Markets traded saner today despite the huge gap up on NF, there was a frenzy to cover positions in short as well those in profits..Volatality in the 1st hr. justified the huge swings in the first hr..Later with good profit taking by larger players the market kept slipping on every rise..This may continue a little more before a raincheck will be done by the guys who were left behind in cash .. and then a move up..Trade carefully and keep booking..the whole euphoria got over in less than 24 hrs..cheers..
PS : do refer to the chart posted in morning for the resistance & support.
Tuesday, May 19, 2009
RUNAWAY BRIDE
Well Well no techs no fundamentals, just sheer momemtum and short covering by nf shorts & call writers will take markets up again..So 6th gap opening now..What next????...4650 should be a neutral zone for supply, cross of which can take us all the way to 5000 or a little lower zone..Bear in mind that valuations have to justify this kind of rush up..for this rally to sustain..the above MONTHLY chart is self explanatory..See the resistances and supports and trade accordingly...Do bear in mind that this rise up has comletely changed the support levels of our markets..enjoy the day..cheers..
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