NIFTY updates and thoughts...Sep 04, 2008

There is no change from the previous post. Market continues to be bullish. We may witness some profit booking in the morning session today, but all dips can be used to buy now. I am expecting market to test the recent high near 4620-4640 levels. Crude has come down well which is a big positive for the market. Inflation numbers are expected today, which if lower than last week will be another positive. The biggest threat as of now is the nuclear deal....no one can predict what will happen here. I wish this 123 agreement terms n conditions were made public so people can read and understand it for themselves if the deal is good or if we are being fooled...

Reversal of sorts...Sep 02, 2008

From a weak market...suddenly September seems to be brightening and strong. Market is looking bullish to say the least. Possible upmove now. Watch the charts for details. On daily charts see the stochastics indicator turning upwards now..on the 5 min future charts we see increasing volumes also. All pointing to bullishness. Lets see how this span...we can play the long side for sometime now. Maybe until 4600.

NIFTY view Sep 01, 2008

On friday, NIFTY went up with good volumes and also closed above a key level of 4335. It looks like market might be reversing here and taking a move up. But again, we will have to wait for confirmation here. Today we might get a confirmation, till then lets wait n watch.

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).

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.

Updates...Aug 22, 2008

Not been able to update blog regularly this week due to some constraints. Wanted to leave a quick note here a lot of people were asking where market is headed. Market is not looking good as of now. Gold and crude are rising back up again. If 4150 does not hold in market, we may retest this year lows or even make one more low.....I will try to post a more detailed view next week. I hope you all enjoyed shorting from 4600 levels. We are now almost at my said target of 4200. Cover shorts once and then wait for direction to initiate trade again.

Market update...Aug 14, 2008

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.