is that volumes are not too heavy. I would have felt much more comfortable had we seen rising volumes but I assume that it is because of the P Notes issue.

These are just a few fundamental thoughts. Capital inflows do not seem as buoyant as earlier, and no fresh inflows. The news is out and known to all. So the market is reacting now purely on technicals, and has factored in this news.

Till the time this P-Note issue is weaned out of the market, the market may not react to it. Unless, of course, the Government reconsiders its decision on winding up of the P-Notes.

Long term traders may now place stops at 4460. Short term traders may monitor 4538.

Trade happy after planning your trade.