Tuesday, May 27, 2008

Tippy Tippy Tap What Color Do You Want? Red..er Green..er Red..Nifty Recap For The Day!

We are just as clueless as anyone else, and lost too looking for direction. Nifty opened firm (nothing exceptional to it) just because Asia was off their loosing streak and then as usual we bid our time till Europe opened. With a weak Europe opening we just drifted southwards. As mentioned yesterday that the 50 DMA and the GAP area will give major resistance for any up move; so was it. But today there were plenty of opportunities to go short in nifty. First it was the 2B rule (failure to hold on to previous high) I had mentioned earlier in my blog. Second chance was when we broke the mid morning low and finally the third chance came when we broke yesterday’s close. Similarly the logical targets for these shorts were; first the midmorning low, then yesterdays close and finally yesterdays low respectively. On the daily chart like I mentioned we were on a trend line support and again the resistance will be the 50 DMA and the Gap area. How ever if we get positive cues from Dow today, there might be a few good scalping and intraday opportunities tomorrow. Having said that I would also add a caveat we have the expiry on Thursday so we might witness some wild moves.

“As you think so shall you become!”

Bruce Lee

Hmm I think I will be good trader…I think…I think….

No comments: