Nifty for 22 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.



It has been a long time since I last wrote, but it really does not matter, as the market has been bullish as expected and the hedged positions could have been removed.

Carrying on from the last post, people may ask me … am I a wholesale bull. I would answer that with an unqualified yes.

From the way the last fortnight has shaped out it does seem that my suggestions of last fortnight are standing good. If things happen according to plan, then we may see a pause for this leg at around ~5440 levels. This coincides with the big black box which is looming overhead. Will the Nifty have enough strength to break through? That remains to be seen.

For the short term, the Nifty seems to be topping out presently, and we may have a few mild downside corrections. But the overall trend is expected to remain bullish.

As a bonus for the long absence, I give the suggested levels which traders could monitor either for profit booking or for supports.
5131~5182
5281
5441

Trade happy after planning your trade.