Nifty for 14 May 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 short term bullish pattern is still holding. As mentioned yesterday, for this pattern to be validated, the market should move above 5066 and not violate the low of 4913.

The sentiment is creeping up, but not too convincingly.

Readers who have guts of steel could hazard buying at this stage. For those who venture to buy, we could place the stop at a close below 4940. Also a trailing stop to exit may be maintained at 4912. These stops may be adhered to ruthlessly.

It is only the IT sector which is really propping the Index up, due to the sops for the sector and also the rising dollar against the Rupee.

Trade happy after planning your trade.