Nifty Daily ChartOn Thursday while analysing for 5th June I cautioned, "The continuous rise is tiring everyone who is waiting for a fall. Don't get too tired and jump into this speeding markets. If you have to, then do so with a proper strategy. Else wait for the elusive fall."
The elusive fall did come and I hope readers would not have thrown caution to the wind.
I had identified the trade of Friday, 5th June 2009, as a shooting star which is a bearish pattern. This bearishness was confirmed today by the huge bearish candle. The 4450 level gave way easily and Nifty went past the 4417 level, which I have marked as support on the weekly charts put up yesterday.If intra week we don't manage to hold 4417 then chances of a fall to 4024 levels are high.
Immdediate target for this fall is at 4334-4315. A bounce/resumption of uptrend could be expected at this level. For tomorrow, if Nifty fails to trade above 4475 then a test of 4380--4332-4315 is possible.
Happy Trading !!
Lakshmi Ramachandran
www.vipreetsafetrading.com
3 comments:
what about BUY ON DIPS with positional sl. 4400, ma'm?
Are you changing view of monday?
thanks
The stop loss of 4400 was for positional longs which were initiated end March or early April 2009. i had suggested partial profits on them some time back .
My view of buy on dips changes only if we fall below 3700-3500 levels and fails to recover.
thank for reply and guidance
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