Tuesday, July 7, 2009

VIEW FOR 07-07-2009

It was really a treat watching the fall yesterday. Lazy and smooth it was. An unidirectional move which is a quite a demand for intra traders, and it's very rare. Such was the day today. But sadly and badly, I missed the entire chance to short the top. I really expected 4496 at least as I posted. But it had something in it's plans.

But some conviction came back to enter the shorts while breaking down 4360 as discussed yesterday as the crucial supports. It never crossed above that level and did resume it's fall testing 4358, thus making it a pivotal zone (for the coming few sessions also I guess).

Next good thing happened at the end of the day. It took support at 4118. If anyone remember i already discussed this 4118 zone number of times in my previous posts. Last posted here while posting view for 3rd of July. Take a look at the first picture on that day. Click HERE.

So for the session to come:
Supports: Nifty will remain weak below 4360/65 (yesterday support, now pivot). Breaking 4118 and 4090 convincingly will target 4012-3940-3750-3605/3584 positionally.
Resistances: Lot of these are expected to be placed on the path of Nifty's upward journey. though crossing 4166/69 can bring 4185 and 4206/13. Which is a crucial area to watch out for. Above that nifty can extend it's bounce up to 4242-4295-4317.
Safe trading!! :)
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