I had to go out in the evening somewhere and have just returned home and we are already closing in on midnight. While I have access to internet and charts at home, detailed analysis is likely to take time. So, will not go into any commentaries of any sort today. Will just throw in a couple of charts and leave a few comments on the charts itself.
Nifty Daily Chart
Nifty Daily Chart
Nifty 30 minutes Chart
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4 comments:
I just waited for 4400 to break and picked up Reliance & Nifty calls! I just knew this would be done to trigger a short-covering. Now I think we will comfortably test 4600...that's my guess!
oops, sorry what I meant was, I knew 4400 would be broken to trigger stop-losses (not short-covering) lol
Uma, if you knew 4400 was about to be broken you should have posted this message 2 days in advance. All technical analysts like me were hoping for a support at 4450 and a steep decline below 4400.
Indications after today's markets seem to be that a short covering rally to 4675 may be possible.
Vikas, I didn't know 2 days in advance! I just knew on the spur of the moment...as you can see our conversation in the comments on that day.
Actually, day before I had bought calls (CE 4700, 3 lots) with SL 4400. Then I realized the massive attempts to crack 4400 and I reasoned...if bulls took it from 4500 to 5200, then surely, bears can take it 200-odd points below 4500. (Might is right and by now we have to admit that bears are mightier!) So I just waited for 4400 to crack and then I bought 2 lots Nifty CE 4500 and 1 lot Reliance CA 2300 and I sold off my CE 4700 (3 lots) right away, to cap my risk.
In fact when 4400 broke, rajandran came and said get ready for 4200! But I told him I am long, reliance will close over 2200...and wait for 200 points upside from here.
I don't know what made me so confident. I just felt it.
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