Wedge got broken yesterday. Unable to post a chart here. Now 4500 is key level on downside. Yesterday mkt managed to stay above it. Once breaks slide will be faster. Before that a move above 4600 is also possible.
Thursday, August 14, 2008
Wednesday, August 13, 2008
Will wedge be broken today? Aug 13, 2008
NIFTY yesterday took support at the lower trendline of the rising wedge. Today, there is a possibility that we may break down from the wedge which gives us a first target around 4400. Hold shorts...n ride the trend...
Tuesday, August 12, 2008
Market update Aug 12, 2008
No major change from yesterday's views. We are still within the rising wedge. Use highs to short NIFTY (positional). Best place to short will be around 4700. (will we get there???)
Sunday, August 10, 2008
Rising wedge on charts...Aug 11, 2008
NIFTY is forming a rising wedge (bearish pattern) on hourly charts with a likely target of around 4200. We may open gap up today. Resistance will come at 4600 - 4630 levels . It will be interesting to see if market touches 4700 levels or perhaps even 4800 in the coming days before a good fall. For now, be cautious on all upmoves and keep a close eye on the wedge. The moment the wedge is broken, expect good correction.
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