Monday, June 8, 2009
Reigning The Nifty - 9th June, 2009
On 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 !!