Friday, August 29, 2008

NIFTY Updates..Aug 29, 2008


Expiry of August closed at month's low with decent rollovers. NIFTY sep is trading at a premium. However, the overall trend is down. Market is unable to decisively break 4400 levels for sometime now. This will be a stoploss (closing basis) for all shorts. Though market is looking weak, the stochastics indicate a slightly oversold condition on daily charts. Though, this doesn't mean market cant go down any further, its a signal to be cautious on shorts as well. I am sure you must be confused at this post today, one on hand I say its weak, stay short and other hand I say stochastics are oversold so careful in shorts. Well thats how its playing out now. Its dicey. 4200 - 4150 levels needs to be broken decisively for shorts to party. Till then hold shorts patiently, I think we will break down if not today at least next week. (Keep stoploss intact).

Thursday, August 28, 2008

Market not looking good...Aug 28, 2008

Market is not at all looking good. Though its been sideways for long now, the signs are quite bad. We may have 1 - 2 up days due to expiry effect. But overall trend is very bad. I would advise not to trade long in this market. We may have a good correction very soon...a big one too...I'll try and post targets over the weekend.