Market Update July 15, 2008

Two days back I asked people in my chat list to short nifty. We are still holding, I think we will soon reap the benefits of it. All global cues are bad today. Technically, we are forming a flag and pennant pattern on charts. I had posted about this in vfm couple of days back but did not get time to update my own blog :). Indicative target for this pattern is around 3600. I have marked the flags on the attached chart. Today we might possibly break the flag and head down. Support for NIFTY comes at 4030 and then 4000 levels. NIFTY is giving so many trading opportunities these days, I don't even feel like looking at other stocks :). Short NIFTY and enjoy!