Monday, February 16, 2009

Still up but uncertain

As the markets open on Monday (written at 6:54 PM), the technical position of the market can be defined as this:
1. The short term trend is UP. This happened when the Nifty found repeated support around 2760, then broke out of a trading range. We have seen four days of consolidation, which we have to assume is a continuation of the up move.

If nothing external disturbs the trend, the Nifty could be seeing 3075. To reach this target, the index wil have to break out of the current 4 day consolidation, giving it more steam.
The trend changes to down, if and when the Nifty trades below 2835.

So, how do I trade ? I continue to search for intra day dips to buy for day trades.

Have Fun!

2 comments:

chandu said...

Good evening sir,so can we resume our uptrend?or from now on we can see a down trend.

every analysts were saying as long as nifty is above 2860,no down trend but today we are at 2848.So are we in down or up trend?iam not clear,please take ur time and clarify the trend sir.

shabsaif said...

Make your own trading system, when every analyst saying now up now up than go SHORT and if they saying down down than go LONG in the market

When Sudarshan jee was saying many times that nifty will touch 2450 from that time NIfty was up and up.

After up move once again target 3050 fails and Now down down down

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