After a longtime am resuming my updates. NIFTY is in a very crucial zone now. It is near the long term reverse trendline from 6000 levels. (I am unable to upload charts today. For some reason, blogger is throwing errors when I try to upload it). Any break above 4440 will be very bullish. But market seems to be struggling now. The momentum is still sideways keeping us guessing whether it will break up or down. If it does not cross 4440 quickly and breaks down, the possibility of testing 3600 remains high. I have already picked up a 3800 put at 20 rs. If market breaks down, this should yield good returns. Else, I will simply use it to hedge my longs. But trust me its worth the risk and would recommend a similar strategy to others as well.
Tuesday, August 5, 2008
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