Update 11:58 am :
***********************************************************
I wonder how many times we disbelieve our own understanding by some externally exaggerated thoughts and facts. Today's gap down made me cautious about the running profit and insisted me to book out of my shorts. But the more pain emerged while dealing with 5020 level. For the last 2 days was quite confident about 5020, suddenly changed mind and waited for 5040 to re-enter shorts on a bounce back. Probably the trader inside me was looking for a extra cushion of 20 points, which could have given him operating buffer of 20 points. Quite illogical. Nifty turned down from 5019.7. Leaving me with my satisfying feeling of detecting the longer term downtrend. I hope it was a lesson.
I wonder how many times we disbelieve our own understanding by some externally exaggerated thoughts and facts. Today's gap down made me cautious about the running profit and insisted me to book out of my shorts. But the more pain emerged while dealing with 5020 level. For the last 2 days was quite confident about 5020, suddenly changed mind and waited for 5040 to re-enter shorts on a bounce back. Probably the trader inside me was looking for a extra cushion of 20 points, which could have given him operating buffer of 20 points. Quite illogical. Nifty turned down from 5019.7. Leaving me with my satisfying feeling of detecting the longer term downtrend. I hope it was a lesson.
Coming into today's movement, listless to say it was a unidirectional move, leaving nothing for bulls. Given level of 4935 is also broken, which could be another signal of the continuation of downtrend. Some short term supports visible near 4900-4865.
Supports: 4900-4865/60 is a short term support for a bounce. Below that another round of steeper fall can take nifty towards 4780-4750.
Resistances: 4965/75 is big hurdle, a decisive break above that can take nifty towards 5020/30 again to decide the further movement.Any intra long should be restricted with strict s/l and intra day trades.
I closed at 4920 even though I believe it will go down to 4850. Don't know why we don't trust our minds.
ReplyDeleteI guess it'll come in time.
u have booked that at a gr8 place yoda. m also looking at 4860.. but yday low may play a crucial part for a intraday upmove before the next leg of fall. Or may not.
ReplyDeleteCan we also call it a dbl bott on Daily (though my tgt intra was 4860 today and it went all the way to 4915 before my trade got hit at SL at cost :()
ReplyDelete4915 y'day, 4915 today !!!! Though to be successful we have to close above 4985 which in turn would tgt 4985+(4985-4915)=5055
Murtaza bhai,
ReplyDelete4915 in nifty has certainly provided some supports, but as I was checking the price chart , the time frame isn't convincingly supporting the other attributes of the double bottom. The peak in between 2 bottoms is so inconspicuous, a break above 4976 can give some relief rally upto your target area. But it really needs to get confirmed. Actually the bottom around 4976 and 4964 had a clear formation, and i feel bulls had bigger hope attached to that. Now its a time game when we reach 4860-40 zone, to get some "relief" rally on the upside.