BLOOD BATH

Nifty slipped below all its support lines today..what i had been advocating from the last few days of slippage in sight after the DOUBLE TOP & LOWER TOP DAY , and went down to test 4270-82 area thereby giving up all the gains of this rally. it broke the shoulder support of 4364-68 & is getting ready to test the head area of 4201-4220, breach of which spells doom temporarily for bulls. As things look pretty oversold in very short term a rally can be expected till 4368-4398-4420 zones..the erstwhile support areas. Despite the crude/gold slipping , the financials of the markets world wide are still not good and institutions seems to be lightnening their portfolio holdings on every rise. i hope no bottom fishing advise in the last few days given by me , would have helped all visting this site as prices really tumbled. Building Portfolios should be avoided for more time and for deeper corrections in future, one should be a pure trader in this market to buy & sell at bottoms/tops..cheers..

TESTING SUPPORTS & GIVING UP

Markets world over are soft & correcting despite crude /gold drop..seems to be waiting for a cue as Bulls look like being on the side line..will they hold 4368-4328 zone or go to retest 4201 low..next few days will tell. market is moving surely now in zone of 4300-4500 waiting for a decider to finalise the direction of its move.avoid bottom fishing as no clue is available. the speed line chart posted before still remains valid . trade acoordingly cheers.