Market update Nov 05, 2008

Global cues are positive to begin with. Yesterday we had a good close albeit with lower volumes. For now, I will still advise to remain on sidelines. Market has staged a very fast recovery from 2200 (a 1000 point climb in nifty in 6 sessions). So there should be some pullback any moment. Carrying positional longs at this point may not be too prudent. I will look at adding small positional shorts today (this will be risky as this is against trend and we dont have a reversal signal yet). This is more in anticipation of an upcoming downmove and will be in very small quantity. (Take this short only if you are a high risk trader). Others can wait till signs of reversal comes, or if market does not reverse and continues moving up we can catch this bus later. Watch for 3200/3240 resistances in spot

NIFTY updates for Nov 04, 2008

Yesterday whole day market faced resistance for upmove at the said levels. Now more or less all the upside targets mentioned are achieved yesterday. Look at the graph on how market played as per the lines drawn. I have no views now. Next trade will be on confirmation on direction. However, I think we might have some more small upmove from here on for maybe 50-75 points and then go back below 3000 again. This is only a possibility, we should wait for confirmation to trade now. For now stay out and enjoy while market consolidates and shows some direction.

Nov 03, 2008 - How will market play out today

Posted below is the daily chart of NIFTY spot. Corrective upmove in progress from the bottom of around 2200. This is possibly a good corrective/pullback rally. On charts, as of now it looks like it will hit 3000 - 3050 levels. (watch out for some major res around 3030-3040 area). Stay long until this rally lasts.

Resumption of updates...

Its been a really long break from my blog. Work n health kept me busy with other things in life. Though I have been trading actively and making the most of the crashes we had was unable to update the blog on a regular basis. I would be resuming updates this week again...so keep watching this space.

Bloodbath...sep 16, 2008

All world markets are bleeding. Yesterday I said 4000, it was achieved in a single day. Lower targets are 3800/3600. I repeat short on every rise. Do not go long in this market yet.

NIFTY view....sep 15, 2008

We have broken the uptrendline which took us up rom 3700 levels. RSI has also broken trendline on daily charts. Stochastics indicator pointing downwards. What does this mean? Well, NIFTY is weak and market seems to be headed down. Maybe 4000 or below. Its a short on every rise market now.

Do you want to know where market is headed today...? Sep 08, 2008

The question in the title today is a no brainer. I dont need charts for today to predict market direction. NSG waiver, strong global cues, resolution of singur row.....market should open today with a big gap up. NIFTY could gain 200+ points today. On the upside watch for our resistance at 4620 - 4640 levels. Above that we can get 4700. Remember to liquidate all your longs there. The euphoria may not be too long lived. I hope you are still holding the longs recommended last week. Its a good time to book some profits.

Book some 50% longs near the 4600 level and hold rest for tomorrow. US markets might rally tonight on the back of the Fannie freddie bailout news...so possible +ve cues tomorrow as well.