Nifty for 04 Apr 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 had another week of constant bad news from the USA. As a result of which the market is mainly bearish. The trend for the short term still seems to be up, but is now in the danger of breaking down.

The Index must make a short term bottom around Monday or Tuesday and should not violate 4468. If it does, then we may assume another extended period of bearishness.

From the face of it, the market does not seem to want to give up its gains of the last two weeks.

That is because the previous swing bottom of 4628 is intact. From the short term perspective, if 4628 is violated, then we could watch 4468.

Long term traders may continue their stops at 4460.

Trade happy after planning your trade.