Nifty over All View in Coming Days
Published on Thursday, December 25th, 2008 at 11:01 PMAuthor: dhawal14 (1 Articles)
Nifty has crossed 3100 level in two consecutive day (19 & 22 Dec) but unable to close above that level and started coming down in last three consecutive days. Which is clearly suggesting that there is no steam left as of now for Bull in the market. In addition to this on weekly chart Nifty is now below last week’s low i.e. 2918 and it has formed long black candle which also suggest bear rally to continue in near term also. Last four days move has totally changed the trend of the market from Bullish to Bearish. I would like to go short rather than long here (Positional Long only above 3118) only hope for long is much awaited second stimulus package in coming days may boost sentiments.
Conclusion For Day trade on 26 – December – 2008
Sell Nifty below 2918 with Sl 2955 Target 2860 – 2850
Buy Nifty above 2955 with Sl 2918 Target 2995-3015
Conclusion For Positional Trade
Positional Sell only below 2800
Positional Buy only above 3118
My personal view is that we should concentrate on day trade only with minimal stop losses because in coming week volatility will remain on high as compare to previous week so going for positional trade is not a safe bet.
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