4/11/09 - Market cues & calls

Nifty just filled the long gap which we left around 4545 - 4569 zone with a massive fall of 11 trading sessions. Reliance/SBIN/IT stocks have beaten heavily yesterday.Nifty closed below its 38.2% retrace 4669 of previous swing high and low.so will it continue its fall or get halt here? lets see.

Nifty view ::

Nifty skipped the +ve divergence on hourly charts once it breached 4669. Patterns/moving average cross/divergence/candles for every thing master is Stop loss. If you don't trade without stop loss its the most arrogant thing you doing as far as trading is concern. Markets are just peoples mindset and smart money's play. So never think to over come the both. Again as said on earlier two post Over sold markets doesn't mean we should not fall. Now adding some sense to that when people says about FII figures I used to laugh. If FII bought for 2000 cr so is there any rule market should not fall? those are just layman terms where so cald TV analyst used to say. Be your own boss always. Now coming back Nifty today if we open gap down today just go long with stoploss below 4525 or If we open gap up near 4600 just short with 4612 as stop. Today I feel Market will close flat to +ve. If the fall continues Nifty may have final halt @ 4453. Stop Loss Rules.


Levels ::

Nifty fut supp @ 4450 :: Res @ 4620

Bearish > 4651 < Bullish

Stocks to watch ::

Jet airways
MIRC
KGL

Happy trading !!!!